StockSelector.com
  Research, Select, & Monitor Tuesday, October 17, 2017 9:58:08 PM ET  
Trade Ideas The Market Industries Stocks Portfolio

 
Ticker Lookup
Sealed Air Corp.$44.27($.38)(.85%)

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 Sealed Air Reports Fourth Quarter and Full Year 2014 Results
   Tuesday, February 10, 2015 7:31:15 AM ET

--2014 Adjusted EPS of $1.86 Increased 34%; Reported EPS of $1.20

--Company provides outlook for 2015 Net Sales, Adjusted EBITDA, Adjusted EPS and Free Cash Flow

Sealed Air Corporation (SEE ) today announced financial results for fourth quarter and full year 2014. Commenting on these results, Jerome A. Peribere, President and Chief Executive Officer, said, "2014 was a very strong year for Sealed Air - we generated over $600 million of Free Cash Flow, expanded Adjusted EBITDA margins by 90 basis points to 14.4% compared to 2013 and delivered margin expansion across our three divisions. Despite currency headwinds in the fourth quarter, we exceeded our expectations across all key metrics in the quarter and for the year."



"In 2015, we expect lower input costs combined with our continued focus on earnings quality improvements to offset unfavorable currency translation. Our outlook for Adjusted EBITDA is expected to be in the range of $1.15 billion to $1.18 billion as compared to 2014 Adjusted EBITDA of $1.12 billion. We will continue to stay disciplined on our value-added selling approach and ’Get Fit and Change the Game’ initiatives, both of which are expected to contribute to margin expansion. Additionally, we expect to generate approximately $600 million in Free Cash Flow in 2015," continued Mr. Peribere.

Unless otherwise stated, all results compare fourth quarter 2014 results to fourth quarter 2013 results and are presented on a continuing operations basis. The Rigid Medical Packaging business, which the Company sold in December 2013, has been presented as discontinued operations. Reported information is defined as U.S. GAAP. Year-over-year net sales discussions present both reported and constant currency performance. Constant currency sales performance excludes the impact of currency translation. Additionally, non-U.S. GAAP adjusted financial measures, such as Adjusted Earnings Before Interest Expense, Taxes, Depreciation and Amortization ("Adjusted EBITDA"), Adjusted Net Earnings, Adjusted Diluted Earnings Per Share ("Adjusted EPS") and Core Tax Rate, exclude the impact of special items, such as restructuring charges, cash-settled stock appreciation rights ("SARs") granted as part of the Diversey acquisition and certain other one-time items. Please refer to the financial statements included with this press release for a reconciliation of U.S. GAAP to Non-U.S. GAAP financial measures.

Business and Financial Highlights

-- Food Care net sales of $985 million in the fourth quarter and $3.8 billion in 2014 increased approximately 3.0% and 3.6% on a constant currency basis, respectively. Favorable product price/mix was 3.5% in the quarter and 4.0% for the full year on relatively flat volume in both periods. Currency had a negative impact on Food Care net sales of 5.7%, or $59 million, in the fourth quarter and 3.0%, or $117 million, in 2014. Food Care delivered Adjusted EBITDA margin of 17.5% in the fourth quarter, an increase of 170 basis points, and 17.5% in 2014, an increase of 140 basis points. These results were attributable to favorable mix and price/cost spread as well as cost synergies, partially offset by unfavorable currency translation and higher Selling, General & Administrative (SG&A) costs.

-- Diversey Care delivered positive volume and favorable price/mix trends in the fourth quarter and for the full year. Volume and price/mix trends combined with continued strength in emerging markets resulted in fourth quarter net sales of $536 million, an increase of 4.1% in constant currency, and 2014 net sales of $2.2 billion, an increase of 3.0% in constant currency. Currency had a negative impact on Diversey Care net sales of 5.9%, or $33 million, in the quarter and 2.4%, or $53 million, in 2014. Diversey Care delivered Adjusted EBITDA margins of 10.9% in the fourth quarter and 11.3% in 2014. Throughout the year, Diversey Care’s focus on eliminating low margin business and implementing cost savings initiatives was offset by investments in sales and marketing and non-material inflation. Specifically related to the fourth quarter, Adjusted EBITDA margins were negatively impacted by unfavorable currency translation and supply chain costs.

-- Product Care net sales of $432 million in the fourth quarter and $1.7 billion for the full year delivered constant currency growth of 4.6% and 3.7%, respectively. Favorable product price/mix was 4.0% in the quarter and 3.5% in 2014 on relatively flat volume in both periods. Product Care delivered Adjusted EBITDA margin of 17.9% in the fourth quarter, an increase of 80 basis points, and 17.7% in 2014, an increase of 120 basis points. The division’s performance in the quarter and for the year was attributable to favorable mix and price/cost spread as well as cost synergies, partially offset by higher SG&A expenses.

-- In the fourth quarter 2014, the Company issued $425 million aggregate principal amount of 4.875% senior notes due 2022 and $425 million aggregate principal amount of 5.125% senior notes due 2024. Net proceeds from the offering were used to repurchase $750 million aggregate principal amount of 8.125% senior notes due 2019. The Company amended and restated its senior secured credit facilities totaling $2.13 billion in July 2014. The amended and restated facilities combined with the senior notes issuance provided extended maturities, increased covenant flexibility and reduced interest expense. The Company expects annualized interest expense savings to be approximately $30 million.

-- The Fusion Program ("the Plan"), a new restructuring program consisting of projects across the Company’s three divisions and functional support, was approved by the Board of Directors in December 2014. The Company currently estimates that it will incur aggregate costs of approximately $275 million to $285 million, of which the net cash cost is expected to be in the range of $210 million to $220 million. The Plan is expected to be substantially complete by the end of 2017 and estimated to generate annualized savings of approximately $80 million to $85 million by the end of 2018. Details pertaining to the Fusion Program were previously disclosed in our Current Report on Form 8-K filed with the Securities and Exchange Commission on December 24, 2014.

Fourth Quarter and Full Year 2014 Summary

Fourth quarter 2014 net sales of $2.0 billion decreased 1.9% on a reported basis and increased 3.3% in constant currency. For the full year 2014, net sales totaled $7.8 billion, a reported increase of 0.8% and 3.2% in constant currency. Favorable product price/mix was 3.0% in the quarter and 3.2% in 2014 on flat volume. Currency had a negative impact on net sales of $105 million in the fourth quarter and $183 million in 2014.

In the fourth quarter 2014, the Company delivered higher sales across all regions on a constant currency basis as compared with the fourth quarter 2013. Latin America and Asia, Middle East, Africa and Turkey ("AMAT") were the fastest growing regions, increasing sales by 8.4% and 6.8%, respectively. North America delivered constant currency net sales growth of 2.3%, Europe increased 2.2% and Japan, Australia and New Zealand ("JANZ") was up 0.8%. For the full year 2014, constant currency net sales increased 8.4% for Latin America, 6.9% for AMAT and 2.8% for North America. Net sales in JANZ increased 1.9% and Europe was up slightly by 0.7%. The Company experienced improving business trends in Europe throughout the year. Additionally, 2014 net sales from Developing Regions(1), which accounted for 25.7% of net sales, increased 8.1% in constant currency and were essentially unchanged on an as reported basis compared to last year.

Adjusted EBITDA for the fourth quarter 2014 was $282 million, or 14.3% of net sales, compared to $270 million, or 13.4% of net sales, in 2013. The margin increase in the fourth quarter was primarily attributable to favorable mix and price/cost spread as well as cost synergies, partially offset by higher SG&A costs and unfavorable currency translation. The higher SG&A expenses were partly attributable to an increase of approximately $17 million in performance compensation recorded in the fourth quarter 2014, as compared to the same period a year ago, in recognition of the strong full year-over-year performance in Adjusted EBITDA, working capital management and other key financial metrics.

Full year 2014 Adjusted EBITDA was $1.12 billion, or 14.4% of net sales. This represents a 7.5% increase compared to Adjusted EBITDA of $1.04 billion in 2013, or 13.5% of net sales. This increase was primarily due to favorable mix and price/cost spread and cost synergies, partially offset by higher SG&A costs and unfavorable currency translation. Incremental cost synergies in 2014 under previously announced restructuring programs were approximately $97 million and primarily resulted from headcount reductions, elimination of redundant costs, plant consolidations and procurement and logistics savings.

On a reported basis, fourth quarter 2014 EPS was $0.31, which included $0.28 per share of special items primarily consisting of a loss recorded on the repurchase of 8.125% senior notes and restructuring and other associated costs. This compares to fourth quarter 2013 EPS of $0.02, which included $0.37 per share of special items primarily consisting of a $50 million ($0.23 per share) increase to the Company’s income tax provision resulting from an increase in its valuation allowance with respect to the deferred tax asset related to the W. R. Grace & Co. Settlement agreement ("Settlement agreement"). Adjusted EPS was $0.59 for the fourth quarter. This compares to Adjusted EPS of $0.39 in 2013. The core tax rate was 9.4% in the fourth quarter 2014, compared to 18.8% in the fourth quarter 2013. Our core tax rate in the quarter benefited from the December enactment of the extenders legislation, containing certain favorable foreign tax provisions and extending the research & development credit for the entire year, as well as favorable earnings mix, with more taxable income than previously anticipated in low taxed jurisdictions.

For the full year 2014, reported EPS was $1.20, which included $0.66 per share of special items, mostly due to the loss on the repurchase of the senior notes, and restructuring and other associated costs. This compares to full year 2013 reported EPS of $0.44, which included $0.95 per share of special items, mostly due to restructuring charges and the increase in the valuation allowance discussed above. Adjusted EPS for the full year 2014 was $1.86, as compared to $1.39 in 2013. The core tax rate was 22.1% in 2014, compared to 20.7% in 2013.

The Company repurchased approximately 5.4 million shares of its common stock in 2014 for $184 million at an average price of $34 per share. This includes 1.5 million shares purchased under a 10b5-1 share trading plan for $54 million at an average price of $36 per share and approximately 3.9 million shares for $130 million at an average price of $33 per share purchased from the WRG Asbestos PI Trust in the second quarter 2014. During the fourth quarter 2014, the Company repurchased approximately 1.4 million shares for approximately $50 million, at an average price of $36. Since January 1, 2015, the Company has repurchased approximately 498,000 shares for $21 million or at an average price of $41 per share.

Cash Flow and Net Debt

Cash flow used in operating activities in 2014 was $202 million, which includes the $930 million payment in February 2014 pursuant to the Settlement agreement and an excess tax benefit of $38 million related to the 18 million shares of Common Stock issued pursuant to the Settlement agreement. Excluding the Settlement agreement payment and excess tax benefit, cash flow provided by operating activities was $766 million, which is net of $108 million of restructuring and $21 million of SARs payments. This compares with cash provided by operating activities of $625 million in 2013, which is net of $107 million of restructuring and $46 million of SARs payments. Capital expenditures were $154 million in the full year 2014 compared to $116 million in the full year 2013.

