Company Quick10K Filing
Sealed Air
10-Q 2021-03-31 Filed 2021-05-04
10-K 2020-12-31 Filed 2021-02-25
10-Q 2020-09-30 Filed 2020-10-28
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-02
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-19
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-06
10-Q 2018-03-31 Filed 2018-05-07
10-K 2017-12-31 Filed 2018-02-21
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-02-15
10-Q 2016-09-30 Filed 2016-10-31
10-Q 2016-06-30 Filed 2016-08-01
10-Q 2016-03-31 Filed 2016-05-02
10-K 2015-12-31 Filed 2016-02-22
10-Q 2015-09-30 Filed 2015-11-03
10-Q 2015-06-30 Filed 2015-08-04
10-Q 2015-03-31 Filed 2015-05-05
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-05
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-08
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-11-23
8-K 2020-10-28
8-K 2020-08-06
8-K 2020-07-17
8-K 2020-05-21
8-K 2020-05-05
8-K 2020-04-01
8-K 2020-02-12
8-K 2020-02-11
8-K 2019-11-21
8-K 2019-11-12
8-K 2019-11-12
8-K 2019-11-06
8-K 2019-08-12
8-K 2019-08-01
8-K 2019-06-19
8-K 2019-05-16
8-K 2019-04-30
8-K 2019-03-23
8-K 2019-02-07
8-K 2018-12-13
8-K 2018-11-01
8-K 2018-10-17
8-K 2018-10-04
8-K 2018-08-02
8-K 2018-07-12
8-K 2018-06-07
8-K 2018-05-17
8-K 2018-05-03
8-K 2018-02-13
8-K 2018-02-08
8-K 2018-01-02

SEE 10Q Quarterly Report

Note 1 Organization and Basis of Presentation
Note 2 Recently Adopted and Issued Accounting Standards
Note 3 Revenue Recognition, Contracts with Customers
Note 4 Leases
Note 5 Segments
Note 6 Inventories, Net
Note 7 Property and Equipment, Net
Note 8 Goodwill and Identifiable Intangible Assets, Net
Note 9 Accounts Receivable Securitization Programs
Note 10 Accounts Receivable Factoring Agreements
Note 11 Restructuring Activities
Note 12 Debt and Credit Facilities
Note 13 Derivatives and Hedging Activities
Note 14 Fair Value Measurements, Equity Investments and Other Financial Instruments
Note 15 Defined Benefit Pension Plans and Other Post - Employment Benefit Plans
Note 16 Income Taxes
Note 17 Commitments and Contingencies
Note 18 Stockholders' Equity
Note 19 Accumulated Other Comprehensive Loss
Note 20 Other Income, Net
Note 21 Net Earnings per Common Share
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 q12021ex311.htm
EX-31.2 q12021ex312.htm
EX-32 q12021ex32.htm

Sealed Air Earnings 2021-03-31

Balance SheetIncome StatementCash Flow

see-20210331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number: 1-12139

SEALED AIR CORPORATION
(Exact name of registrant as specified in its charter)

 
Delaware 65-0654331
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification Number)
2415 Cascade Pointe Boulevard 
CharlotteNorth Carolina28208
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (980221-3235 
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, par value $0.10 per shareSEENew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer   Accelerated filer ¨
       
Non-accelerated filer ¨  Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ý
There were 151,989,913 shares of the registrant’s common stock, par value $0.10 per share, issued and outstanding as of April 30, 2021.




