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Sealed Air Corp.$43.65($.46)(1.04%)

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 Sealed Air Reports Fourth Quarter and Full Year 2017 Results
   Thursday, February 08, 2018 7:00:04 AM ET

--2017 Net Earnings from Continuing Operations of $63 Million, Reported Net Earnings Per Share from Continuing Operations of $0.33 and Operating Cash Flow of $398 Million

--2017 Adjusted EBITDA of $833 Million, or 18.7% of Net Sales, Adjusted EPS from Continuing Operations of $1.81 and Free Cash Flow, excluding payments related to the sale of Diversey, of $421 million, all exceeding the Company’s previously provided guidance

--Provides Full Year 2018 Outlook

Sealed Air Corporation (SEE ) today announced financial results for the fourth quarter and full year 2017. Commenting on these results, Ted Doheny, President and Chief Executive Officer, said, "In 2017, we exceeded our previously provided guidance for Net Sales, Adjusted EBITDA, Adjusted EPS and Free Cash Flow. Our sales growth accelerated into year-end, resulting in 11% growth in the fourth quarter and 6% for the full year. We capitalized on strong end market trends within the protein and e-Commerce and fulfillment sectors and experienced increased demand for our new innovations. We executed on our share repurchase program by returning $1.3 billion of capital through the use of open market and accelerated share repurchase programs since January 1, 2017. We currently have approximately $867 million remaining under the authorized repurchase program."



Doheny continued, "I have been working closely with our leadership team to accelerate our strategy. I’m excited to see the potential that we have within Sealed Air and take our performance to the next level. In 2018, we plan to drive profitable growth, recognize and promote talent and further improve productivity with our Sealed Air Operational Excellence culture. We will continue to focus on developing sustainable solutions that leave our world, environment and communities better than we found them."

Unless otherwise stated, all results compare fourth quarter 2017 results to fourth quarter 2016 results from continuing operations. As a result of the sale of Diversey, which refers to Diversey Care and the food hygiene and cleaning business, we have changed our segment reporting structure effective as of January 1, 2017. Food Care includes the Medical Applications business, which was previously reported under ’Other.’ Additionally, Food Care excludes the food hygiene and cleaning business, which is a component of Diversey and classified as discontinued operations. Year-over-year financial discussions present operating results from continuing operations as reported, and on a constant dollar basis. Constant dollar refers to unit volume and price/mix performance and excludes the impact of currency translation from all periods referenced. 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 Adjusted Tax Rate, exclude the impact of specified items ("Special Items"), such as restructuring charges, charges related to the sale of Diversey, charges related to ceasing operations in Venezuela, cash-settled stock appreciation rights ("SARs") granted as part of the original Diversey acquisition, special tax items ("Tax Special Items") and certain other infrequent or one-time items. Please refer to the supplemental information included with this press release for a reconciliation of Non-U.S. GAAP to U.S. GAAP financial measures.

Fourth Quarter Financial and Business Highlights

-- In the fourth quarter, Food Care net sales of $764 million increased 8% as reported. Currency had a positive impact on Food Care net sales of 2%, or $15 million. On a constant dollar basis, net sales increased 6% driven by volume growth of 5% and favorable price/mix of 1%. Volume trends were led by 7% growth in North America, 6% in Latin America and 4% in Europe, Middle East and Africa (EMEA), partially offset by a 2% decline in Asia Pacific. Adjusted EBITDA of $162 million or 21.2% of net sales was primarily attributable to positive volume trends and favorable foreign currency, which were offset by higher raw material and freight costs as well as non-material costs including salary and wage increases.

-- Product Care net sales of $464 million in the fourth quarter were up 18% as reported. Currency had a positive impact on Product Care net sales of 2%, or $9 million. On a constant dollar basis, net sales increased 15% primarily due to the acquisition of Fagerdala, which was completed on October 2, 2017, of $24 million or 6%, increased volumes of 5% and favorable price/mix of 4%. Adjusted EBITDA of $95 million or 20.4% of net sales was attributable to volume growth, which was partially offset by non-material costs including salary and wage increases as well as higher raw material and freight costs.

-- Since January 1, 2017, Sealed Air repurchased approximately $1.3 billion of shares through a combination of open market repurchases and accelerated share repurchase (ASR) programs. The Company has $867 million remaining under the current authorized repurchase program.

Fourth Quarter and Full Year 2017 U.S. GAAP Summary, Continuing Operations

Fourth quarter net sales of $1.2 billion increased 11% on an as reported basis. Currency had a positive impact on total net sales of 2%, or $25 million. For the full year 2017, net sales of $4.5 billion increased 6% on an as reported basis. Currency had a positive impact on total net sales of 1%, or $30 million. As reported, net sales increased across all regions for the fourth quarter and full year 2017.

Fourth quarter net earnings from continuing operations on a reported basis was $25 million, or $0.14 per diluted share, as compared to net earnings from continuing operations of $151 million, or $0.77 per diluted share, in the fourth quarter 2016. Net income in the fourth quarter 2017 was unfavorably impacted by $78 million of special items, including $42 million of tax related items, $21 million related to the sale of Diversey, $11 million primarily related to acquisition activity and $5 million of restructuring and other restructuring associated costs. Net earnings in the fourth quarter 2016 included $53 million of special items, including $62 million of tax related items partially offset by $8 million of charges related to restructuring and other costs associated with our restructuring programs.

Full year 2017 net earnings from continuing operations on a reported basis was $63 million, or $0.33 per diluted share, as compared to net earnings from continuing operations of $292 million, or $1.48 per diluted share, for full year 2016. Net earnings for the full year 2017 was unfavorably impacted by $280 million of special items, including $152 million of tax expense related to the sale of Diversey, as well as $55 million of charges related to the sale of Diversey, $26 million of restructuring and other restructuring associated costs and $16 million primarily related to acquisition activity. Net earnings for full year 2016 included $42 million of special items, primarily driven by $49 million related to ceasing operations in Venezuela and $22 million of restructuring and other associated costs.

The effective tax rate in the fourth quarter of 2017 was 79.0%, compared to the effective tax rate of (23.8)% in the fourth quarter of 2016. The effective tax rate in the fourth quarter of 2017 was negatively impacted primarily by the revaluation of deferred tax assets as a result of U.S. Tax Reform. The effective tax rate in the fourth quarter of 2016 was favorably impacted by changes in our repatriation strategy.

The effective tax rate for full year 2017 was 84.0%, compared to the effective tax rate of 24.6% for full year 2016. The 2017 rate was negatively impacted primarily by additional tax expenses related to the sale of Diversey and the revaluation of deferred tax assets as a result of U.S. Tax Reform.

Fourth Quarter and Full Year 2017 Non-U.S. GAAP Summary, Continuing Operations

Constant dollar net sales growth of 9% for the fourth quarter of 2017 was attributable to volume growth of 5%, favorable price/mix of 2% and $24 million in sales from the Fagerdala acquisition. By region, in constant dollars, North America sales increased 10%, EMEA 5%, Latin America 6% and Asia Pacific 17%.

Constant dollar net sales growth of 5% for full year 2017 was attributable to volume growth of 5% and $24 million in sales from the Fagerdala acquisition. By region, in constant dollars, North America sales increased 8%, EMEA 1%, Latin America 3% and Asia Pacific 5%.

Adjusted EBITDA for the fourth quarter 2017 was $238 million, or 19.4% of net sales, compared to $216 million, or 19.6% of net sales for the fourth quarter of 2016. Adjusted EBITDA included $19 million of Corporate expenses in the fourth quarter of 2017 as compared to $36 million in the fourth quarter of 2016.

Adjusted EBITDA for full year 2017 was $833 million, or 18.7% of net sales, compared to $809 million, or 19.2% of net sales for full year 2016. Adjusted EBITDA included $107 million of Corporate expenses for full year 2017 as compared to $127 million for full year 2016. The decrease in corporate expenses is due to the Company’s efforts to address stranded costs associated with the sale of Diversey and cost containment actions.

Adjusted EPS was $0.58 for the fourth quarter 2017. This compares to Adjusted EPS of $0.50 in the fourth quarter 2016. The Adjusted Tax Rate was 33.7% in the fourth quarter 2017, compared to 24.9% in the fourth quarter 2016.