Free Cash Flow, defined as net cash used in operating activities less capital expenditures, was a use of $356 million in 2014. Excluding the Settlement agreement payment, accrued interest and excess tax benefit, Free Cash Flow was a source of $612 million, compared with a source of $509 million in 2013. The year-over-year improvement was attributable to higher earnings and working capital management.

Compared to December 31, 2013, the Company’s net debt decreased $241 million to $4.1 billion as of December 31, 2014. This decrease was primarily a result of cash generated from working capital and operating activities, partially offset by amounts paid for dividends and share repurchases.

Outlook for Full Year 2015

The Company estimates net sales to be approximately $7.4 billion for the full year 2015, which assumes an unfavorable impact of approximately 7% from foreign currency translation. Excluding the impact of foreign currency translation, on a constant currency basis, net sales are expected to increase approximately 2.5%. Adjusted EPS is expected to be in the range of $2.08 to $2.18. This represents an estimated increase of 12% to 17% compared with 2014 Adjusted EPS of $1.86. Adjusted EPS guidance excludes the impact of special items. The Company’s core tax rate for 2015 is expected to increase to approximately 25%.

Adjusted EBITDA is estimated to be in the range of $1.15 billion to $1.18 billion, including approximately $80 million of unfavorable currency translation. This compares with 2014 Adjusted EBITDA of $1.12 billion.

For 2015, the Company anticipates capital expenditures of approximately $180 million and cash restructuring payments of approximately $120 million. The Company anticipates 2015 Free Cash Flow to be approximately $600 million, excluding the tax refund of approximately $245 million related to the Settlement agreement payment.

 
Conference Call Information
------------------------------------------------------------------------
 
Date:                 Tuesday, February 10, 2015
-------------------
Time:                                    8:30am (ET)
-------------------
Webcast:                                 www.sealedair.com
                                         in the Investor Relations section
-------------------                      ---------------------------------
Conference Dial In:                      (888) 713-4215 (domestic)
-------------------
                                         (617) 213-4867 (international)
Participant Code:                        97306463
-------------------
                                          
 
Conference Call Replay Information
--------------------------------------------------------------------------------------------------
 
Dates:                Tuesday, February 10, 2015 starting at 12:30pm (ET) through
-------------------
                                         Tuesday, March 17, 2015 at 11:59pm (ET)
Webcast:                                 www.sealedair.com
                                         in the Investor Relations section
-------------------                      -----------------------------------------------------------
Conference Dial In:                      (888) 286-8010 (domestic)
-------------------
                                         (617) 801-6888 (international)
Participant Code:                        90590956
-------------------
                                          

Business

Sealed Air Corporation creates a world that feels, tastes and works better. In 2014, the Company generated revenue of approximately $7.8 billion by helping our customers achieve their sustainability goals in the face of today’s biggest social and environmental challenges. Our portfolio of widely recognized brands, including Cryovac(R) brand food packaging solutions, Bubble Wrap(R) brand cushioning and Diversey(R) cleaning and hygiene solutions, ensures a safer and less wasteful food supply chain, protects valuable goods shipped around the world, and improves health through clean environments. Sealed Air has approximately 25,000 employees who serve customers in 175 countries. To learn more, visit www.sealedair.com.

Website Information

We routinely post important information for investors on our website, www.sealedair.com, in the "Investor Relations" section. We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under SEC Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

Non-U.S. GAAP Information

In this press release and supplement, we have included several non-U.S. GAAP financial measures, including Adjusted Net Earnings and EPS, net sales on a "constant dollar" basis, Adjusted Gross Profit, Adjusted Operating Profit, Free Cash Flow and Adjusted EBITDA, as our management believes these measures are useful to investors. We present results and guidance, adjusted to exclude the effects of certain specified items ("special items") and their related tax impact that would otherwise be included under U.S. GAAP, to aid in comparisons with other periods or prior guidance. In addition, non-U.S. GAAP measures are used by management to review and analyze our operating performance and, along with other data, as internal measures for setting annual budgets and forecasts, assessing financial performance, providing guidance and comparing our financial performance with our peers and may also be used for purposes of determining incentive compensation. The non-U.S. GAAP information has limitations as an analytical tool and should not be considered in isolation from or as a substitute for U.S. GAAP information. It does not purport to represent any similarly titled U.S. GAAP information and is not an indicator of our performance under U.S. GAAP. Non-U.S. GAAP financial measures that we present may not be comparable with similarly titled measures used by others. Investors are cautioned against placing undue reliance on these non-U.S. GAAP measures. For a reconciliation of these non-U.S. GAAP measures to U.S. GAAP and other important information on our use of non-U.S. GAAP financial measures, see the attached supplementary information entitled "Condensed Consolidated Statements of Cash Flows" (under the section entitled "Non-U.S. GAAP Free Cash Flow"), "Reconciliation of U.S. GAAP Condensed Consolidated Statements of Operations to Non-U.S. GAAP Adjusted Condensed Consolidated Statements of Operations and Non-U.S. GAAP Adjusted EBITDA," "Segment Information," and "Components of Change in Net Sales by Segment." Information reconciling forward-looking non-U.S. GAAP measures to U.S. GAAP measures is not available without unreasonable effort.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 concerning our business, consolidated financial condition and results of operations. Forward-looking statements are subject to risks and uncertainties, many of which are outside our control, which could cause actual results to differ materially from these statements. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements can be identified by such words as "anticipates," "believes," "plan," "assumes," "could," "estimates," "expects," "intends," "may," "plans to," "will" and similar references to future periods. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding expected future operating results, expectations regarding the results of restructuring and other programs, anticipated levels of capital expenditures and expectations of the effect on our financial condition of claims, litigation, environmental costs, contingent liabilities and governmental and regulatory investigations and proceedings. The following are important factors that we believe could cause actual results to differ materially from those in our forward-looking statements: the expected cash tax benefits associated with the Settlement agreement (as defined in our 2013 Annual Report on Form 10-K), global economic and political conditions, changes in our credit ratings, changes in raw material pricing and availability, changes in energy costs, competitive conditions, success of our restructuring activities, currency translation and devaluation effects, the success of our financial growth, profitability, cash generation and manufacturing strategies and our cost reduction and productivity efforts, the effects of animal and food-related health issues, pandemics, consumer preferences, environmental matters, regulatory actions and legal matters, and the other information referenced in the "Risk Factors" section appearing in our most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, and as revised and updated by our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement made by us are based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

(1) Developing Regions are Africa, Asia (excluding Japan
and South Korea), Central and Eastern Europe, and Latin America.
 
 
                                                                                                                                                                                   SEALED AIR CORPORATION
                                                                                                                                                                                  SUPPLEMENTARY INFORMATION
                                                                                                                                                                     CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(1)
                                                                                                                                                                                         (Unaudited)
                                                                                                                                                                            (In millions, except per share data)
                                                                                                                                                                                                                                                       
                                                                                                                                                    Three Months Ended                                                                                                                                              Year Ended
                                                                                                                                                       December 31,                                                                                                                                                December 31,
                                                                                          ---------------------------------------------------------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                    2014                                                                          2013                                                                          2014                                                                          2013
                                                                                          ---------------------------------------------------------                     ---------------------------------------------------------                     ---------------------------------------------------------                     ---------------------------------------------------------
                                                                                                                                                                                               Revised(2)                                                                                                                                                  Revised(2)
Net sales                                                                                                    $        1,973.7                                                              $        2,012.5                                                              $        7,750.5                                                              $        7,690.8
Cost of sales                                                                                      1,301.4                                 1,343.9                                 5,062.9                                 5,100.9  
                                                                                          -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Gross profit                                                                                                            672.3                                                                         668.6                                                                       2,687.6                                                                       2,589.9
   As a % of total net sales                                                                                             34.1 %                                                                        33.2 %                                                                        34.7 %                                                                        33.7 %
Selling, general and administrative expenses(3)                                                                         462.7                                                                         438.6                                                                       1,837.2                                                                       1,749.1
   As a % of total net sales                                                                                             23.4 %                                                                        21.8 %                                                                        23.7 %                                                                        22.7 %
Amortization expense of intangible assets acquired                                                                       26.1                                                                          30.8                                                                         118.9                                                                         123.2
Stock appreciation rights expense(4)                                                                                      4.9                                                                          11.3                                                                           8.1                                                                          38.1
Integration related costs                                                                                                 0.8                                                                           0.4                                                                           4.1                                                                           1.1
Restructuring and other charges                                                                       34.1                                    12.6                                    65.7                                    73.8  
                                                                                          -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Operating profit                                                                                                        143.7                                                                         174.9                                                                         653.6                                                                         604.6
Interest expense                                                                                                        (65.6 )                                                                       (91.6 )                                                                      (287.7 )                                                                      (361.0 )
Impairment of equity method investment                                                                                      -                                                                             -                                                                          (5.7 )                                                                        (2.1 )
Foreign currency exchange loss related to Venezuelan subsidiaries(5)                                                     (1.5 )                                                                        (0.2 )                                                                       (20.4 )                                                                       (13.1 )
Gain from Claims Settlement(6)                                                                                 --                                                                --                                                                          21.1                                                                --
Loss on debt redemption and refinancing activities(7)                                                                   (84.0 )                                                                        (3.9 )                                                                      (102.5 )                                                                       (36.3 )
Other income (expense), net                                                                            2.9                                    (9.2 )                                                      8.8                                   (11.9 )
                                                                                          -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
(Loss) Earnings from continuing operations before income tax                                                             (4.5 )                                                                        70.0                                                                         267.2                                                                         180.2
provision
Income tax (benefit) provision                                                                       (70.8 )                                                     65.0                                     9.1                                    84.9  
                                                                                          -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Effective income tax rate                                                                                                   # %                                                                        92.9 %                                                                         3.4 %                                                                        47.1 %
Net earnings from continuing operations                                                               66.3                                     5.0                                   258.1                                    95.3  
                                                                                          -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Net earnings from discontinued operations(8)                                                --                                    24.0                          --                                    30.5  
                                                                                          -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Net earnings available to common stockholders                                                                $           66.3                                           $           29.0                                           $          258.1                                           $          125.8  
                                                                                          ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================
Net earnings per common share(9):
      Basic:
         Continuing operations                                                                               $           0.31                                                              $           0.03                                                              $           1.22                                                              $           0.49
         Discontinued operations                                                            --                                    0.12                          --                                    0.16  
                                                                                          -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
         Net earnings per common share - basic                                                               $           0.31                                           $           0.15                                           $           1.22                                           $           0.65  
                                                                                          ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================
      Diluted:
         Continuing operations                                                                               $           0.31                                                                          0.02                                                              $           1.20                                                                          0.44
         Discontinued operations                                                            --                                    0.11                          --                                    0.14  
                                                                                          -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
         Net earnings per common share - diluted                                                             $           0.31                                           $           0.13                                           $           1.20                                           $           0.58  
                                                                                          ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================
Dividends per common share                                                                                   $           0.13                                           $           0.13                                           $           0.52                                           $           0.52  
                                                                                          ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================
Weighted average number of common shares outstanding:
      Basic                                                                                          209.5                                   194.9                                   210.0                                   194.6  
                                                                                          ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================
      Diluted                                                                                        212.1                                   214.7                                   213.9                                   214.2  
                                                                                          ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                                     
   