 Page
PART I. FINANCIAL INFORMATION 
PART II.  OTHER INFORMATION 





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2


Cautionary Notice Regarding Forward-Looking Statements
This report 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, results of operations or cash flows. The Securities and Exchange Commission (“SEC”) encourages companies to disclose forward-looking statements so that investors can better understand a company’s future prospects and make informed investment decisions. 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 “anticipate,” “believe,” “plan,” “assume,” “could,” “should,” “estimate,” “expect,” “intend,” “potential,” “seek,” “predict,” “may,” “will” and similar references to future periods. All statements other than statements of historical facts included in this report 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: global economic and political conditions, currency translation and devaluation effects, changes in raw material pricing and availability, competitive conditions, the success of new product offerings, consumer preferences, the effects of animal and food-related health issues, the effects of epidemics or pandemics, including the Coronavirus Disease 2019 (COVID-19), changes in energy costs, environmental matters, the success of our restructuring activities, the success of our merger, acquisition and equity investment strategies, the success of our financial growth, profitability, cash generation and manufacturing strategies and our cost reduction and productivity efforts, changes in our credit ratings, the tax benefit associated with the Settlement agreement (as defined in Note 17 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this report), regulatory actions and legal matters, and the other information referenced in Part I, Item 1A, "Risk Factors", of our Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the SEC, and in any of our subsequent SEC filings. Any forward-looking statement made by us in this report 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 statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
3


SEALED AIR CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets 
(Unaudited)
(In USD millions, except share and per share data)March 31, 2021December 31, 2020
Assets  
Current assets:  
Cash and cash equivalents$370.0 $548.7 
Trade receivables, net of allowance for credit losses of $11.4 in 2021 and $11.7 in 2020
584.2 541.0 
Income tax receivables33.5 71.2 
Other receivables72.5 69.5 
Inventories, net of inventory reserves of $22.9 in 2021 and $21.1 in 2020
652.3 596.7 
Current assets held for sale 0.3 
Prepaid expenses and other current assets47.0 54.1 
Total current assets1,759.5 1,881.5 
Property and equipment, net1,177.5 1,189.7 
Goodwill2,217.2 2,222.6 
Identifiable intangible assets, net164.2 171.0 
Deferred taxes172.9 187.1 
Operating lease right-of-use-assets70.2 76.1 
Other non-current assets357.2 355.8 
Total assets$5,918.7 $6,083.8 
Liabilities and Stockholders' Equity  
Current liabilities:  
Short-term borrowings$8.8 $7.2 
Current portion of long-term debt22.1 22.3 
Current portion of operating lease liabilities23.8 24.3 
Accounts payable814.0 754.2 
Accrued restructuring costs8.3 12.2 
Income tax payable25.9 19.9 
Other current liabilities423.5 527.3 
Total current liabilities1,326.4 1,367.4 
Long-term debt, less current portion3,706.6 3,731.4 
Long-term operating lease liabilities, less current portion48.3 53.2 
Deferred taxes32.0 31.0 
Other non-current liabilities704.0 728.3 
Total liabilities5,817.3 5,911.3 
Commitments and contingencies - Note 17
Stockholders’ equity:  
Preferred stock, $0.10 par value per share, 50,000,000 shares authorized; no shares issued in 2021 and 2020
  
Common stock, $0.10 par value per share, 400,000,000 shares authorized; shares issued: 232,432,336 in 2021 and 231,958,083 in 2020; shares outstanding: 151,998,585 in 2021 and 154,889,772 in 2020
23.2 23.2 
Additional paid-in capital2,090.8 2,093.0 
Retained earnings2,485.6 2,400.7 
Common stock in treasury, 80,433,751 shares in 2021 and 77,068,311 shares in 2020
(3,528.6)(3,380.9)
Accumulated other comprehensive loss, net of taxes(969.6)(963.5)
Total stockholders’ equity101.4 172.5 
Total liabilities and stockholders’ equity$5,918.7 $6,083.8 
 
See accompanying Notes to Condensed Consolidated Financial Statements.
 

4


SEALED AIR CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations
(Unaudited)
 
Three Months Ended March 31,
(In USD millions, except per share data)20212020
Net sales$1,267.1 $1,173.9 
Cost of sales866.0 783.4 
Gross profit401.1 390.5 
Selling, general and administrative expenses188.9 194.1 
Amortization expense of intangible assets9.7 9.0 
Restructuring charges 0.6 
Operating profit202.5 186.8 
Interest expense, net(43.1)(44.4)
Other income, net1.0 4.8 
Earnings before income tax provision160.4 147.2 
Income tax provision54.6 32.7 
Net earnings from continuing operations105.8 114.5 
Gain on sale of discontinued operations, net of tax4.3 12.1 
Net earnings$110.1 $126.6 
Basic:  
Continuing operations$0.68 $0.74 
Discontinued operations0.03 0.08 
Net earnings per common share - basic
$0.71 $0.82 
Diluted:
Continuing operations$0.68 $0.74 
Discontinued operations0.03 0.08 
Net earnings per common share - diluted
$0.71 $0.82 
Weighted average number of common shares outstanding:
Basic154.1 154.5 
    Diluted155.4 154.8 
 
See accompanying Notes to Condensed Consolidated Financial Statements.