Adjusted EPS was $1.81 for full year 2017. This compares to Adjusted EPS of $1.70 for full year 2016. The Adjusted Tax Rate was 30.2% for full year 2017, compared to 28.0% for full year 2016.

Fourth Quarter and Full Year 2017 U.S. GAAP Summary, Discontinued Operations

The sale of Diversey was completed during the third quarter on September 6, 2017. The Company recognized a net gain on sale of $641 million for the full year 2017. Net earnings from discontinued operations was $111 million, or $0.59 per diluted share from January 1, 2017 through completion of the sale, which included net sales of $1.7 billion.

Cash Flow and Net Debt

Cash flow provided by operating activities in the year ended December 31, 2017 was $398 million, which is net of $49 million of restructuring payments and $207 million of payments related to the sale of Diversey, which included $170 million of tax payments and the remainder primarily attributable to professional fees required to facilitate the separation.

Capital expenditures were $184 million in the year ended December 31, 2017. Free Cash Flow, defined as net cash provided by operating activities less capital expenditures and payments related to the sale of Diversey, was an inflow of $421 million in the year ended December 31, 2017.

The Company repurchased 27.3 million shares for approximately $1.2 billion, with the remaining $80 million settled in the first quarter of 2018, and paid cash dividends of $120 million during the year ended December 31, 2017.

Net Debt, defined as total debt less cash and cash equivalents, decreased to $2.7 billion as of December 31, 2017 from $3.8 billion as of December 31, 2016. This decrease in net debt primarily resulted from payments of debt and net cash received as part of the sale of Diversey.

Outlook for Full Year 2018

For the full year 2018, the Company anticipates Net Sales of approximately $4.75 to $4.80 billion, a constant dollar growth rate of approximately 4.5%. Adjusted EBITDA from continuing operations is expected to be in the range of $890 million to $910 million. Currency is expected to have a favorable impact of approximately $110 million on Net Sales and $20 million on Adjusted EBITDA. The Company forecasts Adjusted EPS to be in the range of $2.35 to $2.45, which is based on 169 million shares outstanding and an anticipated Adjusted Tax Rate of 29.0%.

The outlook for Free Cash Flow is approximately $400 million, assuming capital expenditures of approximately $160 million and cash restructuring payments of approximately $20 million, which excludes restructuring payments of $30 million to address stranded costs.

Conference Call Information

Date:                           Thursday, February 8, 2018
-------------------
Time:                                                                                                                                             10:00 a.m. (ET)
-------------------
Webcast:                                                                                                                                          www.sealedair.com/investors
-------------------
Conference Dial In:                                                                                                                               (855) 472-5411 (domestic)
-------------------
                                                                                                                                                  (330) 863-3389 (international)
Participant Code:                                                                                                                                 4975676
-------------------
 

A supplemental presentation accompanying the conference call will be available on the Company’s website at www.sealedair.com/investors.

Conference Call Replay Information

Dates:                          Thursday, February 8, 2018 at 1:00 p.m. (ET) through
-------------------
                                                                                                                                                  Saturday, March 10, 2018 at 12:59 p.m. (ET)
Webcast:                                                                                                                                          www.sealedair.com/investors
-------------------
Conference Dial In:                                                                                                                               (855) 859-2056 (domestic)
-------------------
                                                                                                                                                  (404) 537-3406 (international)
Participant Code:                                                                                                                                 4975676
-------------------
 

Business

Sealed Air Corporation is a knowledge-based company focused on packaging solutions that help 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 and Bubble Wrap(R) brand cushioning, enable a safer and less wasteful food supply chain and protect valuable goods shipped around the world. Sealed Air generated $4.5 billion in sales in 2017 and has approximately 15,000 employees who serve customers in 122 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 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 Net Debt, Adjusted Net Earnings and Adjusted EPS, net sales on a "constant dollar" or "organic" basis, Free Cash Flow, Adjusted EBITDA and Adjusted Tax Rate, as our management believes these measures are useful to investors. We present results and guidance, adjusted to exclude the effects of 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 U.S. GAAP measures to non-U.S. GAAP measures 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 Net Earnings and U.S. GAAP Net Earnings Per Share to Non-U.S. GAAP Adjusted Net Earnings and Non-U.S. GAAP Adjusted Net Earnings Per Share" "Segment Information," "Reconciliation of U.S. GAAP Net Earnings to Non-U.S. GAAP Total Company Adjusted EBITDA," "Components of Change in Net Sales by Segment," "Components of Changes in Net Sales by Region," "Components of Organic Change in Net Sales by Segment," and "Components of Organic Changes in Net Sales by Region." Information reconciling forward-looking U.S. GAAP measures to non-U.S. GAAP measures is not available without unreasonable effort.

*We have not provided guidance for the most directly comparable U.S. GAAP financial measures, as they are not available without unreasonable effort due to the high variability, complexity, and low visibility with respect to certain Special Items, including gains and losses on the disposition of businesses, the ultimate outcome of certain legal or tax proceedings, foreign currency gains or losses resulting from the volatile currency market in Venezuela, and other unusual gains and losses. These items are uncertain, depend on various factors, and could be material to our results computed in accordance with U.S. GAAP.

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," "should," "estimates," "expects," "intends," "potential," "seek," "predict," "may," "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 tax benefits associated with the Settlement agreement (as defined in our 2016 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, the 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 success of new product offerings, 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 is 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.

                                                                                                                                                                                    SEALED AIR CORPORATION
                                                                                                                                                                                   SUPPLEMENTARY INFORMATION
                                                                                                                                                                      CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(1)
                                                                                                                                                                                          (Unaudited)
 