-------------------- --------------------
#                      Not meaningful.
(1)                                       The supplementary information included in this press release for
                                          2014 is preliminary and subject to change prior to the filing of our
                                          upcoming Annual Report on Form 10-K with the Securities and Exchange
                                          Commission.
(2)                                       During the fourth quarter of 2014, we changed the method of valuing
                                          our inventories that used the Last In First Out ("LIFO") method to
                                          the First In First Out ("FIFO") method, so that all of our
                                          inventories are now valued at FIFO. We applied this change in
                                          accounting principle retrospectively. Accordingly all previously
                                          reported financial information has been revised. The impact of the
                                          change on net earnings was not material.
(3)                                       As previously disclosed in our 2013 Annual Report on Form 10-K, on
                                          May 25, 2010, one of our Italian subsidiaries received a demand from
                                          the Italian Ministry of Economic Development (the "Ministry") for
                                          the total repayment of grant monies paid to two of our former
                                          subsidiaries (a former Product Care business) in the amount of EUR5
                                          million. Our Italian subsidiary submitted a total denial of
                                          liability in regard to this matter on June 30, 2010. A hearing on
                                          the merits was held on July 3, 2014; in mid-September, our
                                          subsidiary was advised that the demand for repayment of EUR10 million
                                          was upheld. Accordingly, we have recorded a current liability and
                                          corresponding charge of $14 million ($0.07 per share) related to
                                          this matter. The liability is included in other current liabilities
                                          on the condensed consolidated balance sheets and the charge is
                                          included in SG&A expenses on the condensed consolidated statements
                                          of operations. The charge is treated as a special item and included
                                          in Corporate in the Other category.
(4)                                       At December 31, 2014, the remaining amount of unvested cash-settled
                                          stock appreciation rights ("SARs") will fully vest by March 31,
                                          2015. However, we will continue to incur expense related to these
                                          SARs until the last expiration date of these awards (March 2021).
                                          The amount of related future expense will fluctuate based on
                                          exercise and forfeiture activity and changes in the assumptions used
                                          in the valuation model, including the price of Sealed Air common
                                          stock.
(5)                                       Based on changes to the Venezuelan currency exchange rate
                                          mechanisms, we changed the exchange rate we used to remeasure our
                                          Venezuelan subsidiary’s financial statements into U.S. dollars. As a
                                          result of the change in our excess cash position in our Venezuelan
                                          subsidiaries being remeasured, we recorded a remeasurement loss of
                                          $2 million in the three months ended December 31, 2014 and $20
                                          million in the year ended December 31, 2014. In February 2013, the
                                          Venezuelan government announced a devaluation of the Bolivar from an
                                          official exchange rate of 4.3 to 6.3 bolivars per U.S. dollar. Due
                                          to this devaluation, as of December 31, 2013, we remeasured our
                                          bolivar denominated monetary assets and liabilities, which resulted
                                          in a pretax loss of less than $1 million in the three months ended
                                          December 31, 2013 and a $13 million pretax loss in the year ended
                                          December 31, 2013.
(6)                                       As previously disclosed in our Quarterly Report on Form 10-Q for the
                                          three months ended March 31, 2014, on February 3, 2014 we funded the
                                          cash consideration ($930 million) and issued the shares reserved
                                          under the Settlement agreement as defined therein. As a result, we
                                          recognized a gain on Claims Settlement of $21 million, which
                                          primarily consisted of the release of certain tax and other
                                          liabilities.
(7)                                       In November 2014, we issued $425 million of 4.875% senior notes and
                                          $425 million of 5.125% notes and used substantially all of the
                                          proceeds to retire the 8.125% Senior Notes due September 2019. We
                                          repurchased the 8.125% Senior Notes at fair value. The aggregate
                                          repurchase price was $837 million, which included the principal
                                          amount of $750 million, premium of $75 million and accrued interest
                                          of $13 million. We recognized a total net pre-tax loss of $84
                                          million in the three months ended December 31, 2014, which included
                                          the premiums mentioned above. Also included in the loss on debt
                                          redemption was $9 million of accelerated amortization of original
                                          non-lender fees related to the 8.125% senior notes.
(8)                                       In December 2013, we completed the sale of our rigid medical
                                          packaging business for net cash proceeds of $122 million. Our 2013
                                          results include a net gain of $23 million from the sale of our
                                          medical rigid packaging business. The financial result of the rigid
                                          medical packaging business is reported as discontinued operations,
                                          net of tax.
(9)                                       Net earnings per common share is calculated under two-class method.
                                          See our Quarterly Report on Form 10-Q for period ended September 30,
                                          2014 for further details.
                                           
 
                                                                                               SEALED AIR CORPORATION
                                                                                              SUPPLEMENTARY INFORMATION
                                                                                      CONDENSED CONSOLIDATED BALANCE SHEETS(1)
                                                                                                     (Unaudited)
                                                                                                    (In millions)
                                                                                                                    
                                                                                                   December 31,                                                                  December 31,
                                                                                                       2014                                                                          2013
                                                                             ---------------------------------------------------------                     ---------------------------------------------------------
                                                                                                                                                                                  Revised(2)
Assets
Current assets:
   Cash and cash equivalents                                                                    $          322.6                                                              $          992.4
   Trade receivables, net(3)                                                                             1,002.2                                                                       1,126.4
   Other receivables                                                                                       404.1                                                                         147.9
   Inventories                                                                                             707.6                                                                         730.2
   Assets held for sale(4)                                                                                  27.3                                                                --
   Other current assets                                                                 227.8                                   462.6  
                                                                             -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Total current assets                                                                                     2,691.6                                                                       3,459.5
Property and equipment, net                                                                                993.2                                                                       1,134.5
Goodwill                                                                                                 3,005.5                                                                       3,114.6
Intangible assets, net                                                                                     872.2                                                                       1,016.9
Other assets, net                                                                       479.2                                   450.5  
                                                                             -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Total assets                                                                                    $        8,041.7                                           $        9,176.0  
                                                                             ==================== ============== ====================                      ==================== ============== ====================
Liabilities and stockholders’ equity
Current liabilities:
   Short-term borrowings                                                                        $          130.4                                                              $           81.6
   Current portion of long-term debt                                                                         1.1                                                                         201.5
   Accounts payable                                                                                        638.7                                                                         524.5
   Settlement agreement and related accrued interest(5)                                           --                                                                         925.1
   Other current liabilities                                                            960.7                                   968.1  
                                                                             -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Total current liabilities                                                                                1,730.9                                                                       2,700.8
Long-term debt, less current portion                                                                     4,282.5                                                                       4,116.4
Other liabilities                                                                       865.5                                   942.5  
                                                                             -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Total liabilities                                                                     6,878.9                                 7,759.7  
                                                                             -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Total parent company stockholders’ equity                                                                1,162.8                                                                       1,414.9
Noncontrolling interests                                                       --                                     1.4  
                                                                             -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Total stockholders’ equity                                                            1,162.8                                 1,416.3  
                                                                             -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Total liabilities and stockholders’ equity                                                      $        8,041.7                                           $        9,176.0  
                                                                             ==================== ============== ====================                      ==================== ============== ====================
                                                                                                                                                            
                                                                                             CALCULATION OF NET DEBT (1)
                                                                                                                                                            
                                                                                                   December 31,                                                                  December 31,
                                                                                                       2014                                                                          2013
                                                                             ---------------------------------------------------------                     ---------------------------------------------------------
                                                                                                                                                            
                                                                                                                                                            
Short-term borrowings                                                                           $          130.4                                                              $           81.6
Current portion of long-term debt                                                                            1.1                                                                         201.5
Settlement agreement and related accrued interest(5)                                              --                                                                         925.1
Long-term debt, less current portion                                                  4,282.5                                 4,116.4  
                                                                             -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Total debt                                                                                               4,414.0                                                                       5,324.6
Less: cash and cash equivalents                                                        (322.6 )                                                   (992.4 )
                                                                             -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Net debt                                                                                        $        4,091.4                                           $        4,332.2  
                                                                             ==================== ============== ====================                      ==================== ============== ====================
                                                                                                                                                            
 
--------------------------------
       (1)   The supplementary information included in this press release for
                                2014 is preliminary and subject to change prior to the filing of our
                                upcoming Annual Report on Form 10-K with the Securities and Exchange
                                Commission.
       (2)                      During the fourth quarter of 2014, we changed the method of valuing
                                our inventories that used the LIFO method to the FIFO method, so
                                that all of our inventories are now valued at FIFO. We applied this
                                change in accounting principle retrospectively. Accordingly all
                                previously reported financial information has been revised. The
                                change from LIFO to FIFO resulted in an increase to inventories of
                                $42 million as of December 31, 2013. The impact of the change to net
                                earnings was not material.
       (3)                      As of December 31, 2014, we had $36 million of borrowings
                                outstanding under our accounts receivable securitization programs,
                                and accordingly, the trade receivables that serve as collateral
                                under these borrowings were reclassified from trade receivables, net
                                to other current assets.
       (4)                      In August 2014, we signed an agreement for purchase and sale
                                relating to our building located in Racine, Wisconsin. As of
                                December 31, 2014, the building and certain related assets met the
                                criteria of assets held for sale classification. Accordingly, we
                                reclassified $26 million from property, plant and equipment to
                                assets held for sale as of December 31, 2014.
       (5)                      As previously disclosed in our Quarterly Report on Form 10-Q for the
                                three months ended March 31, 2014, on February 3, 2014 we funded the
                                cash consideration and issued the shares reserved under the
                                Settlement agreement.
                                 