5


SEALED AIR CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 
Three Months Ended March 31,
20212020
(In USD millions)GrossTaxesNetGrossTaxesNet
Net earnings$110.1 $126.6 
Other comprehensive income (loss):  
Recognition of pension items$1.7 $(1.9)(0.2)$1.3 $(0.3)1.0 
Unrealized gains on derivative instruments for net investment hedge23.3 (5.8)17.5 6.0 (1.5)4.5 
Unrealized gains on derivative instruments for cash flow hedge2.6 (0.8)1.8 6.1 (1.6)4.5 
Foreign currency translation adjustments(25.2) (25.2)(114.2)(5.1)(119.3)
Other comprehensive income (loss)$2.4 $(8.5)(6.1)$(100.8)$(8.5)(109.3)
Comprehensive income, net of taxes$104.0 $17.3 
 
See accompanying Notes to Condensed Consolidated Financial Statements.
6


SEALED AIR CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Stockholders’ Equity (Deficit)
(Unaudited)
(In USD millions)Common StockAdditional
Paid-in Capital
Retained EarningsCommon Stock
in Treasury
Accumulated Other
Comprehensive
Loss, Net of Taxes
Total
Stockholders’
Equity (Deficit)
Balance at December 31, 2020$23.2 $2,093.0 $2,400.7 $(3,380.9)$(963.5)$172.5 
Effect of share-based incentive compensation— (2.4)— — — (2.4)
Stock issued for profit sharing contribution paid in stock— 0.2 — 27.8 — 28.0 
Repurchases of common stock— — — (175.5)— (175.5)
Recognition of pension items, net of taxes— — — — (0.2)(0.2)
Foreign currency translation adjustments— — — — (25.2)(25.2)
Unrealized gain on derivative instruments, net of taxes— — — — 19.3 19.3 
Net earnings— — 110.1 — — 110.1 
Dividends on common stock ($0.16 per share)
— — (25.2)— — (25.2)
Balance at March 31, 2021$23.2 $2,090.8 $2,485.6 $(3,528.6)$(969.6)$101.4 
Balance at December 31, 2019$23.2 $2,073.5 $1,998.5 $(3,382.4)$(909.0)$(196.2)
Effect of share-based incentive compensation— (2.2)— — — (2.2)
Stock issued for profit sharing contribution paid in stock— (11.7)— 36.1 — 24.4 
Recognition of pension items, net of taxes— — — — 1.0 1.0 
Foreign currency translation adjustments— — — — (119.3)(119.3)
Unrealized gain on derivative instruments, net of taxes— — — — 9.0 9.0 
Net earnings— — 126.6 — — 126.6 
Dividends on common stock ($0.16 per share)
— — (25.2)— — (25.2)
Balance at March 31, 2020$23.2 $2,059.6 $2,099.9 $(3,346.3)$(1,018.3)$(181.9)

See accompanying Notes to Condensed Consolidated Financial Statements.