                                                                                                                       Three Months Ended                                                                                                          Year Ended
                                                                                                                                                                December 31,                                                                                                                                                  December 31,
                                                                                                            ------------------------------------------------------------------------------------------------------------                                                  ------------------------------------------------------------------------------------------------------------
  (In millions, except per share data)                                                                                      2017                                     2016                                                                           2017                                     2016
                                                                                                            -------------------------------------                                          -------------------------------------                                          -------------------------------------                                          -------------------------------------
Net sales                                                                                                         $ 1,227.8                                                                      $ 1,101.4                                                                      $ 4,461.6                                                                      $ 4,211.3
Cost of sales(2)                                                                                                      853.4                                                       738.5                                                     3,044.4                                                     2,806.4  
                                                                                                            ------------------------------------                                           ------------------------------------                                           ------------------------------------                                           ------------------------------------
   Gross profit                                                                                                       374.4                                                                          362.9                                                                        1,417.2                                                                        1,404.9
Selling, general and administrative expenses(2)                                                                       205.8                                                                          188.9                                                                          796.0                                                                          755.7
Amortization expense of intangible assets acquired                                                                      3.9                                                                            4.6                                                                           13.1                                                                           15.0
Restructuring and other charges(2)                                                                                      2.9                                                         1.4                                                        12.1                                                         2.8  
                                                                                                            ------------------------------------                                           ------------------------------------                                           ------------------------------------                                           ------------------------------------
   Operating profit                                                                                                   161.8                                                                          168.0                                                                          596.0                                                                          631.4
Interest expense                                                                                                      (48.1 )                                                                        (48.0 )                                                                       (201.8 )                                                                       (199.4 )
Interest income                                                                                                         7.3                                                                            2.2                                                                           17.6                                                                            7.5
Foreign currency exchange loss related to Venezuelan subsidiaries                                            --                                                                           (0.1 )                                                               --                                                                           (1.7 )
Charge related to Venezuelan subsidiaries(2)                                                                 --                                                                           (1.3 )                                                               --                                                                          (47.3 )
Loss on debt redemption and refinancing activities                                                           --                                                                           (0.1 )                                                               --                                                                           (0.1 )
Loss on sale of business, net                                                                                --                                                                           (0.2 )                                                               --                                                                           (1.8 )
Other (expense) income, net                                                                                            (2.0 )                                                                          1.7                                                       (18.5 )                                                                         (0.7 )
                                                                                                            ------------------------------------                                           ------------------------------------                                           ------------------------------------                                           ------------------------------------
Earnings before income tax provision (benefit)                                                                        119.0                                                                          122.2                                                                          393.3                                                                          387.9
Income tax provision (benefit)                                                                                         94.0                                                       (29.1 )                                                                        330.5                                                        95.6  
                                                                                                            ------------------------------------                                           ------------------------------------                                           ------------------------------------                                           ------------------------------------
   Net earnings from continuing operations                                                                             25.0                                                                          151.3                                                                           62.8                                                                          292.3
(Loss) gain on sale of discontinued operations, net of tax                                                            (58.6 )                                                               --                                                                          640.7                                                                 --
Net earnings from discontinued operations, net of tax(3)                                                                0.1                                                        19.8                                                       111.4                                                       194.1  
                                                                                                            ------------------------------------                                           ------------------------------------                                           ------------------------------------                                           ------------------------------------
   Net (loss) earnings available to common stockholders                                                           $   (33.5 )                                                                    $   171.1                                                   $   814.9                                                   $   486.4  
                                                                                                            ======= ======= ====================                                           ======= ======= ====================                                           ======= ======= ====================                                           ======= ======= ====================
Basic:
Continuing operations                                                                                             $    0.14                                                                      $    0.79                                                                      $    0.34                                                                      $    1.50
Discontinued operations(3)                                                                                            (0.33 )                                                                         0.10                                                        3.99                                                        0.99  
                                                                                                            ------------------------------------                                           ------------------------------------                                           ------------------------------------                                           ------------------------------------
   Net (loss) earnings per common share - basic                                                                   $   (0.19 )                                                                    $    0.89                                                   $    4.33                                                   $    2.49  
                                                                                                            ======= ======= ====================                                           ======= ======= ====================                                           ======= ======= ====================                                           ======= ======= ====================
Diluted:
Continuing operations                                                                                             $    0.14                                                                      $    0.77                                                                      $    0.33                                                                      $    1.48
Discontinued operations(3)                                                                                            (0.33 )                                                                         0.10                                                        3.96                                                        0.98  
                                                                                                            ------------------------------------                                           ------------------------------------                                           ------------------------------------                                           ------------------------------------
   Net (loss) earnings per common share - diluted                                                                 $   (0.19 )                                                                    $    0.87                                                   $    4.29                                                   $    2.46  
                                                                                                            ======= ======= ====================                                           ======= ======= ====================                                           ======= ======= ====================                                           ======= ======= ====================
Dividends per common share                                                                                        $    0.16                                                   $    0.16                                                   $    0.64                                                   $    0.61  
                                                                                                            ======= ======= ====================                                           ======= ======= ====================                                           ======= ======= ====================                                           ======= ======= ====================
Weighted average number of common shares outstanding:
   Basic                                                                                                              175.3                                                       192.4                                                       186.9                                                       194.3  
                                                                                                            ====================================                                           ====================================                                           ====================================                                           ====================================
   Diluted                                                                                                            175.9                                                       196.2                                                       188.9                                                       197.2  
                                                                                                            ====================================                                           ====================================                                           ====================================                                           ====================================
______________
(1)        The supplementary information included in this press release for
                                                                    2017 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)                                                                 Due to the ongoing challenging economic situation in Venezuela, the
                                                                    Company approved a program in the second quarter of 2016 to cease
                                                                    operations in the country. This resulted in total costs of $49.4
                                                                    million being incurred which included a voluntary reduction in
                                                                    headcount including severance and termination benefits for employees
                                                                    of $0.3 million, depreciation and amortization expense related to
                                                                    fixed assets and intangibles of $0.5 million, inventory reserves of
                                                                    $0.4 million, income tax expense of $0.9 million and the
                                                                    reclassification of $47.3 million of cumulative translation
                                                                    adjustment resulting in a charge to Net income as the Company’s
                                                                    decision to cease operations is similar to a substantially complete
                                                                    liquidation.
(3)                                                                 For the year ended December 31, 2017, there was a revision to net
                                                                    earnings from discontinued operations, net of tax, on the Condensed
                                                                    Consolidated Statement of Operations related to depreciation and
                                                                    amortization on Diversey assets held for sale. As a result, net
                                                                    earnings from discontinued operations, net of tax, increased $16.4
                                                                    million and increased net earnings per basic and diluted shares by
                                                                    $0.09.
 
 
                                                                                                       SEALED AIR CORPORATION
                                                                                                      SUPPLEMENTARY INFORMATION
                                                                                              CONDENSED CONSOLIDATED BALANCE SHEETS(1)
                                                                                                             (Unaudited)
 
  (In millions)                                                                     December 31, 2017                        December 31, 2016
                                                                                                                -------------------------------------                                          -------------------------------------
                                ASSETS
Current assets:
   Cash and cash equivalents                                                                                          $   594.0                                                                      $   333.7
   Trade receivables, net                                                                                                 552.4                                                                          460.5
   Income tax receivables                                                                                                  85.1                                                                           11.5
   Other receivables                                                                                                       90.2                                                                           72.7
   Inventories, net                                                                                                       506.8                                                                          456.7
   Current assets held for sale                                                                                             4.0                                                                          825.7
   Prepaid expenses and other current assets                                                                               33.9                                                        54.5  
                                                                                                                ------------------------------------                                           ------------------------------------
      Total current assets                                                                                              1,866.4                                                                        2,215.3
Property and equipment, net                                                                                               998.4                                                                          889.6
Goodwill                                                                                                                1,939.8                                                                        1,882.9
Intangible assets, net                                                                                                     83.6                                                                           40.1
Deferred taxes(2)                                                                                                         176.2                                                                          197.1
Non-current assets held for sale(2)                                                                              --                                                                        1,998.8
Other non-current assets                                                                                                  215.9                                                       175.4  
                                                                                                                ------------------------------------                                           ------------------------------------
Total assets                                                                                                          $ 5,280.3                                                   $ 7,399.2  
                                                                                                                ======= ======= ====================                                           ======= ======= ====================
    LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
   Short-term borrowings                                                                                              $    25.3                                                                      $    83.0
   Current portion of long-term debt                                                                                        2.2                                                                          297.0
   Accounts payable                                                                                                       723.8                                                                          539.2
   Current liabilities held for sale                                                                                        2.2                                                                          683.3
   Accrued restructuring costs                                                                                             15.4                                                                           44.8
   Income tax payable                                                                                                      47.3                                                                           48.3
   Other current liabilities                                                                                              562.0                                                       423.4  
                                                                                                                ------------------------------------                                           ------------------------------------
      Total current liabilities                                                                                         1,378.2                                                                        2,119.0
Long-term debt, less current portion                                                                                    3,230.5                                                                        3,762.6
Deferred taxes                                                                                                             28.5                                                                            4.9
Non-current liabilities held for sale                                                                            --                                                                          501.0
Other non-current liabilities                                                                                             490.8                                                       402.0  
                                                                                                                ------------------------------------                                           ------------------------------------
Total liabilities                                                                                                       5,128.0                                                                        6,789.5
Stockholders’ equity:
   Preferred stock                                                                                               --                                                                 --
   Common stock                                                                                                            23.0                                                                           22.8
   Additional paid-in capital                                                                                           1,939.6                                                                        1,974.1
   Retained earnings                                                                                                    1,735.2                                                                        1,040.0
   Common stock in treasury                                                                                            (2,700.6 )                                                                     (1,478.1 )
   Accumulated other comprehensive loss, net of taxes                                                                    (844.9 )                                                                       (949.1 )
                                                                                                                ------------------------------------                                           ------------------------------------
Total stockholders’ equity                                                                     152.3                                                       609.7  
                                                                                                                ------------------------------------                                           ------------------------------------
Total liabilities and stockholders’ equity                                                 $ 5,280.3                                                   $ 7,399.2  
                                                                                                                ======= ======= ====================                                           ======= ======= ====================
______________
(1)        The supplementary information included in this press release for
                                                                    2017 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 of December 31, 2016, $27.2 million of amounts which were
                                                                    previously classified as non-current assets held for sale were
                                                                    reclassified to deferred tax assets as the amounts did not go with
                                                                    the sale of Diversey.
 