 
                                                                                                      SEALED AIR CORPORATION
                                                                                                     SUPPLEMENTARY INFORMATION
                                                                                        CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(1)
                                                                                                            (Unaudited)
                                                                                                           (In millions)
                                                                                                                                  
                                                                                                                                                   Year Ended December 31,
                                                                                           ---------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                     2014                                                                          2013
                                                                                           ---------------------------------------------------------                     ---------------------------------------------------------
                                                                                                                                                                                                Revised(2)
Net earnings available to common stockholders - continuing operations                                         $          258.1                                                              $           95.3
Adjustments to reconcile net earnings to net cash (used in)                                                              417.2                                                                         418.6
provided by operating
activities - continuing operations(3)
Changes in:
Trade receivables, net                                                                                                   (21.1 )                                                                        35.5
Inventories                                                                                                              (48.6 )                                                                        22.0
Accounts payable                                                                                                         159.4                                                                          36.3
Settlement agreement, related accrued interest and excess tax                                                           (967.4 )                                                              --
benefit (4)
Changes in all other operating assets and liabilities                                                   0.5                                    17.1  
                                                                                           -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Cash flow (used in) provided by operating activities - continuing                                                       (201.9 )                                                                       624.8
operations
                                                                                                                                                                          
Capital expenditures for property and equipment                                                                         (153.9 )                                                                      (116.0 )
Other investing activities                                                                             12.4                                    10.5  
                                                                                           -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Cash flow used in investing activities - continuing operations                                                          (141.5 )                                                                      (105.5 )
                                                                                                                                                                          
Net proceeds from (payments of) short-term borrowings and long-term                                                       51.9                                                                        (180.0 )
debt(5)
Repurchase of common stock                                                                                              (184.0 )                                                              --
Dividends paid on common stock                                                                                          (110.9 )                                                                      (102.0 )
Excess tax benefit from Common Stock issued in the Settlement                                                             37.7                                                                --
agreement
Acquisition of common stock for tax withholding obligations under                                                         (3.0 )                                                                        (3.9 )
our Omnibus stock plan
Payments of debt issuance costs                                                                                          (24.9 )                                                                        (7.7 )
Payments of debt extinguishment costs                                                                                    (74.0 )                                                                       (26.2 )
Proceeds of termination of interest rate swaps                                                          3.1                          --  
                                                                                           -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Cash flow used in financing activities - continuing operations                                                          (304.1 )                                                                      (319.8 )
                                                                                                                                                                          
Cash flow from discontinued operations, including net gain(5)                                --                                   127.0  
                                                                                           -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                          
Effect of foreign currency exchange rates on cash and cash                                            (22.3 )                                                    (13.7 )
equivalents
                                                                                           -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                          
Cash and cash equivalents beginning of period                                                                 $          992.4                                                              $          679.6
Net change in cash and cash equivalents                                                              (669.8 )                                                    312.8  
                                                                                           -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Cash and cash equivalents end of period                                                                       $          322.6                                           $          992.4  
                                                                                           ==================== ============== ====================                      ==================== ============== ====================
                                                                                                                                                                          
Non-U.S. GAAP Free Cash Flow:
Cash flow from operating activities - continuing operations(4)                                                $         (201.9 )                                                            $          624.8
Capital expenditures for property and equipment                                                      (153.9 )                                                   (116.0 )
                                                                                           -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Free Cash Flow(6)                                                                                             $         (355.8 )                                                            $          508.8
Settlement agreement and related accrued interest (4)                                                 967.4                                       -  
                                                                                           -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Free Cash Flow excluding Settlement agreement and related accrued                                             $          611.6                                           $          508.8  
interest
                                                                                           ==================== ============== ====================                      ==================== ============== ====================
                                                                                                                                                                          
Additional Cash Flow Information:
Interest payments, net of amounts capitalized(7)                                                              $          710.4                                           $          289.7  
                                                                                           ==================== ============== ====================                      ==================== ============== ====================
Income tax payments                                                                                           $           89.2                                           $          114.8  
                                                                                           ==================== ============== ====================                      ==================== ============== ====================
SARs payments (less amounts included in restructuring payments)                                               $           21.1                                           $           46.0  
                                                                                           ==================== ============== ====================                      ==================== ============== ====================
Restructuring payments (including associated costs)                                                           $          108.1                                           $          107.0  
                                                                                           ==================== ============== ====================                      ==================== ============== ====================
                                                                                                                                                                          
 
--------------------------------
       (1)   The supplementary information included in this press release for
                                2014 is preliminary and subject to change prior to the filing of our
                                upcoming Annual Report on Form 10-K with the Securities and Exchange
                                Commission.
       (2)                      During the fourth quarter of 2014, we changed the method of valuing
                                our inventories that used the LIFO method to the FIFO method, so
                                that all of our inventories are now valued at FIFO. We applied this
                                change in accounting principle retrospectively. Accordingly all
                                previously reported financial information has been revised. The
                                impact of the change to net earnings was not material.
       (3)                      2014 primarily consists of depreciation and amortization of $321
                                million, profit sharing expense of $37 million, and loss on debt
                                redemption and refinancing activities of $102 million, partially
                                offset by gain on Settlement agreement of $(21) million. 2013
                                primarily consists of depreciation and amortization of $308 million,
                                loss on debt redemption of $36 million and profit sharing expense of
                                $35 million.
       (4)                      In February 2014, we used $930 million of cash to fund the cash
                                portion of the Settlement agreement and related accrued interest. To
                                fund the cash payment, we used $555 million of cash and cash
                                equivalents and utilized borrowings of $260 million from our
                                revolving credit facility and $115 million from our accounts
                                receivable securitization programs. In December 2014, we recorded an
                                excess tax benefit of $38 million related to the 18 million shares
                                of Common Stock issued in the Settlement agreement.
       (5)                      In December 2013, we completed the sale of our rigid medical
                                packaging business for net cash proceeds of $122 million. Our 2013
                                results include a net gain of $23 million from the sale of our
                                medical rigid packaging business. The financial result of the rigid
                                medical packaging business is reported as discontinued operations,
                                net of tax.
       (6)                      Free cash flow does not represent residual cash available for
                                discretionary expenditures, including mandatory debt servicing
                                requirements or non-discretionary expenditures that are not deducted
                                from this measure.
       (7)                      Interest payments in 2014 include $417 million related to the
                                Settlement agreement.
                                 
                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                     SEALED AIR CORPORATION
                                                                                                                                                                                                                                     SUPPLEMENTARY INFORMATION
                                                                                                                                                                                                                                     RECONCILIATION OF U.S. GAAP CONDENSED CONSOLIDATED STATEMENTS OF
                                                                                                                                                                                                                                     OPERATIONS TO
                                                                                                                                                                                                                                     NON-U.S. GAAP ADJUSTED CONDENSED CONSOLIDATED STATEMENTS OF
                                                                                                                                                                                                                                     OPERATIONS AND
                                                                                                                                                                                                                                     NON-U.S. GAAP ADJUSTED EBITDA(1)
                                                                                                                                                                                                                                     (Unaudited)
                                                                                                                                                                                                                                     (In millions, except per share data)
                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                  Three Months Ended
                                                                                                                                                                                                                                                                                                        December 31,
                                                                        ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                2014                                                                                                                                                                                                                                                        2013
                                                                        ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                U.S. GAAP                                                                       Less:                                                                       Non-U.S.                                                                                        U.S. GAAP                                                                   Less:                                                                       Non-U.S.
                                                                                                   As                                                                          Special                                                                        GAAP                                                                                             As                                                                      Special                                                                        GAAP
                                                                                                Reported                                                                      Items(2)                                                                      Adjusted                                                                                        Reported                                                                  Items(2)                                                                      Adjusted
                                                                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                                             -----------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                           Revised(3)                                                                                                                                              Revised(3)
Net sales                                                                                  $        1,973.7                                                              $ --                                                              $        1,973.7                                                                                   $ 2,012.5                                                              $ --                                                              $        2,012.5
Cost of sales                                                                    1,301.4                                    (4.5 )                                                  1,296.9                                               1,343.9                                    (1.7 )                                                  1,342.2  
                                                                        -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                                           -------------------- ------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Gross profit                                                                                          672.3                                                                           4.5                                                                         676.8                                                                                       668.6                                                                           1.7                                                                         670.3
   As a % of total net sales                                                                           34.1 %                                                                                                                                                      34.3 %                                                                                      33.2 %                                                                                                                                                      33.3 %
Selling, general and administrative expenses                                                          462.7                                                                         (12.2 )                                                                       450.5                                                                                       438.6                                                                          (5.5 )                                                                       433.1
   As a % of total net sales                                                                           23.4 %                                                                                                                                                      22.8 %                                                                                      21.8 %                                                                                                                                                      21.5 %
Amortization expense of intangible assets acquired                                                     26.1                                                                --                                                                          26.1                                                                                        30.8                                                                --                                                                          30.8
Stock appreciation rights expense                                                                       4.9                                                                          (4.9 )                                                              --                                                                                        11.3                                                                         (11.3 )                                                              --
Integration related costs                                                                               0.8                                                                          (0.8 )                                                              --                                                                                         0.4                                                                          (0.4 )                                                              --
Restructuring and other charges                                                     34.1                                   (34.1 )                                           --                                                  12.6                                   (12.6 )                                           --  
                                                                        -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                                           -------------------- ------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Operating profit                                                                                      143.7                                                                          56.5                                                                         200.2                                                                                       174.9                                                                          31.5                                                                         206.4
   As a % of total net sales                                                                            7.3 %                                                                                                                                                      10.1 %                                                                                       8.7 %                                                                                                                                                      10.3 %
Interest expense                                                                                      (65.6 )                                                              --                                                                         (65.6 )                                                                                     (91.6 )                                                              --                                                                         (91.6 )
Foreign currency exchange loss related to                                                              (1.5 )                                                                         1.5                                                                --                                                                                        (0.2 )                                                                         0.2                                                                --
Venezuelan
subsidiaries
Loss on debt redemption and refinancing activities                                                    (84.0 )                                                                        84.0                                                                --                                                                                        (3.9 )                                                                         3.9                                                                --
Other income (expense), net                                                          2.9                                     1.3                                     4.2                                                  (9.2 )                                                     (0.3 )                                                     (9.5 )
                                                                        -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                                           -------------------- ------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
(Loss) earnings from continuing operations                                                             (4.5 )                                                                       143.3                                                                         138.8                                                                                        70.0                                                                          35.3                                                                         105.3
before
income tax provision
Income tax (benefit) provision                                                     (70.8 )                                                     83.9                                    13.1                                                  65.0                                   (45.2 )                                                     19.8  
                                                                        -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                                           -------------------- ------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Effective income tax rate                                                                                 # %                                                                                                                                                       9.4 %                                                                                      92.9 %                                                                                                                                                      18.8 %
Net earnings from continuing operations                                                                66.3                                                                          59.4                                                                         125.7                                                                                         5.0                                                                          80.5                                                                          85.5
Net earnings from discontinued operations(4)                              --                          --                          --                                                  24.0                                   (24.0 )                                           --  
                                                                        -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                                           -------------------- ------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Net earnings available to common stockholders                                              $           66.3                                           $           59.4                                           $          125.7                                                                $    29.0                                           $           56.5                                           $           85.5  
                                                                        ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                                           ==================== ======= ====================                      ==================== ============== ====================                      ==================== ============== ====================
Net earnings per common share(5):
      Diluted:
         Continuing operations                                                             $           0.31                                                              $           0.28                                                              $           0.59                                                                                   $    0.02                                                              $           0.37                                                              $           0.39
         Discontinued operations                                          --                          --                          --                                                  0.11                                   (0.11 )                                           --  
                                                                        -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                                           -------------------- ------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                           $           0.31                                           $           0.28                                           $           0.59                                                                $    0.13                                           $           0.26                                           $           0.39  
         Net earnings per common share -
         diluted
                                                                        ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                                           ==================== ======= ====================                      ==================== ============== ====================                      ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Weighted average number of common shares
outstanding:
      Diluted                                                                      212.1                                   212.1                                   212.1                                                 214.7                                   214.7                                   214.7  
                                                                        ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                                           ==================== ======= ====================                      ==================== ============== ====================                      ==================== ============== ====================
Non-U.S. GAAP Adjusted EBITDA:
Non-U.S. GAAP Adjusted Operating Profit                                                                                                                                                                                                                $          200.2                                                                                                                                                                                                                                        $          206.4
Other income (expense), net                                                                                                                                                                                                                                         4.2                                                                                                                                                                                                                                                    (9.5 )
Depreciation and amortization(6)                                                                                                                                                                                                                                   79.0                                                                                                                                                                                                                                                    73.5
Write down of non-strategic assets, included in                                                                                                                                                                                                 (1.8 )                                                                                                                                                                                                                               (0.3 )
depreciation
and amortization
                                                                                                                                                                                                                                    -------------------- -------------- --------------------                                                                                                                                                                                                -------------------- -------------- --------------------
Non-U.S. GAAP Adjusted EBITDA                                                                                                                                                                                                                          $          281.6                                                                                                                                                                                                                     $          270.1  
                                                                                                                                                                                                                                    ==================== ============== ====================                                                                                                                                                                                                ==================== ============== ====================
      As a % of total net sales                                                                                                                                                                                                                                    14.3 %                                                                                                                                                                                                                                                  13.4 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
   