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SEALED AIR CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended March 31,
(In USD millions)20212020
Net earnings$110.1 $126.6 
Adjustments to reconcile net earnings to net cash provided by operating activities  
Depreciation and amortization45.5 43.1 
Share-based incentive compensation11.1 8.9 
Profit sharing expense5.8 6.0 
Provisions for bad debt0.7 1.1 
Provisions for inventory obsolescence3.2 1.8 
Deferred taxes, net0.9 3.5 
Net gain on sale of business(2.2)(12.2)
Other non-cash items3.4 2.8 
Changes in operating assets and liabilities:  
Trade receivables, net(56.0)(33.6)
Inventories, net(70.9)(27.6)
Accounts payable69.3 0.3 
Customer advance payments2.6 5.3 
Income tax receivable/payable44.4 23.1 
Other assets and liabilities(88.0)(108.1)
Net cash provided by operating activities$79.9 $41.0 
Cash flows from investing activities:  
Capital expenditures(43.9)(48.7)
Receipts associated with sale of business and property and equipment0.6 9.3 
Payments associated with debt investments(6.0) 
Investment in marketable securities 12.2 
Settlement of foreign currency forward contracts8.2 2.5 
Other investing activities0.1  
Net cash used in investing activities$(41.0)$(24.7)
Cash flows from financing activities:  
Net proceeds of short-term borrowings1.7 69.4 
Payments of long-term debt(2.8) 
Dividends paid on common stock(25.8)(25.7)
Impact of tax withholding on share-based compensation(13.7)(11.2)
Repurchases of common stock(177.1) 
Principal payments related to financing leases(2.6)(3.0)
Net cash (used in) provided by financing activities$(220.3)$29.5 
Effect of foreign currency exchange rate changes on cash and cash equivalents$2.7 $(33.6)
Cash Reconciliation:
Cash and cash equivalents548.7 262.4 
Restricted cash and cash equivalents  
Balance, beginning of period$548.7 $262.4 
Net change during the period(178.7)12.2 
Cash and cash equivalents370.0 274.6 
Restricted cash and cash equivalents  
Balance, end of period$370.0 $274.6 
Supplemental Cash Flow Information:  
Interest payments, net of amounts capitalized$43.3 $50.0 
Income tax (refunds) payments, net$(1.6)$15.9 
Restructuring payments including associated costs$5.0 $25.7 
Non-cash items:
Transfers of shares of common stock from treasury for profit-sharing contributions$28.0 $24.4 
See accompanying Notes to Condensed Consolidated Financial Statements.
8