 
                                                                                  CALCULATION OF NET DEBT(1)
 
                                                  December 31, 2017                      December 31, 2016
                                                                               -----------------------------------                                          -----------------------------------
Short-term borrowings                                                              $    25.3                                                                    $    83.0
Current portion of long-term debt                                                        2.2                                                                        297.0
Long-term debt, less current portion                                                 3,230.5             3,762.6  
                                                                               ---------------------------------- -------------------- -------------------- ----------------------------------
Total debt                                                                                                3,258.0                                                                      4,142.6
Less: cash and cash equivalents                                                       (594.0 )                               (333.7 )
                                                                               ---------------------------------- -------------------- -------------------- ----------------------------------
Net debt                                                                           $ 2,664.0           $ 3,808.9  
                                                                               ===== ======= ==================== ==================== ==================== ===== ======= ====================
______________
(1)        The supplementary information included in this press release for
                                                                    2017 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.
 
 
                                                                                                              SEALED AIR CORPORATION
                                                                                                             SUPPLEMENTARY INFORMATION
                                                                                                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(1)
                                                                                                                    (Unaudited)
 
                                                                                                                                Year Ended December 31,
                                                                                                                ----------------------------------------------------------------------------------------------------------------------------------
  (In millions)                                                                                                                     2017                                            2016
                                                                                                                --------------------------------------------                                          --------------------------------------------
Net earnings available to common stockholders                                                                         $          814.9                                                                      $          486.4
Adjustments to reconcile net earnings to net cash provided by                                                                   (245.7 )                                                                               291.4
operating activities(2)
Changes in operating assets and liabilities:
   Trade receivables, net                                                                                                        (81.4 )                                                                               (33.9 )
   Inventories                                                                                                                   (55.4 )                                                                               (17.1 )
   Accounts payable                                                                                                              154.1                                                                                 228.0
   Other assets and liabilities                                                                                                 (188.6 )                                                                               (47.9 )
                                                                                                                -------------------------------------------                                           -------------------------------------------
    Net cash provided by operating activities                                                                         $          397.9                                                   $          906.9  
                                                                                                                ------- -------------- --------------------                                           ------- -------------- --------------------
Cash flows from investing activities:
   Capital expenditures                                                                                               $         (183.8 )                                                                    $         (275.7 )
   Proceeds from sale of business                                                                                                  1.0                                                                                   7.8
   Businesses acquired in purchase transactions, net of cash acquired                                                           (119.2 )                                                                                (5.8 )
   Proceeds from sales of property, equipment and other assets                                                                     1.7                                                                                   4.9
   Loss from settlement of cross currency swaps                                                                                  (61.8 )                                                                      --
   Impact of sale of Diversey(3)                                                                                               2,126.0                                                                        --
   Settlement of foreign currency forward contracts                                                                               (8.7 )                                                                               (46.0 )
                                                                                                                -------------------------------------------                                           -------------------------------------------
    Net cash provided by (used in) investing activities                                                               $        1,755.2                                                   $         (314.8 )
                                                                                                                ------- -------------- --------------------                                           ------- -------------- --------------------
Cash flows from financing activities:
   Net payments on short-term borrowings                                                                              $          (93.7 )                                                                    $         (154.2 )
   Cash used as collateral on borrowing arrangements                                                                              25.4                                                                                   3.6
   Proceeds from cross currency swap                                                                                              17.4                                                                        --
   Payments of long-term debt                                                                                                   (369.5 )                                                                               (27.1 )
   Dividends paid on common stock                                                                                               (119.7 )                                                                              (121.6 )
   Repurchases of common stock(4)                                                                                             (1,302.2 )                                                                              (217.0 )
   Payments for debt extinguishment costs                                                                               --                                                                                  (0.1 )
   Acquisition of common stock for tax withholding                                                                               (22.0 )                                                                               (30.7 )
   Other financing activities                                                                                           --                                                                6.2  
                                                                                                                -------------------------------------------                                           -------------------------------------------
    Net cash used in financing activities                                                                             $       (1,864.3 )                                                                    $         (540.9 )
                                                                                                                ------- -------------- --------------------                                           ------- -------------- --------------------
Effect of foreign currency exchange rate changes on cash and cash                                                     $          (28.5 )                                                                    $          (39.2 )
equivalents
                                                                                                                ------- -------------- --------------------                                           ------- -------------- --------------------
   Balance, beginning of period                                                                                       $          333.7                                                                      $          321.7
   Net change during the period                                                                                                  260.3                                                               12.0  
                                                                                                                -------------------------------------------                                           -------------------------------------------
   Balance, end of period                                                                                             $          594.0                                                   $          333.7  
                                                                                                                ======= ============== ====================                                           ======= ============== ====================
                                                                                                                                                                                                       
Non-U.S. GAAP Free Cash Flow:
Cash flow from operating activities                                                                                   $          397.9                                                                      $          906.9
Capital expenditures for property and equipment                                                                                 (183.8 )                                                                              (275.7 )
                                                                                                                -------------------------------------------                                           -------------------------------------------
Free Cash Flow(5)                                                                                                     $          214.1                                                   $          631.2  
                                                                                                                ======= ============== ====================                                           ======= ============== ====================
                                                                                                                                                                                                       
Supplemental Cash Flow Information:
   Interest payments, net of amounts capitalized                                                                      $          210.8                                                   $          215.1  
                                                                                                                ======= ============== ====================                                           ======= ============== ====================
   Income tax payments                                                                                                $          161.7                                                   $          125.8  
                                                                                                                ======= ============== ====================                                           ======= ============== ====================
   Payments related to the sale of Diversey(3)                                                                        $          207.4                                                   $ --  
                                                                                                                ======= ============== ====================                                           ======= ============== ====================
   Stock appreciation rights payments (less amounts included in                                                       $ --                                                   $            1.9  
   restructuring payments)
                                                                                                                ======= ============== ====================                                           ======= ============== ====================
   Restructuring payments including associated costs                                                                  $           49.3                                                   $           66.1  
                                                                                                                ======= ============== ====================                                           ======= ============== ====================
______________
(1)        The supplementary information included in this press release for
                                                                    2017 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)                                                                 2017 primarily consists of $641 million related to the gain on sale
                                                                    from Diversey partially offset by $131 million of deferred taxes,
                                                                    depreciation and amortization $149 million, share based compensation
                                                                    expense of $45 million and profit sharing expense of $23 million.
                                                                    2016 primarily consists of depreciation and amortization of $214
                                                                    million, share based compensation expense of $60 million, profit
                                                                    sharing expense of $25 million and charges related to ceasing
                                                                    operations in Venezuela of $46 million, which were partially offset
                                                                    by a decrease in deferred taxes of $62 million.
(3)                                                                 Payments of borrowings included in financing activities excludes
                                                                    amounts which were paid using cash proceeds from the sale of
                                                                    Diversey. As a result, $755 million of payments of borrowings is
                                                                    included within investing activities for a total payment of
                                                                    borrowings of $1.1 billion through the year ended December 31, 2017.
(4)                                                                 The Company entered into an accelerated share repurchase agreement
                                                                    with a third-party financial institution to repurchase $400 million
                                                                    of the Company’s common stock. The full amount was paid as of
                                                                    December 31, 2017 however, only $320 million was used to repurchase
                                                                    shares at that point in time. The ASR program concluded in January
                                                                    2018.
(5)                                                                 Free cash flow was $421 million in 2017 excluding the payment of
                                                                    charges related to the sale of Diversey of $207 million. These
                                                                    payments include $170 million related to tax payments and the
                                                                    remainder primarily attributable to professional fees. 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.
 