-------------------- --------------------
#                      Not meaningful.
(1)                                       The supplementary information included in this press release for
                                          2014 is preliminary and subject to change prior to the filing of our
                                          upcoming Annual Report on Form 10-K with the Securities and Exchange
                                          Commission.
(2)                                       Special items consist of certain one-time costs or charges/credits
                                          that are included in our U.S. GAAP reported results. These special
                                          items include restructuring and other associated costs related to
                                          our previously announced Fusion program ("Fusion"), Earnings
                                          Quality Improvement Program ("EQIP") and the Integration and
                                          Optimization Program ("IOP") restructuring programs, foreign
                                          currency exchange losses related to Venezuelan subsidiaries and
                                          stock appreciation rights ("SARs") expense, and losses recorded on
                                          debt redemption and refinancing activities.
(3)                                       During the fourth quarter of 2014, we changed the method of valuing
                                          our inventories that used the LIFO method to the FIFO method, so
                                          that all of our inventories are now valued at FIFO. We applied this
                                          change in accounting principle retrospectively. Accordingly all
                                          previously reported financial information has been revised. The
                                          impact of the change to net earnings to net earnings was not
                                          material.
(4)                                       In December 2013, we completed the sale of our rigid medical
                                          packaging business for net cash proceeds of $122 million. Our 2013
                                          results include a net gain of $23 million from the sale of our
                                          medical rigid packaging business. The financial result of the rigid
                                          medical packaging business is reported as discontinued operations,
                                          net of tax.
(5)                                       Net earnings per common share is calculated under two-class method.
                                          See our Quarterly Report on Form 10-Q for period ended September 30,
                                          2014 for further details.
(6)                                       Depreciation and amortization includes:
                                           
                                                       
                                                                                                                                               Three Months Ended
                                                                                                                                                  December 31,
                                                                                                                 -------------------------------------------------------------------------------
                                                                                                                            2014                           2013
                                                                                                                 --------------------------                     --------------------------------
Depreciation of property, plant and equipment                                                                                       $ 35.6                                         $       38.9
Amortization of intangible assets acquired                                                                                            26.1                                                 30.8
Amortization of deferred share-based compensation                                                                  17.3                               3.8
                                                                                                                 -------------------- ----                      -------------------- ----------
   Total                                                                                                                            $ 79.0                                         $       73.5
                                                                                                                 ==================== ====                      ==================== ==========
                                                                                                                                                                 
 
                                                                                                                                                                                                                                     SEALED AIR CORPORATION
                                                                                                                                                                                                                                     SUPPLEMENTARY INFORMATION
                                                                                                                                                                                                                                    RECONCILIATION OF U.S. GAAP CONDENSED CONSOLIDATED STATEMENTS OF
                                                                                                                                                                                                                                     OPERATIONS TO
                                                                                                                                                                                                                                     NON-U.S. GAAP ADJUSTED CONDENSED CONSOLIDATED STATEMENTS OF
                                                                                                                                                                                                                                     OPERATIONS AND NON-U.S. GAAP ADJUSTED EBITDA(1)
                                                                                                                                                                                                                                     (Unaudited)
                                                                                                                                                                                                                                     (In millions, except per share data)
                                                                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                                                 Year Ended
                                                                                                                                                                                                                                                                                                   December 31,
                                                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                  2014                                                                                                                                                                                                                                      2013
                                                                          ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                  U.S. GAAP                                                    Less:                                                    Non-U.S.                                                   U.S. GAAP                                                                       Less:                                                    Non-U.S.
                                                                                                     As                                                                          Special                                                                        GAAP                                                                           As                                                                          Special                                                                        GAAP
                                                                                                  Reported                                                                      Items(4)                                                                      Adjusted                                                                      Reported                                                                      Items(4)                                                                      Adjusted
                                                                          ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------                        ------------------------------------------------------   -------------------- ------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                           Revised(3)                                                                                                                                                  Revised(3)
Net sales                                                                                    $        7,750.5                                                              $ --                                                              $        7,750.5                                                              $        7,690.8                                                              $ --                                                              $        7,690.8
Cost of sales                                                                      5,062.9                                   (12.6 )                                                  5,050.3                                 5,100.9                                    (7.4 )                                                  5,093.5  
                                                                          -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Gross profit                                                                                          2,687.6                                                                          12.6                                                                       2,700.2                                                                       2,589.9                                                                           7.4                                                                       2,597.3
   As a % of total net sales                                                                             34.7 %                                                                                                                                                      34.8 %                                                                        33.7 %                                                                                                                                                      33.8 %
Selling, general and administrative expenses(2)                                                       1,837.2                                                                         (42.0 )                                                                     1,795.2                                                                       1,749.1                                                                         (24.7 )                                                                     1,724.4
   As a % of total net sales                                                                             23.7 %                                                                                                                                                      23.2 %                                                                        22.7 %                                                                                                                                                      22.4 %
Amortization expense of intangible assets acquired                                                      118.9                                                                --                                                                         118.9                                                                         123.2                                                                --                                                                         123.2
Stock appreciation rights expense                                                                         8.1                                                                          (8.1 )                                                              --                                                                          38.1                                                                         (38.1 )                                                              --
Integration related costs                                                                                 4.1                                                                          (4.1 )                                                              --                                                                           1.1                                                                          (1.1 )                                                              --
Restructuring and other charges                                                       65.7                                   (65.7 )                                           --                                    73.8                                   (73.8 )                                           --  
                                                                          -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Operating profit                                                                                        653.6                                                                         132.5                                                                         786.1                                                                         604.6                                                                         145.1                                                                         749.7
   As a % of total net sales                                                                              8.4 %                                                                                                                                                      10.1 %                                                                         7.9 %                                                                                                                                                       9.7 %
Interest expense                                                                                       (287.7 )                                                              --                                                                        (287.7 )                                                                      (361.0 )                                                              --                                                                        (361.0 )
Impairments of equity method investment                                                                  (5.7 )                                                                         5.7                                                                --                                                                          (2.1 )                                                                         2.1                                                                --
Foreign currency exchange loss related to Venezuelan                                                    (20.4 )                                                                        20.4                                                                --                                                                         (13.1 )                                                                        13.1                                                                --
subsidiaries
Gain from Claims Settlement                                                                              21.1                                                                         (21.1 )                                                              --                                                                --                                                                --                                                                --
Loss on debt redemption and refinancing activities                                                     (102.5 )                                                                       102.5                                                                --                                                                         (36.3 )                                                                        36.3                                                                --
Other income (expense), net                                                            8.8                                     4.7                                    13.5                                   (11.9 )                                                      0.5                                   (11.4 )
                                                                          -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Earnings from continuing operations before                                                              267.2                                                                         244.7                                                                         511.9                                                                         180.2                                                                         197.1                                                                         377.3
income
tax provision
Income tax provision                                                                   9.1                                   103.9                                   113.0                                    84.9                                    (6.7 )                                                     78.2  
                                                                          -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Effective income tax rate                                                                                 3.4 %                                                                                                                                                      22.1 %                                                                        47.1 %                                                                                                                                                      20.7 %
Net earnings from continuing operations                                                                 258.1                                                                         140.8                                                                         398.9                                                                          95.3                                                                         203.8                                                                         299.1
Net earnings from discontinued operations(5)                                --                          --                          --                                    30.5                                   (30.5 )                                           --  
                                                                          -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Net earnings available to common stockholders                                                $          258.1                                           $          140.8                                           $          398.9                                           $          125.8                                           $          173.3                                           $          299.1  
                                                                          ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================
Net earnings per common share(6):
      Diluted:
         Continuing operations                                                               $           1.20                                                              $           0.66                                                              $           1.86                                                              $           0.44                                                              $           0.95                                                              $           1.39
         Discontinued operations                                            --                          --                          --                                    0.14                                   (0.14 )                                           --  
                                                                          -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                             $           1.20                                           $           0.66                                           $           1.86                                           $           0.58                                           $           0.81                                           $           1.39  
         Net earnings per common share -
         diluted
                                                                          ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
Weighted average number of common shares
outstanding:
      Diluted                                                                        213.9                                   213.9                                   213.9                                   214.2                                   214.2                                   214.2  
                                                                          ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================
Non-U.S. GAAP Adjusted EBITDA:
Non-U.S. GAAP Adjusted Operating Profit                                                                                                                                                                                                                  $          786.1                                                                                                                                                                                                                          $          749.7
Other income (expense), net                                                                                                                                                                                                                                          13.5                                                                                                                                                                                                                                     (11.4 )
Depreciation and amortization(7)                                                                                                                                                                                                                                    320.8                                                                                                                                                                                                                                     307.5
Write down of non-strategic assets, included in                                                                                                                                                                                                   (2.1 )                                                                                                                                                                                                                 (5.3 )
depreciation
and amortization
                                                                                                                                                                                                                                      -------------------- -------------- --------------------                                                                                                                                                                                  -------------------- -------------- --------------------
Non-U.S. GAAP Adjusted EBITDA                                                                                                                                                                                                                            $        1,118.3                                                                                                                                                                                                       $        1,040.5  
                                                                                                                                                                                                                                      ==================== ============== ====================                                                                                                                                                                                  ==================== ============== ====================
      As a % of total net sales                                                                                                                                                                                                                                      14.4 %                                                                                                                                                                                                                                    13.5 %
 