SEALED AIR CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 1 Organization and Basis of Presentation
Organization
We are a leading global provider of packaging materials, equipment and services. Our portfolio of packaging solutions includes CRYOVAC® brand food packaging, SEALED AIR® brand protective packaging, AUTOBAG® brand automated packaging, BUBBLE WRAP® brand packaging and SEETM Automation solutions. Our packaging solutions are sold to an array of end markets including protein, foods, fluids, medical and life sciences, pet care, eCommerce and logistics, and industrials. Sealed Air provides solutions integrating packaging materials, automated equipment, and services, which enable our customers to automate, reduce waste, simplify processes, and remove people from harm's way. We are investing in innovations that bring the industry toward a more sustainable future while providing food safety and security and product protection. We have established leading market positions through our differentiated materials, equipment and services, iconic brands, well-established customer relationships and global scale and market access.
We conduct substantially all of our business through two wholly-owned subsidiaries, Cryovac, LLC and Sealed Air Corporation (US). Throughout this report, when we refer to “Sealed Air,” the “Company,” “we,” “our,” or “us,” we are referring to Sealed Air Corporation and all of our subsidiaries, except where the context indicates otherwise.
Basis of Presentation
Our Condensed Consolidated Financial Statements include all of the accounts of the Company and our subsidiaries. We have eliminated all significant intercompany transactions and balances in consolidation. In management’s opinion, all adjustments, consisting only of normal recurring accruals, necessary for a fair statement of our Condensed Consolidated Balance Sheet as of March 31, 2021 and our Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 have been made. The results set forth in our Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 and in our Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the full year. The Condensed Consolidated Balance Sheet as of December 31, 2020 was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. Some prior period amounts, including the geographic regions described below, have been reclassified to conform to the current year presentation. These reclassifications, individually and in the aggregate, did not have a material impact on our condensed consolidated financial condition, results of operations or cash flows. All amounts are in millions, except per share amounts, and approximate due to rounding. All amounts are presented in U.S. dollar, unless otherwise specified.
Our Condensed Consolidated Financial Statements were prepared in accordance with the interim reporting requirements of the SEC. As permitted under those rules, annual footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted. The preparation of Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our Condensed Consolidated Financial Statements and accompanying notes. Actual results could differ from these estimates.
We are responsible for the unaudited Condensed Consolidated Financial Statements and notes included in this report. As these are condensed financial statements, they should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (“2020 Form 10-K”) and with the information contained in our other publicly-available filings with the SEC.
When we cross reference to a “Note,” we are referring to our “Notes to Condensed Consolidated Financial Statements,” unless the context indicates otherwise.
There were no significant changes to our significant accounting policies disclosed in “Note 2 – Summary of Significant Accounting Policies and Recently Issued Accounting Standards” of our Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the SEC on February 25, 2021.
As of January 1, 2021, we consolidated the reporting of the North America and South America geographic regions, which are now collectively presented as Americas within Note 3, “Revenue Recognition, Contracts with Customers” and Note 5, “Segments.” No changes were made to EMEA or APAC. This change has no impact on our prior period consolidated results
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and is only the aggregation of the previously bifurcated continents. Where applicable, prior periods have been retrospectively adjusted to reflect the new geographic regions.
Impact of Inflation and Currency Fluctuation
Argentina
Economic and political events in Argentina have continued to expose us to heightened levels of foreign currency exchange risk. As of July 1, 2018, Argentina was designated as a highly inflationary economy under U.S. GAAP, and the U.S. dollar replaced the Argentine peso as the functional currency for our subsidiaries in Argentina. All Argentine peso-denominated monetary assets and liabilities were remeasured into U.S. dollars using the current exchange rate available to us, and any changes in the exchange rate are reflected in net foreign exchange transaction loss, within Other income, net on the Condensed Consolidated Statements of Operations. For the three months ended March 31, 2021 and 2020, the Company recorded a $1.4 million and $0.9 million remeasurement loss, respectively.
Note 2 Recently Adopted and Issued Accounting Standards
Recently Adopted Accounting Standards
In January 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”). ASU 2021-01 provides temporary optional expedients and exceptions to certain guidance in U.S. GAAP to ease the financial reporting burdens related to the expected market transition from London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The guidance is effective upon issuance, on January 7, 2021, and can be applied through December 31, 2022. This update did not have a material impact on the Company's Condensed Consolidated Financial Statements.
In January 2020, the FASB issued ASU 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323) and Derivatives and Hedging (Topic 815) - Clarifying the Interactions Between Topic 321, Topic 323, and Topic 815 (“ASU 2020-01”). ASU 2020-01 makes improvements related to accounting for certain equity securities when the equity method of accounting is applied or discontinued and provides scope considerations related to forward contracts and purchased options on certain securities. The Company adopted ASU 2020-01 on January 1, 2021. The adoption did not have a material impact on the Company's Condensed Consolidated Financial Statements.
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 eliminates certain exceptions to the guidance in Topic 740 related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes, enacted change in tax laws or rates and clarifies the accounting transactions that result in a step-up in the tax basis of goodwill. The Company adopted ASU 2019-12 on January 1, 2021. The adoption did not have a material impact on the Company's Condensed Consolidated Financial Statements.
Note 3 Revenue Recognition, Contracts with Customers
Description of Revenue Generating Activities
We employ sales, marketing and customer service personnel throughout the world who sell and market our systems, products and services to and/or through a large number of distributors, fabricators, converters, eCommerce and mail order fulfillment firms, and contract packaging firms as well as directly to end-users such as food processors, food service businesses, supermarket retailers, pharmaceutical companies, healthcare facilities, medical device manufacturers, and other manufacturers.
As discussed in Note 5, “Segments,” our reporting segments are Food and Protective. Our Food applications are largely sold directly to end customers, while our Protective products are sold through business supply distributors and directly to the end customer.
Food:
Food solutions are sold to perishable food processors in fresh red meat, smoked and processed meats, poultry, seafood, plant-based and dairy (solid and liquids) markets worldwide. Food offers integrated packaging materials and automated
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equipment solutions to increase food safety, extend shelf life, automate processes and optimize total cost. Its materials, automated equipment and service enables customers to reduce costs and enhance their brands in the marketplace.
Food solutions are utilized by food service businesses (such as restaurants and entertainment venues) (“food service”) and food retailers (such as grocery stores and supermarkets) (“food retail”), among others. Solutions serving the food service market include products such as barrier bags and pouches, and are primarily marketed under the CRYOVAC® trademark and other highly recognized trade names including CRYOVAC® brand Barrier Bags, CRYOVAC® brand Form-Fill-Seal Films, and CRYOVAC® brand Auto Pouch System. Solutions serving the food retail market include products such as barrier bags, film, and trays, and are primarily marketed under the CRYOVAC® trademark and other highly recognized trade names including CRYOVAC® brand Grip & TearTM, CRYOVAC® brand Darfresh®, OptiDure™, Simple Steps®, and CRYOVAC® brand Barrier Bags.
Protective:
Protective packaging solutions are utilized across many global markets to protect goods during transit and are especially valuable to eCommerce, consumer goods, pharmaceutical and medical devices and industrial manufacturing. Protective solutions are designed to increase our customers' packaging velocity, minimize packaging waste, reduce labor dependencies and address dimensional weight challenges.
Protective solutions are sold through a strategic network of distributors as well as directly to our customers, including, but not limited to, fabricators, original equipment manufacturers, contract manufacturers, logistics partners and eCommerce/fulfillment operations. Protective solutions are marketed under SEALED AIR® brand, BUBBLE WRAP® brand, AUTOBAG® brand and other highly recognized trade names and product families including BUBBLE WRAP® brand inflatable packaging, SEALED AIR® brand performance shrink films, AUTOBAG® brand bagging systems, Instapak® polyurethane foam packaging solutions and Korrvu® suspension and retention packaging. In addition, we provide temperature assurance packaging solutions under the KevothermalTM and TempGuardTM brands.
Revenue Recognition
Revenue from contracts with customers is recognized upon transfer of control to the customer. Revenue for materials and equipment sales is recognized based on shipping terms, which is the point in time the customer obtains control of the promised goods. Maintenance revenue is recognized straight-line on the basis that the level of effort is consistent over the term of the contract.
The transaction price is allocated to each standalone performance obligation in the contract based on observable selling prices or one of the following three methods: an adjusted market assessment approach, expected cost plus a margin approach, or residual approach. We include in the transaction price some or all of an amount of variable consideration estimated to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.
Charges for rebates and other allowances are recognized as a deduction from revenue on an accrual basis in the period in which the associated revenue is recorded. Revenue recognized for the three months ended March 31, 2021 and 2020 from performance obligations satisfied in previous reporting periods was a reduction of $0.2 million and an increase of $1.0 million, respectively.
The Company does not adjust consideration in contracts with customers for the effects of a significant financing component if the Company expects that the period between transfer of a good or service and payment for that good or service will be one year or less. This is expected to be the case for the majority of the Company's contracts.