 
                                                                                                                                                                                                                                     SEALED AIR CORPORATION
                                                                                                                                                                                                                                     SUPPLEMENTARY INFORMATION
                                                                                                                                                                                                                                     RECONCILIATION OF U.S. GAAP NET EARNINGS AND U.S. GAAP NET
                                                                                                                                                                                                                                     EARNINGS PER COMMON SHARE TO
                                                                                                                                                                                                                                     NON-U.S. GAAP ADJUSTED NET EARNINGS AND NON-U.S. GAAP ADJUSTED
                                                                                                                                                                                                                                     NET EARNINGS PER COMMON SHARE(1)
                                                                                                                                                                                                                                     (Unaudited)
 
                                                                                                                                                              Three Months Ended                                                                                                                                                                                                                     Year Ended
                                                                                                                                                                                                       December 31,                                                                                                                                                                                                                                                             December 31,
                                                                                   ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                            ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                   2017                                                                                                     2016                                                                                                                                           2017                                                                                2016
                                                                                   -----------------------------------------------------------------------------------------------------                                          -----------------------------------------------------------------------------------------------------                                          -----------------------------------------------------------------------------------------------------                                          -----------------------------------------------------------
(In millions, except per share data)                                                             Net                              EPS                                                                     Net                              EPS                                                                     Net                              EPS                                                                     Net                  EPS
                                                                                              Earnings                                                                                                                                       Earnings                                                                                                                                       Earnings                                                                                                                                       Earnings
                                                                                   ---------------------------                                             --------------------------                                             ---------------------------                                             --------------------------                                             ---------------------------                                             --------------------------                                             ---------------------------                        ------
U.S. GAAP net earnings and EPS available                                            $  25.0                                                                 $ 0.14                                                                 $ 151.3                                                                 $ 0.77                                                                 $  62.8                                                                 $ 0.33                                                                 $ 292.3                                            $ 1.48
to common
stockholders from
continuing operations(2)
Special Items(3)                                                                       78.1                                                0.44                                                (53.3 )                                                                (0.27 )                                                                 279.8                                                1.48                                                 42.4                           0.22
                                                                                   -----------------------------                                           ----------------------------                                           -----------------------------                                           ----------------------------                                           -----------------------------                                           ----------------------------                                           -----------------------------                      --------
Non-U.S. GAAP adjusted net earnings and                                             $ 103.1                                              $ 0.58                                              $  98.0                                              $ 0.50                                              $ 342.6                                              $ 1.81                                              $ 334.7                         $ 1.70
adjusted
EPS available to common
stockholders from continuing
operations
                                                                                   == ===== ====================                                           == ==== ====================                                           == ===== ====================                                           == ==== ====================                                           == ===== ====================                                           == ==== ====================                                           == ===== ====================                      == ====
Weighted average number of common shares                                                                                                                                          175.9                                                                                                                     196.2                                                                                                                       188.9                                                                                                  197.2
outstanding - Diluted
                                                                                                                                                           ==========================                                                                                                                     ======  ====================                                                                                                                   ======  ====================                                                                                              ======
______________
(1)        The supplementary information included in this press release for
                                                                    2017 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)                                                                 Net earnings per common share is calculated under the two-class
                                                                    method.
(3)                                                                 Special Items include the following:
 
 
                                                                                                                       Three Months Ended                                                                                                          Year Ended
                                                                                                                                                                December 31,                                                                                                                                                  December 31,
                                                                                                            ------------------------------------------------------------------------------------------------------------                                                  ------------------------------------------------------------------------------------------------------------
(In millions, except per share data)                                                                                        2017                                     2016                                                                           2017                                    2016(1)
                                                                                                            -------------------------------------                                          -------------------------------------                                          -------------------------------------                                          -------------------------------------
Special Items:
   Restructuring and other charges                                                                                $    (2.9 )                                                                    $    (1.4 )                                                                    $   (12.1 )                                                                    $    (2.5 )
                                                                                                                       (1.6 )                                                                         (6.6 )                                                                        (14.3 )                                                                        (19.8 )
   Other restructuring associated costs included in cost of sales
   and
   selling, general and administrative expenses
   SARs                                                                                                                (0.4 )                                                               --                                                                            2.6                                                                           (0.7 )
                                                                                                             --                                                                           (0.1 )                                                               --                                                                           (1.7 )
   Foreign currency exchange loss related to Venezuelan
   subsidiaries
   Charges related to ceasing operations in Venezuela(1)                                                     --                                                                           (1.2 )                                                               --                                                                          (48.5 )
                                                                                                             --                                                                           (0.2 )                                                               --                                                                           (1.8 )
   Loss on sale of North American foam trays and absorbent
   pads
   business and European food trays business
                                                                                                                      (10.7 )                                                               --                                                                          (15.5 )                                                               --
   Loss related to the acquisitions of other businesses and sale
   of
   property, plant and equipment
   Charges related to the sale of Diversey                                                                            (21.0 )                                                                         (1.4 )                                                                        (68.6 )                                                                         (1.4 )
                                                                                                             --                                                                 --                                                                           13.5                                                                 --
   Settlement/curtailment benefits related to retained Diversey
   retirement
   plans
   Other Special Items(2)                                                                                               0.1                                                         2.6                                                        (3.1 )                                                                         (0.7 )
                                                                                                            ------------------------------------                                           ------------------------------------                                           ------------------------------------                                           ------------------------------------
Pre-tax impact of Special Items                                                                                       (36.5 )                                                                         (8.3 )                                                                        (97.5 )                                                                        (77.1 )
  Tax impact of Special Items and Tax Special Items(3)                                                                (41.6 )                                                                         61.6                                                      (182.3 )                                                                         34.7  
                                                                                                            ------------------------------------                                           ------------------------------------                                           ------------------------------------                                           ------------------------------------
Net impact of Special Items                                                                                       $   (78.1 )                                                                    $    53.3                                                   $  (279.8 )                                                                    $   (42.4 )
                                                                                                            ======= ======= ====================                                           ======= ======= ====================                                           ======= ======= ====================                                           ======= ======= ====================
                                                                                                                      175.9                                                       196.2                                                       188.9                                                                            197.2
  Weighted average number of common shares outstanding -
  Diluted
                                                                                                            --------------  --------------------                                           --------------  --------------------                                           --------------  --------------------                                           ----------------------------------
Earnings per share impact from Special Items                                                                      $   (0.44 )                                                                    $    0.27                                                   $   (1.48 )                                                                    $   (0.22 )
                                                                                                            ======= ======= ====================                                           ======= ======= ====================                                           ======= ======= ====================                                           ======= ======= ====================
______________
(1)        Due to the ongoing challenging economic situation in Venezuela, the
                                                                    Company approved a program in the second quarter of 2016 to cease
                                                                    operations in the country. This resulted in total costs of $49.4
                                                                    million being incurred which included a voluntary reduction in
                                                                    headcount including severance and termination benefits for employees
                                                                    of $0.3 million, depreciation and amortization expense related to
                                                                    fixed assets and intangibles of $0.5 million, inventory reserves of
                                                                    $0.4 million, income tax expense of $0.9 million and the
                                                                    reclassification of $47.3 million of cumulative translation
                                                                    adjustment resulting in a charge to Net income as the Company’s
                                                                    decision to cease operations is similar to a substantially complete
                                                                    liquidation.
(2)                                                                 Other Special Items for the three months and year ended December 31,
                                                                    2017 primarily included transaction costs related to
                                                                    reorganizations. Other Special Items for the three months and year
                                                                    ended December 31, 2016 primarily included a reduction in a
                                                                    non-income tax reserve following the completion of a governmental
                                                                    audit in the fourth quarter partially offset by legal fees
                                                                    associated with restructuring and acquisitions.
(3)                                                                 Refer to Note 1 to the table below for a description of Special
                                                                    Items related to tax.
 