--------------------------------
       (1)   The supplementary information included in this press release for
                                2014 is preliminary and subject to change prior to the filing of our
                                upcoming Annual Report on Form 10-K with the Securities and Exchange
                                Commission.
       (2)                      As previously disclosed in our 2013 Annual Report on Form 10-K, on
                                May 25, 2010, one of our Italian subsidiaries received a demand from
                                the Italian Ministry of Economic Development (the "Ministry") for
                                the total repayment of grant monies paid to two of our former
                                subsidiaries (a former Product Care business) in the amount of EUR5
                                million. Our Italian subsidiary submitted a total denial of
                                liability in regard to this matter on June 30, 2010. A hearing on
                                the merits was held on July 3, 2014; in mid-September, our
                                subsidiary was advised that the demand for repayment of EUR10 million
                                was upheld. Accordingly, we have recorded a current liability and
                                corresponding charge of $14 million ($0.07 per share) related to
                                this matter. The liability is included in other current liabilities
                                on the condensed consolidated balance sheets and the charge is
                                included in selling, general and administrative expenses on the
                                condensed consolidated statements of operations. The charge is
                                treated as a special item and included in Corporate in the Other
                                category.
       (3)                      During the fourth quarter of 2014, we changed the method of valuing
                                our inventories that used the LIFO method to the FIFO method, so
                                that all of our inventories are now valued at FIFO. We applied this
                                change in accounting principle retrospectively. Accordingly all
                                previously reported financial information has been revised. The
                                impact of the change to net earnings was not material.
       (4)                      Special items consist of certain one-time costs or charges/credits
                                that are included in our U.S. GAAP reported results. These special
                                items include restructuring and other associated costs related to
                                our previously announced Fusion, EQIP and IOP restructuring
                                programs, foreign currency exchange losses related to Venezuelan
                                subsidiaries, losses recorded on debt redemption and refinancing
                                activities and stock appreciation rights ("SARs") expense and, in
                                2014, the gain from Claims Settlement and the development grant
                                matter.
       (5)                      In December 2013, we completed the sale of our rigid medical
                                packaging business for net cash proceeds of $122 million. Our 2013
                                results include a net gain of $23 million from the sale of our
                                medical rigid packaging business. The financial result of the rigid
                                medical packaging business is reported as discontinued operations,
                                net of tax.
       (6)                      Net earnings per common share is calculated under two-class method.
                                See our Quarterly Report on Form 10-Q for period ended September 30,
                                2014 for further details.
       (7)                      Depreciation and amortization includes:
                                 
                                                                                    
                                                                                                                                                    Year Ended
                                                                                                                                                   December 31,
                                                                                                                 --------------------------------------------------------------------------------
                                                                                                                            2014                                               2013
                                                                                                                 ---------------------------                     --------------------------------
Depreciation of property, plant and equipment                                                                                       $ 147.8                                         $      160.2
Amortization of intangible assets acquired                                                                                            118.9                                                123.2
Amortization of deferred share-based compensation                                                                   54.1                              24.1
                                                                                                                 -------------------- -----                      -------------------- ----------
   Total                                                                                                                            $ 320.8                                         $      307.5
                                                                                                                 ==================== =====                      ==================== ==========
                                                                                                                                                                  
                                     
                                                                                                                                                                                               SEALED AIR CORPORATION
                                                                                                                                                                                              SUPPLEMENTARY INFORMATION
                                                                                                                                                                                               SEGMENT INFORMATION(1)
                                                                                                                                                                                                     (Unaudited)
                                                                                                                                                                                                                                                                            
                                                                                                            Three Months Ended                                                                                                                                                                          Year Ended
                                                                                                               December 31,                                                                                      %                                                                                     December 31,                                                                                      %
                                                         -------------------------------------------------------------------------------------------------------------------------                                                               -------------------------------------------------------------------------------------------------------------------------
                                                                                2014                                                                   2013                                                   Change                                                    2014                                                                   2013                                                   Change
                                                         -----------------------------------------------                        -----------------------------------------------                        -------------------                       -----------------------------------------------                        -----------------------------------------------                        -------------------
                                                                                                                                                    Revised(2)                                                                                                                                                                              Revised(2)
Net Sales:
Food Care                                                                   $   985.4                                                              $ 1,013.1                                                 (2.7 )%                                                $ 3,835.3                                                              $ 3,814.2                                                  0.6 %
As a % of Total Company net sales                                                49.9 %                                                                 50.3 %                                                                                                           49.5 %                                                                 49.6 %
Diversey Care                                                                   535.9                                                                  545.9                                                 (1.8 )%                                                  2,173.1                                                                2,160.8                                                  0.6 %
As a % of Total Company net sales                                                27.2 %                                                                 27.1 %                                                                                                           28.0 %                                                                 28.1 %
Product Care                                                                    431.9                                                                  424.9                                                  1.6 %                                                   1,655.0                                                                1,610.0                                                  2.8 %
As a % of Total Company net sales                             21.9 %                                              21.1 %                                                                     21.4 %                                              20.9 %                                          
                                                         -------------------- ------- --------------------                      -------------------- ------- --------------------                      ---------------------                     -------------------- ------- --------------------                      -------------------- ------- --------------------                      ---------------------
Total Reportable Segments Net Sales                                           1,953.2                                                                1,983.9                                                 (1.5 )%                                                  7,663.4                                                                7,585.0                                                  1.0 %
Other                                                         20.5                             28.6                             (28.3 )%                                  87.1                            105.8                             (17.7 )%
                                                         -------------------- ------- --------------------                      -------------------- ------- --------------------                      ---------- ---------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      ---------- ---------
Total Company Net Sales                                                     $ 1,973.7                                           $ 2,012.5                              (1.9 )%                                                $ 7,750.5                                           $ 7,690.8                               0.8 %
                                                         ==================== ======= ====================                      ==================== ======= ====================                      ========== =========                      ==================== ======= ====================                      ==================== ======= ====================                      ========== =========
                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                            Three Months Ended                                                                                                                                                                          Year Ended
                                                                                                               December 31,                                                                                      %                                                                                     December 31,                                                                                      %
                                                         -------------------------------------------------------------------------------------------------------------------------                                                               -------------------------------------------------------------------------------------------------------------------------
                                                                                2014                                                                   2013                                                   Change                                                    2014                                                                   2013                                                   Change
                                                         --------------------------------------------------                     --------------------------------------------------                     ---------------------                     --------------------------------------------------                     --------------------------------------------------                     ---------------------
                                                                                                                                                    Revised(2)                                                                                                                                                                              Revised(2)
Adjusted EBITDA:
Food Care                                                                   $   172.2                                                              $   160.2                                                  7.5 %                                                 $   670.2                                                              $   614.7                                                  9.0 %
Adjusted EBITDA Margin                                                           17.5 %                                                                 15.8 %                                                                                                           17.5 %                                                                 16.1 %
Diversey Care                                                                    58.3                                                                   60.7                                                 (4.0 )%                                                    245.0                                                                  237.3                                                  3.2 %
Adjusted EBITDA Margin                                                           10.9 %                                                                 11.1 %                                                                                                           11.3 %                                                                 11.0 %
Product Care                                                                     77.2                                                                   72.8                                                  6.0 %                                                     292.7                                                                  266.3                                                  9.9 %
Adjusted EBITDA Margin                                        17.9 %                                              17.1 %                                                                     17.7 %                                              16.5 %                                          
                                                         -------------------- ------- --------------------                      -------------------- ------- --------------------                      ---------------------                     -------------------- ------- --------------------                      -------------------- ------- --------------------                      ---------------------
Total Reportable Segments Adjusted                                              307.7                                                                  293.7                                                  4.8 %                                                   1,207.9                                                                1,118.3                                                  8.0 %
EBITDA
Other                                                        (26.1 )                                             (23.6 )                                               10.6 %                                  (89.6 )                                             (77.8 )                                               15.2 %
                                                         -------------------- ------- --------------------                      -------------------- ------- --------------------                      ---------- ---------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      ---------- ---------
Non-U.S. GAAP Total Company                                                 $   281.6                                           $   270.1                               4.3 %                                                 $ 1,118.3                                           $ 1,040.5                               7.5 %
Adjusted EBITDA
                                                         ==================== ======= ====================                      ==================== ======= ====================                      ========== =========                      ==================== ======= ====================                      ==================== ======= ====================                      ========== =========
Adjusted EBITDA Margin                                                           14.3 %                                                                 13.4 %                                                                                                           14.4 %                                                                 13.5 %
 
--------------------------------
       (1)   As previously announced, effective as of January 1, 2014, the
                                Company changed its segment reporting structure in order to reflect
                                the way management now makes operating decisions and manages the
                                growth and profitability of the business. See our Current Report on
                                Form 8-K filed with the SEC on April 16, 2014 for further details.
                                The supplementary information included in this press release for
                                2014 is preliminary and subject to change prior to the filing of our
                                upcoming Annual Report on Form 10-K with the Securities and Exchange
                                Commission.
       (2)                      During the fourth quarter of 2014, we changed the method of valuing
                                our inventories that used the LIFO method to the FIFO method, so
                                that all of our inventories are now valued at FIFO. We applied this
                                change in accounting principle retrospectively. Accordingly all
                                previously reported financial information has been revised. The
                                impact of the change to net earnings was not material.
                                 
 
                                                                                                                                                                                          SEALED AIR CORPORATION
                                                                                                                                                                                      SEGMENT INFORMATION - CONTINUED
                                                                                                                                                                                       SUPPLEMENTARY INFORMATION(1)
                                                                                                                                                                     RECONCILIATION OF NON-U.S. GAAP TOTAL COMPANY ADJUSTED EBITDA TO
                                                                                                                                                                             U.S. GAAP NET EARNINGS FROM CONTINUING OPERATIONS
                                                                                                                                                                                                (Unaudited)
                                                                                                                                                                                                                                                 