Lease components within contracts with customers are recognized in accordance with ASC 842.
Disaggregated Revenue
For the three months ended March 31, 2021 and 2020, revenues from contracts with customers summarized by Segment and Geography were as follows:
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Three Months Ended March 31, 2021
(In millions)FoodProtectiveTotal
Americas$434.8 $348.1 $782.9 
EMEA151.9 128.5 280.4 
APAC109.9 86.8 196.7 
Topic 606 Segment Revenue696.6 563.4 1,260.0 
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)5.6 1.5 7.1 
Total$702.2 $564.9 $1,267.1 


Three Months Ended March 31, 2020
(In millions)FoodProtectiveTotal
Americas$450.6 $311.9 $762.5 
EMEA141.7 103.5 245.2 
APAC93.9 66.7 160.6 
Topic 606 Segment Revenue686.2 482.1 1,168.3 
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)4.1 1.5 5.6 
Total$690.3 $483.6 $1,173.9 


Contract Balances
The time between when a performance obligation is satisfied and when billing and payment occur is closely aligned, with the exception of equipment accruals. An equipment accrual is a contract offering, whereby a customer is incentivized to use a portion of the materials transaction price for future equipment purchases. Long-term contracts that include an equipment accrual create a timing difference between when cash is collected and when the performance obligation is satisfied, resulting in a contract liability (unearned revenue). The following contract assets and liabilities are included within Prepaid expenses and other current assets, Other current liabilities, or Other non-current liabilities in our Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020:
(In millions)March 31, 2021December 31, 2020
Contract assets$1.3 $1.4 
Contract liabilities$18.6 $20.3 
The contract liability balances represent deferred revenue, primarily related to equipment accruals. Revenue recognized in the three months ended March 31, 2021 and 2020 that was included in the contract liability balance at the beginning of the period was $5.8 million and $4.9 million, respectively. This revenue was driven primarily by equipment performance obligations being satisfied.
Remaining Performance Obligations
The following table summarizes the estimated transaction price from contracts with customers allocated to performance obligations or portions of performance obligations that have not yet been satisfied as of March 31, 2021, as well as the expected timing of recognition of that transaction price.
(In millions)March 31, 2021December 31, 2020
Short-Term (12 months or less)(1)
$15.9 $7.3 
Long-Term2.7 13.0 
Total transaction price$18.6 $20.3 