The calculation of the non-U.S. GAAP Adjusted income tax rate is as follows:

                                                                                                       Three Months Ended                                                                                               Year Ended
                                                                                                                                                December 31,                                                                                                                                       December 31,
                                                                                                   ----------------------------------------------------------------------------------------------                                                  ----------------------------------------------------------------------------------------------------
(In millions)                                                                                                   2017                              2016                                                                    2017                                 2016
                                                                                                   ------------------------------                                          ------------------------------                                          -------------------------------                                          -----------------------------------
U.S. GAAP Earnings before income tax provision from                                                 $ 119.0                                                                 $ 122.2                                                                  $ 393.3                                                                     $  387.9
continuing
operations
Pre-tax impact of Special Items                                                                       (36.5 )                                                                  (8.3 )                                                                  (97.5 )                                                                      (77.1 )
                                                                                                   -----------------------------                                           -----------------------------                                           ------------------------------                                           ----------------------------------
Non-U.S. GAAP Adjusted Earnings before income tax                                                   $ 155.5                                              $ 130.5                                               $ 490.8                                                  $  465.0  
provision
from continuing operations
                                                                                                   == ===== ====================                                           == ===== ====================                                           === ===== ====================                                           ====== ====== ====================
                                                                                                                                                                                                                                                                                                                             
U.S. GAAP Income tax provision (benefit) from continuing                                            $  94.0                                                                 $ (29.1 )                                                                $ 330.5                                                                     $   95.6
operations
Tax Special Items(1)                                                                                  (57.8 )                                                                  50.5                                                                   (208.1 )                                                                       23.7
Tax impact of Special Items                                                                            16.2                                                 11.1                                                  25.8                                                      11.0  
                                                                                                   -----------------------------                                           -----------------------------                                           ------------------------------                                           ----------------------------------
Non-U.S. GAAP Adjusted Income tax provision from                                                    $  52.4                                              $  32.5                                               $ 148.2                                                  $  130.3  
continuing
operations
                                                                                                   == ===== ====================                                           == ===== ====================                                           === ===== ====================                                           ====== ====== ====================
                                                                                                                                                                                                                                                                                                                             
U.S. GAAP Effective income tax rate                                                                    79.0                    %                                              (23.8                   )%                                                84.0                    %                                                    24.6                    %
Non-U.S. GAAP Adjusted income tax rate                                                                 33.7                    %                                               24.9                    %                                                30.2                    %                                                    28.0                    %
______________
(1)        For the twelve months ended December 31, 2017, the special tax items
                                                                    included $152 million of tax expense in accordance with the sale of
                                                                    Diversey.
 
 
                                                                                                                                                                  SEALED AIR CORPORATION
                                                                                                                                                                 SUPPLEMENTARY INFORMATION
                                                                                                                                                                  SEGMENT INFORMATION(1)
                                                                                                                                                                        (Unaudited)
 
                                                                                                 Three Months Ended                                                                                                 Year Ended
                                                                                                                                          December 31,                                                                                                                                         December 31,
                                                                                           --------------------------------------------------------------------------------------------------                                                  ----------------------------------------------------------------------------------------------------
  (In millions)                                                                                          2017                                2016                                                                      2017                                 2016
                                                                                           --------------------------------                                          --------------------------------                                          ---------------------------------                                          ---------------------------------
Net Sales:
Food Care                                                                                   $   764.1                                                                 $   707.6                                                                  $ 2,815.2                                                                  $ 2,686.8
As a % of Total Company net sales                                                                62.2                    %                                                 64.2                    %                                                  63.1                    %                                                  63.8                    %
Product Care                                                                                                         463.7                                                                     393.8                                               1,646.4                                                                    1,524.5
As a % of Total Company net sales                                                                37.8                    %                                                 35.8                    %                                                  36.9                    %                                                  36.2                    %
                                                                                           -------------------------------                                           -------------------------------                                           --------------------------------                                           --------------------------------
Total Company Net Sales                                                                     $ 1,227.8                                              $ 1,101.4                                               $ 4,461.6                                               $ 4,211.3  
                                                                                           == ======= ====================                                           == ======= ====================                                           === ======= ====================                                           === ======= ====================
                                                                                                                                                                                                                                                
                                                                                                                                       Three Months Ended                                                                                                                                       Year Ended
                                                                                                                                          December 31,                                                                                                                                         December 31,
                                                                                           --------------------------------------------------------------------------------------------------                                                  ----------------------------------------------------------------------------------------------------
  (In millions)                                                                                          2017                                                                      2016                                                                      2017                                                                       2016
                                                                                           --------------------------------                                          --------------------------------                                          ---------------------------------                                          ---------------------------------
Adjusted EBITDA from continuing operations(2):
Food Care                                                                                   $   162.3                                                                 $   164.7                                                                  $   608.3                                                                  $   605.4
Adjusted EBITDA Margin                                                                           21.2                    %                                                 23.3                    %                                                  21.6                    %                                                  22.5                    %
Product Care                                                                                     94.6                                                                      87.3                                                                      332.3                                                                      331.1
Adjusted EBITDA Margin                                                                           20.4                    %                                                 22.2                    %                                                  20.2                    %                                                  21.7                    %
Corporate(3)                                                                                                        (18.6)                                                                    (35.6)                                                                    (107.3)                                                                    (127.3)
                                                                                           --------------------------------                                          --------------------------------                                          ---------------------------------                                          ---------------------------------
Non-U.S. GAAP Total Company Adjusted EBITDA from                                            $   238.3                                              $   216.4                                               $   833.3                                               $   809.2  
continuing operations
                                                                                           == ======= ====================                                           == ======= ====================                                           === ======= ====================                                           === ======= ====================
Adjusted EBITDA Margin                                                                           19.4                    %                                                 19.6                    %                                                  18.7                    %                                                  19.2                    %
______________
(1)        The supplementary information included in this press release for
                                                                    2017 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 of January 1, 2017 we modified our calculation of Adjusted EBITDA
                                                                    to exclude interest income. The impact in this modification was $2.2
                                                                    million and $7.5 million for the three months and year ended
                                                                    December 31, 2016, respectively.
(3)                                                                 Unallocated costs related to Diversey that have been included in
                                                                    adjusted EBITDA for Corporate were as follows:
 
 
                                               Three Months Ended                                                      Year Ended
                                                                                        December 31,                                                                                              December 31,
                                                            -------------------------------------------------------------                                                  ---------------------------------------------------
  (In millions)                                                    2017              2016                                              2017        2016
                                                            -------------------                                          --------                                          --------                                          --------
Unallocated costs                                            $ --                                             $ 4.1                                            $ 13.7                                             $ 15.0
 
 
                                                                                                                                                                                 SEALED AIR CORPORATION
                                                                                                                                                                      SEGMENT INFORMATION - CONTINUED
                                                                                                                                                                              SUPPLEMENTARY INFORMATION(1)
                                                                                                                                                                       RECONCILIATION OF U.S. GAAP NET EARNINGS TO
                                                                                                                                                                       NON-U.S. GAAP TOTAL COMPANY ADJUSTED EBITDA
                                                                                                                                                                                       (Unaudited)
 