                                                                                                                                                   Three Months Ended                                                                                                                                                                Year Ended
                                                                                                                                                      December 31,                                                                                                                                                                  December 31,
                                                                                         ---------------------------------------------------------------------------------------------------------------------------------------                                          --------------------------------------------------------------------------------------------------------------------------------
                                                                                                                   2014                                                                          2013                                                                                            2014                                                                      2013
                                                                                         ---------------------------------------------------------                     ---------------------------------------------------------                                          --------------------------------------------------                     ---------------------------------------------------------
                                                                                                                                                                           Revised(2)                                                                                                                                                                Revised(2)
Non-U.S. GAAP Total Company Adjusted EBITDA                                                                 $          281.6                                                              $          270.1                                                                                   $ 1,118.3                                                              $        1,040.5
Depreciation and amortization (3)                                                                                      (79.0 )                                                                       (73.5 )                                                                                    (320.8 )                                                                      (307.5 )
Special items(4):
                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                         1.8                                                                           0.3                                                                                         2.1                                                                           5.3
   Write down of non-strategic assets included in depreciation
   and
   amortization
   Restructuring and other charges(5)                                                                                  (34.1 )                                                                       (12.6 )                                                                                     (65.7 )                                                                       (73.8 )
                                                                                                                       (10.9 )                                                                        (7.1 )                                                                                     (34.2 )                                                                       (32.0 )
   Other restructuring associated costs included in cost of
   sales
   and selling, general and administrative expenses
                                                                                                              --                                                                --                                                                                       (14.0 )                                                              --
   Development grant matter included in selling, general and
   administrative
   expenses(6)
   Termination of licensing agreement                                                                                   (5.3 )                                                              --                                                                                        (5.3 )                                                              --
                                                                                                                        (1.9 )                                                              --                                                                                        (2.4 )                                                              --
   Relocation costs included in selling, general and administrative
   expenses
   SARs                                                                                                                 (4.9 )                                                                       (11.3 )                                                                                      (8.1 )                                                                       (38.1 )
   Integration related costs                                                                                            (0.8 )                                                                        (0.4 )                                                                                      (4.1 )                                                                        (1.1 )
   Impairments of equity method investment                                                                    --                                                                --                                                                                        (5.7 )                                                                        (2.1 )
                                                                                                                        (1.5 )                                                                        (0.2 )                                                                                     (20.4 )                                                                       (13.1 )
   Foreign currency exchange (loss) gains related to
   Venezuelan
   subsidiaries
   Loss on debt redemption and refinancing activities                                                                  (84.0 )                                                                        (3.9 )                                                                                    (102.5 )                                                                       (36.3 )
   Gain from Claims Settlement in 2014 and related costs                                                                (0.2 )                                                                        (0.4 )                                                                                      20.3                                                                          (1.0 )
                                                                                                              --                                                                --                                                                                        (2.5 )                                                              --
   Non-operating charge for contingent guarantee included in
   other
   income (expense), net
   Other income (expense), net                                                                                           0.3                                                                           0.6                                                                                        (0.1 )                                                                         0.4
Interest expense                                                                                                       (65.6 )                                                                       (91.6 )                                                                                    (287.7 )                                                                      (361.0 )
Income tax (benefit) provision                                                                      (70.8 )                                                     65.0                                                   9.1                                    84.9  
                                                                                         -------------------- -------------- --------------------                      -------------------- -------------- --------------------                                           -------------------- ------- --------------------                      -------------------- -------------- --------------------
U.S. GAAP net earnings from continuing operations                                                           $           66.3                                           $            5.0                                                                $   258.1                                           $           95.3  
                                                                                         ==================== ============== ====================                      ==================== ============== ====================                                           ==================== ======= ====================                      ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                                                  
 
--------------------------------
       (1)   The supplementary information included in this press release for
                                2014 is preliminary and subject to change prior to the filing of our
                                upcoming Annual Report on Form 10-K with the Securities and Exchange
                                Commission.
       (2)                      During the fourth quarter of 2014, we changed the method of valuing
                                our inventories that used the LIFO method to the FIFO method, so
                                that all of our inventories are now valued at FIFO. We applied this
                                change in accounting principle retrospectively. Accordingly all
                                previously reported financial information has been revised. The
                                impact of the change to net earnings was not material.
       (3)                      Depreciation and amortization by segment is as follows:
                                 
                                                                                                                   
                                                                                    Three Months Ended                                                                                                Year Ended
                                                                                       December 31,                                                                                                  December 31,
                                                                 --------------------------------------------------------                                          --------------------------------------------------------------------------------
                                                                             2014                        2013                                                                 2014                                               2013
                                                                 ---------------------------- ---------------------------                                          ---------------------------                     --------------------------------
                                                                                                      Revised(2)                                                                                                              Revised(2)
Food Care                                                                           $   29.2                     $  29.1                                                              $ 121.3                                         $      118.4
Diversey Care                                                                           27.3                        33.3                                                                126.3                                                132.3
Product Care                                                         10.7      9.4                                              41.4                              38.2
                                                                 -------------------- ------  -------------------- -----                                           -------------------- -----                      -------------------- ----------
Total reportable segments                                                               67.2                        71.8                                                                289.0                                                288.9
Other                                                                11.8      1.7                                              31.8                              18.6
                                                                 -------------------- ------  -------------------- -----                                           -------------------- -----                      -------------------- ----------
Total Company depreciation and amortization                                         $   79.0                     $  73.5                                                              $ 320.8                                         $      307.5
                                                                 ==================== ======  ==================== =====                                           ==================== =====                      ==================== ==========
                                                                                                                                                                                                                    
(4)   Includes items we consider unusual or special items. See Note 2 of
                         "Reconciliation of U.S. GAAP Condensed Consolidated Statements of
                         Operations to Non-U.S. GAAP Adjusted Condensed Consolidated
                         Statements of Operations and Non-U.S. GAAP Adjusted EBITDA," for
                         further information.
(5)                      Restructuring and other charges by segment is as follows:
                          
                                                                                                                                                 
                                                                                      Three Months Ended                                                                                                                  Year Ended
                                                                                                            December 31,                                                                                                                    December 31,
                                                                   ----------------------------------------------------------------------------------------                                                --------------------------------------------------------------------------
                                                                              2014                                  2013                                                                           2014                           2013
                                                                   --------------------------                     -----------------------------------------------                                          --------------------------                     --------------------------------
                                                                                                                                    Revised(2)                                                                                                                       Revised(2)
Food Care                                                                             $ 14.4                                         $  5.2                                                                                   $ 27.3                                         $       25.1
Diversey Care                                                                           12.3                                            5.9                                                                                     24.3                                                 32.2
Product Care                                                          7.3                         2.8                                               13.6                              16.4
                                                                   -------------------- ----                      -------------------- ---- --------------------                                           -------------------- ----                      -------------------- ----------
Total reportable segments                                                               34.0                                           13.9                                                                                     65.2                                                 73.7
Other                                                                 0.1                        (1.3 )                                                                 0.5                               0.1
                                                                   -------------------- ----                      -------------------- ---- --------------------                                           -------------------- ----                      -------------------- ----------
Total Company restructuring and other charges                                         $ 34.1                                         $ 12.6                                                                $ 65.7                                         $       73.8
                                                                   ==================== ====                      ==================== ==== ====================                                           ==================== ====                      ==================== ==========
                                                                                                                                                                                                                                                           
(6)   As previously disclosed in our 2013 Annual Report on Form 10-K, on
                         May 25, 2010, one of our Italian subsidiaries received a demand from
                         the Italian Ministry of Economic Development (the "Ministry") for
                         the total repayment of grant monies paid to two of our former
                         subsidiaries (a former Product Care business) in the amount of EUR5
                         million. Our Italian subsidiary submitted a total denial of
                         liability in regard to this matter on June 30, 2010. A hearing on
                         the merits was held on July 3, 2014; in mid-September, our
                         subsidiary was advised that the demand for repayment of EUR10 million
                         was upheld. Accordingly, we have recorded a current liability and
                         corresponding charge of $14 million ($0.07 per share) related to
                         this matter. The liability is included in other current liabilities
                         on the condensed consolidated balance sheets and the charge is
                         included in selling, general and administrative expenses on the
                         condensed consolidated statements of operations. The charge is
                         treated as a special item and included in Corporate in the Other
                         category.
                          
 
                                                                                                                                                                                                                                SEALED AIR CORPORATION
                                                                                                                                                                                                                               SUPPLEMENTARY INFORMATION
                                                                                                                                                                                                                    COMPONENTS OF CHANGE IN NET SALES BY SEGMENT(1)
                                                                                                                                                                                                                                     (Unaudited)
                                                                                                                                                                                                                                     (In millions)
                                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                            Three Months Ended December 31
                                                                                       Food Care                                                                     Diversey Care                                                                   Product Care                                                                        Other                                                                                Total
                                                                                                                                                                                                                                                                                                                                                                                                                             Company
                                                               ----------------------------------------------------                            ----------------------------------------------------                            ----------------------------------------------------                            ----------------------------------------------------                            --------------------------------------------------------------
2013 Net Sales                                                                    $ 1,013.1                                                                       $   545.9                                                                       $   424.9                                                                       $   28.6                                                                        $ 2,012.5
                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
Volume - Units                                                                         (4.9 ) (0.5 )                    %                                              13.3    2.4                      %                                               2.4    0.6                      %                                             (5.8 ) (20.4 )                    %                                               5.0              0.3                      %
Product price/mix (2)                                               35.7    3.5   %                            9.3    1.7   %                           17.1    4.0                              (1.1 )  (3.8 )                    %                           61.0              3.0   %
                                                               -------------------- -------   ---- --------------------                        -------------------- -------   ---- --------------------                        -------------------- -------   ---- --------------------                        -------------------- ------   ----- --------------------                        -------------------- -------   -------------- --------------------
                                                                                       30.8    3.0                      %                                              22.6    4.1                      %                                              19.5    4.6                      %                                             (6.9 ) (24.2 )                    %                                              66.0              3.3                      %
   Total constant dollar change (Non-U.S.
   GAAP)(3)
Foreign currency translation                                       (58.5 ) (5.7 )                    %                          (32.6 ) (5.9 )                    %                          (12.5 ) (3.0 )                                               (1.2 )  (4.1 )                    %                         (104.8 )           (5.2 )                    %
                                                               -------------------- -------   ---- --------------------                        -------------------- -------   ---- --------------------                        -------------------- -------   ---- --------------------                        -------------------- ------   ----- --------------------                        -------------------- -------   -------------- --------------------
   Total change (U.S. GAAP)                                        (27.7 ) (2.7 )                    %                          (10.0 ) (1.8 )                    %                            7.0    1.6   %                          (8.1 ) (28.3 )                    %                          (38.8 )           (1.9 )                    %
                                                               -------------------- -------   ---- --------------------                        -------------------- -------   ---- --------------------                        -------------------- -------   ---- --------------------                        -------------------- ------   ----- --------------------                        -------------------- -------   -------------- --------------------
                                                                                                                                                                                                                                                                                                                    