(1) The table above does not include the transaction price of any remaining performance obligations that are part of the contracts with expected durations of one year or less.    
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Note 4 Leases
Lessor
Sealed Air has contractual obligations as a lessor with respect to some of our equipment solutions including 'free on loan' equipment and leased equipment, both sales-type and operating. The consideration in a contract that contains both lease and non-lease components is allocated based on the standalone selling price.
Our contractual obligations for operating leases can include termination and renewal options. Our contractual obligations for sales-type leases tend to have fixed terms and can include purchase options. We utilize the reasonably certain threshold criteria in determining which options our customers will exercise.
All lease payments are primarily fixed in nature and therefore captured in the lease receivable. Our lease receivable balances at March 31, 2021 and December 31, 2020 were as follows:

(in millions)March 31, 2021December 31, 2020
Short-Term (12 months or less)$5.3 $5.4 
Long-Term11.2 11.9 
Total lease receivables (Sales-type and Operating)$16.5 $17.3 
Lessee
Sealed Air has contractual obligations as a lessee with respect to warehouses, offices, manufacturing facilities, IT equipment, automobiles, and material production equipment.
The following table details our lease obligations included in our Condensed Consolidated Balance Sheets.
(in millions)March 31, 2021December 31, 2020
Other non-current assets:
Finance leases - ROU assets$56.2 $58.2 
Finance leases - Accumulated depreciation(22.3)(22.6)
Operating lease right-of-use-assets:
Operating leases - ROU assets129.1 127.4 
Operating leases - Accumulated depreciation(58.9)(51.3)
Total lease assets$104.1 $111.7 
Current portion of long-term debt:
Finance leases$(10.3)(10.5)
Current portion of operating lease liabilities:
Operating leases (23.8)(24.3)
Long-term debt, less current portion:
Finance leases(22.4)(23.9)
Long-term operating lease liabilities, less current portion:
Operating leases(48.3)(53.2)
Total lease liabilities$(104.8)$(111.9)
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At March 31, 2021, estimated future minimum annual rental commitments under non-cancelable real and personal property leases were as follows:
(in millions)Finance leasesOperating leases
Remainder of 2021$9.1 $20.2 
20229.1 20.3 
20234.5 14.1 
20242.3 9.1 
20251.9 6.4 
Thereafter11.9 11.0 
Total lease payments38.8 81.1 
Less: Interest(6.1)(9.0)
Present value of lease liabilities$32.7 $72.1 
The following lease cost is included in our Condensed Consolidated Statements of Operations:

Three Months Ended
March 31,
(in millions)20212020
Lease cost(1)
Finance leases
Amortization of ROU assets$2.6 $2.7 
Interest on lease liabilities0.4 0.5 
Operating leases7.7 8.1 
Short-term lease cost1.1 0.9 
Variable lease cost1.9 1.6 
Total lease cost$13.7 $13.8 


(1) With the exception of Interest on lease liabilities, we record lease costs to Cost of sales or Selling, general and administrative expenses on the Condensed Consolidated Statements of Operations, depending on the use of the leased asset. Interest on lease liabilities is recorded to Interest expense, net on the Condensed Consolidated Statements of Operations.
Three Months Ended
March 31,
(in millions)20212020
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - finance leases$1.8 $1.4 
Operating cash flows - operating leases$8.0 $8.8 
Financing cash flows - finance leases$2.6 $3.0 
ROU assets obtained in exchange for new finance lease liabilities$1.1 $3.4 
ROU assets obtained in exchange for new operating lease liabilities$2.4 $3.3 

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Three Months Ended
March 31,
20212020
Weighted average information:
Finance leases
Remaining lease term (in years)6.16.2
Discount rate4.8 %