                                                                                                                 Three Months Ended                                                                                                          Year Ended
                                                                                                                                                          December 31,                                                                                                                                                  December 31,
                                                                                                      ------------------------------------------------------------------------------------------------------------                                                  ------------------------------------------------------------------------------------------------------------
(In millions)                                                                                                         2017                                     2016                                                                           2017                                    2016(2)
                                                                                                      -------------------------------------                                          -------------------------------------                                          -------------------------------------                                          -------------------------------------
U.S. GAAP Net earnings from continuing operations                                                           $    25.0                                                                      $   151.3                                                                      $    62.8                                                                      $   292.3
   Interest expense                                                                                             (48.1 )                                                                        (48.0 )                                                                       (201.8 )                                                                       (199.4 )
   Interest income                                                                                                7.3                                                                            2.2                                                                           17.6                                                                            7.5
   Income tax provision (benefit)                                                                                94.0                                                                          (29.1 )                                                                        330.5                                                                           95.6
Depreciation and amortization(4)                                                                                (42.0 )                                                                        (41.0 )                                                                       (158.3 )                                                                       (154.0 )
Depreciation and amortization adjustments                                                              --                                                                            0.9                                                                 --                                                                            1.7
Special Items:
   Restructuring and other charges(5)                                                                            (2.9 )                                                                         (1.4 )                                                                        (12.1 )                                                                         (2.5 )
                                                                                                                 (1.6 )                                                                         (6.6 )                                                                        (14.3 )                                                                        (19.8 )
   Other restructuring associated costs included in cost of
   sales
   and selling, general and administrative expenses
   SARs                                                                                                          (0.4 )                                                               --                                                                            2.6                                                                           (0.7 )
                                                                                                       --                                                                           (0.1 )                                                               --                                                                           (1.7 )
   Foreign currency exchange loss related to Venezuelan
   subsidiaries
   Charges related to ceasing operations in Venezuela                                                  --                                                                           (1.2 )                                                               --                                                                          (48.5 )
                                                                                                       --                                                                           (0.2 )                                                               --                                                                           (1.8 )
   Loss on sale of North American foam trays and absorbent
   pads
   business and European food business
                                                                                                                (10.7 )                                                               --                                                                          (15.5 )                                                               --
   Loss related to the acquisitions of other businesses and
   sale
   of property, plant and equipment
   Charges incurred related to the sale of Diversey                                                             (21.0 )                                                                         (1.4 )                                                                        (68.6 )                                                                         (1.4 )
                                                                                                       --                                                                 --                                                                           13.5                                                                 --
   Settlement/curtailment benefits related to retained
   Diversey
   retirement plans
   Other Special Items(3)                                                                                         0.1                                                         2.6                                                        (3.1 )                                                                         (0.7 )
                                                                                                      ------------------------------------                                           ------------------------------------                                           ------------------------------------                                           ------------------------------------
   Pre-tax impact of Special items                                                                              (36.5 )                                                                         (8.3 )                                                                        (97.5 )                                                                        (77.1 )
                                                                                                      ------------------------------------                                           ------------------------------------                                           ------------------------------------                                           ------------------------------------
Non-U.S. GAAP Total Company Adjusted EBITDA from                                                            $   238.3                                                   $   216.4                                                   $   833.3                                                   $   809.2  
continuing operations
                                                                                                      ======= ======= ====================                                           ======= ======= ====================                                           ======= ======= ====================                                           ======= ======= ====================
______________
(1)        The supplementary information included in this press release for
                                                                    2017 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)                                                                 Due to the ongoing challenging economic situation in Venezuela, the
                                                                    Company approved a program in the second quarter of 2016 to cease
                                                                    operations in the country. This resulted in total costs of $49.4
                                                                    million being incurred which included a voluntary reduction in
                                                                    headcount including severance and termination benefits for employees
                                                                    of $0.3 million, depreciation and amortization expense related to
                                                                    fixed assets and intangibles of $0.5 million, inventory reserves of
                                                                    $0.4 million, income tax expense of $0.9 million and the
                                                                    reclassification of $47.3 million of cumulative translation
                                                                    adjustment resulting in a charge to Net income as the Company’s
                                                                    decision to cease operations is similar to a substantially complete
                                                                    liquidation.
(3)                                                                 Other Special Items for the three months and year ended December 31,
                                                                    2017 primarily included transaction costs related to
                                                                    reorganizations. Other Special Items for the three months and year
                                                                    ended December 31, 2016 primarily included a reduction in a
                                                                    non-income tax reserve following the completion of a governmental
                                                                    audit in the fourth quarter partially offset by legal fees
                                                                    associated with restructuring and acquisitions.
(4)                                                                 Depreciation and amortization by segment are as follows:
 
                                                                                            Three Months Ended                                                                                Year Ended
                                                                                                                                     December 31,                                                                                                                        December 31,
                                                                                         --------------------------------------------------------------------------------------------                                                  -------------------------------------------------------------------------
  (In millions)                                                                                      2017                             2016                                                                   2017                   2016
                                                                                         -----------------------------                                          -----------------------------                                          -----------------------------                                          ---------
Food Care                                                                                 $ 28.0                                                                 $ 23.9                                                                $ 103.8                                                                 $  92.2
Product Care                                                                                                     13.1                                                                   11.5                                                                   47.3                                               40.1
Corporate                                                                                                         0.9                                                                    5.6                                                                    7.2                                               21.7
                                                                                         -----------------------------                                          -----------------------------                                          -----------------------------                                          ---------
Total Company depreciation and amortization(1)                                            $ 42.0                                              $ 41.0                                             $ 158.3                                              $ 154.0
                                                                                         == ==== ====================                                           == ==== ====================                                           = ===== ====================                                           == =====
______________
(1)        Includes share-based incentive compensation of $7.0 million and
                                                                    $38.2 million for the three months and year ended December 31, 2017,
                                                                    respectively, and $13.3 million and $50.9 million for the three
                                                                    months and year ended December 31, 2016, respectively.
 
(5)       Restructuring and other charges by segment is as follows:
                                                                                             Three Months Ended                                                                             Year Ended
                                                                                                                                      December 31,                                                                                                                     December 31,
                                                                                           ------------------------------------------------------------------------------------------                                                  ----------------------------------------------------------------------
  (In millions)                                                                                        2017                            2016                                                                  2017                 2016
                                                                                           ----------------------------                                          ----------------------------                                          ----------------------------                                          -------
Food Care                                                                                   $ 1.8                                                                 $ 0.9                                                                $  7.6                                                                 $ 1.6
Product Care                                                                                  1.1                                                0.5                                                4.5                                                0.9
                                                                                           ---------------------------                                           ---------------------------                                           ---------------------------                                           -------
Total Company restructuring and other charges(1)                                            $ 2.9                                              $ 1.4                                             $ 12.1                                              $ 2.5
                                                                                           == === ====================                                           == === ====================                                           = ==== ====================                                           == ===
______________
(1)        For the year ended December 31, 2016 restructuring and other charges
                                                                    excludes $0.3 million related to severance and termination benefits
                                                                    for employees in our Venezuelan subsidiaries.
 
                                                                                                                                                                                                                     
                                                                                                                                                                                                                   SEALED AIR CORPORATION
                                                                                                                                                                                                                  SUPPLEMENTARY INFORMATION
                                                                                                                                                                                                       COMPONENTS OF CHANGE IN NET SALES BY SEGMENT(1)
                                                                                                                                                                                                                         (Unaudited)
 
                                                                                                                                                                                                                 Three Months Ended December 31,
                                                                                 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(In millions)                                                                                                                Food Care                                                                                   Product Care                                                                                   Total Company
                                                                                 ------------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------                                          ---------------------------------------------------------------------------------------------------
2016 Net Sales                                                                         $   707.6                                                                       $  393.8                                                             $ 1,101.4      
                                                                                                                                                                                                                                                                                                                                                                                                                                        
Volume - Units                                                                              33.8                                                                           4.8 %                                                    21.0                                                                 5.3 %                                                     54.8                                                                       5.0         %
Price/mix(2)                                                                                 7.0                                                                           1.0 %                                                    16.4                                                                 4.2 %                                                     23.4                                                                       2.1         %
Acquisition                                                                       --                                             -- %                                                    23.6                                              6.0 %                                                     23.6                                                    2.1         %
                                                                                 ------------------------------------                                           -------------- -                                           ----------------------------------                                           ---- -                                           -----------------------------------                                           ---------- ---------
Total constant dollar change (Non-U.S.                                                      40.8                                                                           5.8 %                                                    61.0                                                                15.5 %                                                    101.8                                                                       9.2         %
GAAP)(3)
Foreign currency translation                                                                15.7                                                        2.2 %                                                     8.9                                              2.3 %                                                     24.6                                                    2.2         %
                                                                                 ------------------------------------                                           -------------- -                                           ----------------------------------                                           ---- -                                           -----------------------------------                                           ---------- ---------
Total change (U.S. GAAP)                                                                    56.5                                                                           8.0 %                                                    69.9                                                                17.8 %                                                    126.4                                                                      11.5         %
                                                                                                                                                                                                                                                                                                                    
                                                                                 -------------------------------------                                                                                                     -----------------------------------                                                                                           ------------------------------------
2017 Net Sales                                                                         $   764.1                                                                                                             $  463.7                                                                                                   $ 1,227.8  
                                                                                 ======= ======= ====================                                                                                                      ====== ====== ====================                                                                                            ====== ======= ====================
 
                                                                                                                                                                                                                 Year Ended December 31,
                                                                             ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(In millions)                                                                                                            Food Care                                                                                   Product Care                                                                                   Total Company
                                                                             ------------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------                                          ---------------------------------------------------------------------------------------------------
2016 Net Sales                                                                     $ 2,686.8                                                                                          $ 1,524.5                                                            $ 4,211.3      
                                                                                                                                                                                                                                                                                                                                                                                                                                    