                                                               -------------------------------                                                 -------------------------------                                                 -------------------------------                                                 ------------------------------                                                  -------------------------------
2014 Net Sales                                                                    $   985.4                                                                       $   535.9                                                                       $   431.9                                                                       $   20.5                                                                        $ 1,973.7
                                                               ==================== =======                                                    ==================== =======                                                    ==================== =======                                                    ==================== ======                                                     ==================== =======
                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                                                Year Ended December 31
                                                                                       Food Care                                                                     Diversey Care                                                                   Product Care                                                                        Other                                                                                Total
                                                                                                                                                                                                                                                                                                                                                                                                                             Company
                                                               ----------------------------------------------------                            ----------------------------------------------------                            ----------------------------------------------------                            ----------------------------------------------------                            --------------------------------------------------------------
2013 Net Sales                                                                    $ 3,814.2                                                                       $ 2,160.8                                                                       $ 1,610.0                                                                       $  105.8                                                                        $ 7,690.8
                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
Volume - Units                                                                        (16.1 ) (0.4 )                    %                                              27.4    1.3                      %                                               2.6    0.2                      %                                            (20.3 ) (19.2 )                    %                                              (6.4 ) --                      %
Product price/mix (2)                                              154.2    4.0   %                           37.4    1.7   %                           55.7    3.5   %                           2.1     2.0   %                          249.4              3.2   %
                                                               -------------------- -------   ---- --------------------                        -------------------- -------   ---- --------------------                        -------------------- -------   ---- --------------------                        -------------------- ------   ----- --------------------                        -------------------- -------   -------------- --------------------
                                                                                      138.1    3.6                      %                                              64.8    3.0                      %                                              58.3    3.7                      %                                            (18.2 ) (17.2 )                    %                                             243.0              3.2                      %
   Total constant dollar change (Non-U.S.
   GAAP)(3)
Foreign currency translation                                      (117.0 ) (3.0 )                    %                          (52.5 ) (2.4 )                    %                          (13.3 ) (0.9 )                    %                          (0.5 )  (0.5 )                    %                         (183.3 )           (2.4 )                    %
                                                               -------------------- -------   ---- --------------------                        -------------------- -------   ---- --------------------                        -------------------- -------   ---- --------------------                        -------------------- ------   ----- --------------------                        -------------------- -------   -------------- --------------------
   Total change (U.S. GAAP)                                         21.1    0.6   %                           12.3    0.6   %                           45.0    2.8   %                         (18.7 ) (17.7 )                    %                           59.7              0.8   %
                                                               -------------------- -------   ---- --------------------                        -------------------- -------   ---- --------------------                        -------------------- -------   ---- --------------------                        -------------------- ------   ----- --------------------                        -------------------- -------   -------------- --------------------
                                                                                                                                                                                                                                                                                                                    
                                                               -------------------------------                                                 -------------------------------                                                 -------------------------------                                                 ------------------------------                                                  -------------------------------
2014 Net Sales                                                                    $ 3,835.3                                                                       $ 2,173.1                                                                       $ 1,655.0                                                                       $   87.1                                                                        $ 7,750.5
                                                               ==================== =======                                                    ==================== =======                                                    ==================== =======                                                    ==================== ======                                                     ==================== =======
                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
 
--------------------------------
       (1)   The results above are presented on a continuing operations basis,
                                excluding our rigid medical packaging business, which we sold in
                                December 2013. The supplementary information included in this press
                                release for 2014 is preliminary and subject to change prior to the
                                filing of our upcoming Annual Report on Form 10-K with the
                                Securities and Exchange Commission.
       (2)                       Our product price/mix reported above includes the net impact of our
                                 pricing actions and rebates as well as the period-to-period change
                                 in the mix of products sold. Also included in our reported product
                                 price/mix is the net effect of some of our customers purchasing our
                                 products in non-U.S. dollar or euro denominated countries at selling
                                 prices denominated in U.S. dollars or euros. This primarily arises
                                 when we export products from the U.S. and euro-zone countries.
       (3)                       Changes in these items excluding the impact of foreign currency
                                 translation are non-U.S. GAAP financial measures. Since we are a
                                 U.S. domiciled company, we translate our
                                 foreign-currency-denominated financial results into U.S. dollars.
                                 Due to changes in the value of foreign currencies relative to the
                                 U.S. dollar, translating our financial results from foreign
                                 currencies to U.S. dollars may result in a favorable or unfavorable
                                 impact. It is important that we take into account the effects of
                                 foreign currency translation when we view our results and plan our
                                 strategies. Nonetheless, we cannot control changes in foreign
                                 currency exchange rates. Consequently, when our management looks at
                                 our financial results to measure the core performance of our
                                 business, we exclude the impact of foreign currency translation by
                                 translating our current period results at prior period foreign
                                 currency exchange rates. We also may exclude the impact of foreign
                                 currency translation when making incentive compensation
                                 determinations. As a result, our management believes that these
                                 presentations are useful internally and may be useful to our
                                 investors.
                                 
 
                                                                                                                                                                                                                                     SEALED AIR CORPORATION
                                                                                                                                                                                                                                     SUPPLEMENTARY INFORMATION
                                                                                                                                                                                                                                     COMPONENTS OF CHANGE IN NET SALES BY REGION(1)
                                                                                                                                                                                                                                     Unaudited
                                                                                                                                                                                                                                     (In millions)
                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                               Three Months Ended December 31
                                                           ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                     North                                                                          Europe                                                                           Latin                                                                          AMAT(2)                                                                        JANZ(3)                                                                              Total
                                                                                    America                                                                                                                                                         America
                                                           ----------------------------------------------------                            ----------------------------------------------------                            ----------------------------------------------------                            ---------------------------------------------------                            ---------------------------------------------------                            --------------------------------------------------------------
2013 Net Sales                                                                $   772.9                                                                       $   652.9                                                                       $  218.5                                                                        $  209.6                                                                       $  158.6                                                                       $ 2,012.5
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Volume - Units                                                                     (3.4 ) (0.4 )                    %                                               5.8    0.9                      %                                             (5.4 )  (2.5 )                    %                                              7.4    3.5                      %                                              0.6    0.4                      %                                               5.0              0.3                      %
Product price/mix                                               21.1    2.7   %                            8.5    1.3   %                          23.7    10.9   %                           7.0    3.3   %                           0.7    0.4   %                           61.0              3.0   %
                                                           -------------------- -------   ---- --------------------                        -------------------- -------   ---- --------------------                        -------------------- ------   ----- --------------------                        -------------------- ------   ---- --------------------                        -------------------- ------   ---- --------------------                        -------------------- -------   -------------- --------------------
                                                                                   17.7    2.3                      %                                              14.3    2.2                      %                                             18.3     8.4                      %                                             14.4    6.8                      %                                              1.3    0.8                      %                                              66.0              3.3                      %
   Total constant dollar change (Non-
   U.S. GAAP)
Foreign currency translation                                    (5.2 ) (0.7 )                    %                          (54.6 ) (8.4 )                    %                         (27.0 ) (12.4 )                    %                          (7.2 ) (3.4 )                    %                         (10.8 ) (6.8 )                    %                         (104.8 )           (5.2 )                    %
                                                           -------------------- -------   ---- --------------------                        -------------------- -------   ---- --------------------                        -------------------- ------   ----- --------------------                        -------------------- ------   ---- --------------------                        -------------------- ------   ---- --------------------                        -------------------- -------   -------------- --------------------
   Total change (U.S. GAAP)                                     12.5    1.6   %                          (40.3 ) (6.2 )                    %                          (8.7 )  (4.0 )                    %                           7.2    3.4   %                          (9.5 ) (6.0 )                    %                          (38.8 )           (1.9 )                    %
                                                           -------------------- -------   ---- --------------------                        -------------------- -------   ---- --------------------                        -------------------- ------   ----- --------------------                        -------------------- ------   ---- --------------------                        -------------------- ------   ---- --------------------                        -------------------- -------   -------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                           
                                                           -------------------------------                                                 -------------------------------                                                 ------------------------------                                                  ------------------------------                                                 ------------------------------                                                 -------------------------------
2014 Net Sales                                                                $   785.4                                                                       $   612.6                                                                       $  209.8                                                                        $  216.8                                                                       $  149.1                                                                       $ 1,973.7
                                                           ==================== =======                                                    ==================== =======                                                    ==================== ======                                                     ==================== ======                                                    ==================== ======                                                    ==================== =======
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                                                                Year Ended December 31
                                                           ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                     North                                                                          Europe                                                                           Latin                                                                          AMAT(2)                                                                        JANZ(3)                                                                              Total
                                                                                    America                                                                                                                                                         America
                                                           ----------------------------------------------------                            ----------------------------------------------------                            ----------------------------------------------------                            ---------------------------------------------------                            ---------------------------------------------------                            --------------------------------------------------------------
2013 Net Sales                                                                $ 3,004.9                                                                       $ 2,427.3                                                                       $  840.7                                                                        $  845.1                                                                       $  572.8                                                                       $ 7,690.8
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Volume - Units                                                                    (13.4 ) (0.5 )                    %                                              (2.6 ) (0.1 )                    %                                            (26.2 )  (3.1 )                    %                                             36.7    4.3                      %                                             (0.9 ) (0.2 )                    %                                              (6.4 ) --                      %
Product price/mix                                               99.0    3.3   %                           20.1    0.8   %                          96.5    11.5   %                          21.8    2.6   %                          12.0    2.1   %                          249.4              3.2   %
                                                           -------------------- -------   ---- --------------------                        -------------------- -------   ---- --------------------                        -------------------- ------   ----- --------------------                        -------------------- ------   ---- --------------------                        -------------------- ------   ---- --------------------                        -------------------- -------   -------------- --------------------
                                                                                   85.6    2.8                      %                                              17.5    0.7                      %                                             70.3     8.4                      %                                             58.5    6.9                      %                                             11.1    1.9                      %                                             243.0              3.2                      %
   Total constant dollar change
   (Non-U.S. GAAP)
Foreign currency translation                                   (18.6 ) (0.6 )                    %                            2.3    0.1   %                        (103.5 ) (12.3 )                    %                         (34.1 ) (4.0 )                    %                         (29.4 ) (5.1 )                    %                         (183.3 )           (2.4 )                    %
                                                           -------------------- -------   ---- --------------------                        -------------------- -------   ---- --------------------                        -------------------- ------   ----- --------------------                        -------------------- ------   ---- --------------------                        -------------------- ------   ---- --------------------                        -------------------- -------   -------------- --------------------
   Total change (U.S. GAAP)                                     67.0    2.2   %                           19.8    0.8   %                         (33.2 )  (3.9 )                    %                          24.4    2.9   %                         (18.3 ) (3.2 )                    %                           59.7              0.8   %
                                                           -------------------- -------   ---- --------------------                        -------------------- -------   ---- --------------------                        -------------------- ------   ----- --------------------                        -------------------- ------   ---- --------------------                        -------------------- ------   ---- --------------------                        -------------------- -------   -------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                           
                                                           -------------------------------                                                 -------------------------------                                                 ------------------------------                                                  ------------------------------                                                 ------------------------------                                                 -------------------------------
2014 Net Sales                                                                $ 3,071.9                                                                       $ 2,447.1                                                                       $  807.5                                                                        $  869.5                                                                       $  554.5                                                                       $ 7,750.5
                                                           ==================== =======                                                    ==================== =======                                                    ==================== ======                                                     ==================== ======                                                    ==================== ======                                                    ==================== =======
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
 
--------------------------------
       (1)   The results above are presented on a continuing operations basis,
                                excluding our rigid medical packaging business, which we sold in
                                December 2013. The supplementary information included in this press
                                release for 2014 is preliminary and subject to change prior to the
                                filing of our upcoming Annual Report on Form 10-K with the
                                Securities and Exchange Commission.
       (2)                      AMAT consists of Asia, Middle East, Africa and Turkey.
       (3)                      JANZ consists of Japan, Australia and New Zealand.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20150210005330r1&sid=cmtx6&distro=nx&lang=en

SOURCE: Sealed Air Corporation

Sealed Air Corporation 
Investor: 
Lori Chaitman, 201-703-4161 
or 
Media: 
Ken Aurichio, 201-703-4164


Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2017 StockSelector.com. All rights reserved.