Volume - Units                                                                         102.6                                                                           3.8 %                                                     86.2                                                                5.7 %                                                    188.8                                                                       4.5         %
Price/mix(2)                                                                            (0.7 )                                                              -- %                                                      8.7                                                                0.6 %                                                      8.0                                                                       0.2         %
Acquisition                                                                   --                                             -- %                                                     23.6                                             1.5 %                                                     23.6                                                    0.6         %
                                                                             ------------------------------------                                           -------------- -                                           -----------------------------------                                           --- -                                           -----------------------------------                                           ---------- ---------
Total constant dollar change (Non-                                                     101.9                                                                           3.8 %                                                    118.5                                                                7.8 %                                                    220.4                                                                       5.2         %
U.S.GAAP)(3)
Foreign currency translation                                                            26.5                                                        1.0 %                                                      3.4                                             0.2 %                                                     29.9                                                    0.7         %
                                                                             ------------------------------------                                           -------------- -                                           -----------------------------------                                           --- -                                           -----------------------------------                                           ---------- ---------
Total change (U.S. GAAP)                                                               128.4                                                                           4.8 %                                                    121.9                                                                8.0 %                                                    250.3                                                                       5.9         %
                                                                                                                                                                                                                                                                                                                
                                                                             -------------------------------------                                                                                                     ------------------------------------                                                                                          ------------------------------------
2017 Net Sales                                                                     $ 2,815.2                                                                                                             $ 1,646.4                                                                                                  $ 4,461.6  
                                                                             ======= ======= ====================                                                                                                      ====== ======= ====================                                                                                           ====== ======= ====================
______________
(1)        The supplementary information included in this press release for
                                                                    2017 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 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 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)                                                                 Total constant dollar change is a non-U.S. GAAP financial measure
                                                                    which excludes the impact of foreign currency translation. 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)
 
                                                                                                                                                                                                                                                               Three Months Ended December 31,
                                                                ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(In millions)                                                                                             North America                                                                                          EMEA(2)                                                                                           Latin America                                                                                     APAC(3)                                                                                         Total
                                                                ------------------------------------------------------------------------------------------------                                          -------------------------------------------------------------------------------------------------                                          -------------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------                                          ---------------------------------------------------------------------------------------------------
2016 net sales                                                        $   580.0                                                                        $   246.2                                                                                            $   107.7                                                                                           $  167.5                                                             $ 1,101.4                         
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Volume - Units                                                             33.7                                                                           5.8 %                                                      11.8                                                                           4.8  %                                                       7.3                                                                           6.8  %                                                     2.0                                                                 1.2 %                                                     54.8                                                                       5.0         %
Price/mix(4)                                                               21.6                                                                           3.7 %                                                      (0.5 )                                                                        (0.2 )%                                                      (0.4 )                                                                        (0.4 )%                                                     2.7                                                                 1.6 %                                                     23.4                                                                       2.1         %
Acquisition                                                      --                                             -- %                                            --                                             --  %                                            --                                             --  %                                                    23.6                                             14.1 %                                                                          23.6                                                  2.1         %
                                                                ------------------------------------                                           -------------- -                                           ------------------------------------                                           -------------- --                                           ------------------------------------                                           -------------- --                                           ----------------------------------                                           ---- -                                           ------------------------------------                                          ---------- ---------
Total constant dollar                                                      55.3                                                                           9.5 %                                                      11.3                                                                           4.6  %                                                       6.9                                                                           6.4  %                                                    28.3                                                                16.9 %                                                    101.8                                                                       9.2         %
change (Non-U.S.
GAAP)(5)
Foreign currency                                                            1.8                                                        0.3 %                                                      20.5                                                        8.3  %                                                       0.5                                                        0.5  %                                                     1.8                                              1.1 %                                                     24.6                                                    2.2         %
translation
                                                                --------------  --------------------                                           -------------- -                                           --------------  --------------------                                           -------------- --                                           --------------  --------------------                                           -------------- --                                           ------------  --------------------                                           ---- -                                           -------------  --------------------                                           ---------- ---------
Total change (U.S.                                                         57.1                                                                           9.8 %                                                      31.8                                                                          12.9  %                                                       7.4                                                                           6.9  %                                                    30.1                                                                18.0 %                                                    126.4                                                                      11.5         %
GAAP)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
                                                                -------------------------------------                                                                                                     -------------------------------------                                                                                                      -------------------------------------                                                                                                      -----------------------------------                                                                                           ------------------------------------
2017 net sales                                                        $   637.1                                                                                                              $   278.0                                                                                                               $   115.1                                                                                                              $  197.6                                                                                                   $ 1,227.8  
                                                                ======= ======= ====================                                                                                                      ======= ======= ====================                                                                                                       ======= ======= ====================                                                                                                       ====== ====== ====================                                                                                            ====== ======= ====================
 
 
                                                                                                                                                                                                                                                                                Year Ended December 31,
                                                                                 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(In millions)                                                                                                              North America                                                                                          EMEA(2)                                                                                           Latin America                                                                                    APAC(3)                                                                                          Total
                                                                                 ------------------------------------------------------------------------------------------------                                          -------------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------------------                                          -------------------------------------------------------------------------------------                                          ---------------------------------------------------------------------------------------------------
2016 net sales                                                                         $ 2,237.8                                                                        $   962.7                                                                                            $   396.8                                                                       $  614.0                                                                                 $ 4,211.3      
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Volume - Units                                                                             161.4                                                                           7.2 %                                                      12.9                                                                           1.3  %                                                       5.9                                                                           1.5 %                                                     8.6                                                                 1.4  %                                                    188.8                                                                       4.5         %
Price/mix(4)                                                                                12.9                                                                           0.6 %                                                      (7.9 )                                                                        (0.8 )%                                                       4.0                                                                           1.0 %                                                    (1.0 )                                                              (0.2 )%                                                      8.0                                                                       0.2         %
Acquisition                                                                       --                                             -- %                                            --                                             --  %                                            --                                             -- %                                                    23.6                                              3.8  %                                                     23.6                                                    0.6         %
                                                                                 ------------------------------------                                           -------------- -                                           ------------------------------------                                           -------------- --                                           ------------------------------------                                           -------------- -                                           ----------------------------------                                           ---- --                                           -----------------------------------                                           ---------- ---------
Total constant dollar change (Non-U.S.                                                     174.3                                                                           7.8 %                                                       5.0                                                                           0.5  %                                                       9.9                                                                           2.5 %                                                    31.2                                                                 5.0  %                                                    220.4                                                                       5.2         %
GAAP)(5)
Foreign currency                                                                             2.9                                                        0.1 %                                                      17.0                                                        1.8  %                                                       2.6                                                        0.7 %                                                     7.4                                              1.2  %                                                     29.9                                                    0.7         %
translation
                                                                                 --------------  --------------------                                           -------------- -                                           --------------  --------------------                                           -------------- --                                           --------------  --------------------                                           -------------- -                                           ------------  --------------------                                           ---- --                                           -------------  --------------------                                           ---------- ---------
Total change (U.S.                                                                         177.2                                                                           7.9 %                                                      22.0                                                                           2.3  %                                                      12.5                                                                           3.2 %                                                    38.6                                                                 6.2  %                                                    250.3                                                                       5.9         %
GAAP)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                 -------------------------------------                                                                                                     -------------------------------------                                                                                                      -------------------------------------                                                                                                     -----------------------------------                                                                                            ------------------------------------
2017 net sales                                                                         $ 2,415.0                                                                                                              $   984.7                                                                                                               $   409.3                                                                                                             $  652.6                                                                                                    $ 4,461.6  
                                                                                 ======= ======= ====================                                                                                                      ======= ======= ====================                                                                                                       ======= ======= ====================                                                                                                      ====== ====== ====================                                                                                             ====== ======= ====================
______________
(1)       The supplementary information included in this press release for
                                                                   2017 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)                                                                EMEA consists of Europe, Middle East, Africa and Turkey.
(3)                                                                APAC refers collectively to our Asia Pacific region. This region
                                                                   consists of i) Greater China, ii) India/Southeast Asia and iii)
                                                                   Australia, New Zealand, Japan and Korea.
(4)                                                                Our 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 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.
(5)                                                                Total constant dollar change is a non-U.S. GAAP financial measure
                                                                   which excludes the impact of foreign currency translation. 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.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20180208005323r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20180208005323/en/

SOURCE: Sealed Air Corporation

For Sealed Air Corporation 
Investor Relations 
Lori Chaitman, 704-503-8841


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