Sealed Air Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Sealed Air Corp. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

SEALED AIR CORP/DE (SEE) filed a Annual Report (10-K) with the SEC on February 27, 2024. Sealed Air Corp. filed its 2023 Form 10-K on February 27, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located in Charlotte, NC. Sealed Air Corp. was incorporated in Delaware. The SIC code for the company is 2820 (Plastic Material, Syn Resins/Rubber, Cellul (No Glass)).

Why It Matters

For investors and stakeholders tracking SEALED AIR CORP/DE, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Sealed Air's financial health, operational strategies, and risk factors for the past fiscal year, which is crucial for investors and stakeholders to assess the company's performance and future outlook. As a public company, Sealed Air is required to submit this annual report to the SEC, ensuring transparency and providing essential information for market participants to make informed investment decisions.

Risk Assessment

Risk Level: medium — SEALED AIR CORP/DE shows moderate risk based on this filing. The company operates in the chemicals and plastics industry, which can be subject to cyclical demand, raw material price volatility, and increasing regulatory scrutiny regarding environmental impact, posing medium-term risks.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Sealed Air's performance drivers and potential challenges in the upcoming fiscal year.

Key Numbers

• 2023 — Fiscal Year (Conformed period of report)
• 1231 — Fiscal Year End (Fiscal year end)
• 2820 — SIC Code (Standard Industrial Classification)
• 001-12139 — SEC File Number (SEC file number)

Key Players & Entities

• SEALED AIR CORP/DE (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240227 (date) — Filed as of date
• 0001012100 (company) — Central Index Key
• DE (jurisdiction) — State of incorporation
• CHARLOTTE (location) — Business address city
• NC (location) — Business address state
• 28208 (postal_code) — Business address zip

FAQ

Industry Context

Sealed Air operates within the packaging and industrial materials sector, providing solutions for food, beverage, medical, and industrial applications.

Regulatory Implications

As a publicly traded company, Sealed Air is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Review Sealed Air's detailed financial statements for the fiscal year ended December 31, 2023.
2. Analyze the risk factors section to understand potential challenges and uncertainties facing the company.
3. Examine any disclosures regarding business operations, legal proceedings, or executive compensation.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-27: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the annual 10-K report for the fiscal year 2023, following previous quarterly (10-Q) and annual (10-K) filings.

Key Financial Figures

• $0.10 — ich Registered Common Stock, par value $0.10 per share SEE New York Stock Exchange
• $5.5 b — on. In 2023, we generated net sales of $5.5 billion, net earnings from continuing ope
• $339 m — earnings from continuing operations of $339 million, and net cash provided by operati
• $516 million — ash provided by operating activities of $516 million. Please refer to Part II, Item 8, "Fina
• $140 — 2023 and targets annualized savings of $140 to $160 million by the end of 2025. The
• $160 million — d targets annualized savings of $140 to $160 million by the end of 2025. The CTO2Grow Progra
• $97 million — ur research and development expense was $97 million in 2023, $103 million in 2022 and $100
• $103 million — opment expense was $97 million in 2023, $103 million in 2022 and $100 million in 2021. As we
• $100 million — llion in 2023, $103 million in 2022 and $100 million in 2021. As we progress in the CTO2Grow

Filing Documents

• see-20231231.htm (10-K) — 4332KB
• q42023exhibit108.htm (EX-10.8) — 7KB
• q42023exhibit21.htm (EX-21) — 66KB
• q42023exhibit231.htm (EX-23.1) — 3KB
• q42023ex311.htm (EX-31.1) — 8KB
• q42023ex312.htm (EX-31.2) — 8KB
• q42023ex32.htm (EX-32) — 10KB
• q42023seeclawbackpolicyex97.htm (EX-97) — 39KB
• see-20231231_g1.jpg (GRAPHIC) — 1591KB
• see-20231231_g2.jpg (GRAPHIC) — 123KB
• 0001628280-24-007271.txt (&nbsp;) — 29450KB
• see-20231231.xsd (EX-101.SCH) — 155KB
• see-20231231_cal.xml (EX-101.CAL) — 260KB
• see-20231231_def.xml (EX-101.DEF) — 978KB
• see-20231231_lab.xml (EX-101.LAB) — 1793KB
• see-20231231_pre.xml (EX-101.PRE) — 1414KB
• see-20231231_htm.xml (XML) — 5041KB

Risk Factors

Item 1A. Risk Factors 11

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 23

Cybersecurity

Item 1C. Cybersecurity 23

Properties

Item 2. Properties 26

Legal Proceedings

Item 3. Legal Proceedings 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 28 Information About Our Executive Officers 29 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31

[Reserved]

Item 6. [Reserved] 34

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 35

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 63

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 67

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 137

Controls and Procedures

Item 9A. Controls and Procedures 137

Other Information

Item 9B. Other Information 137

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 138 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 139

Executive Compensation

Item 11. Executive Compensation 139

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 139

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 139

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 139 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 140

Form 10-K Summary

Item 16. Form 10-K Summary 146

Signatures

Signatures 147 1 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 and 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, expectations regarding future impacts resulting from the Liquibox (as defined in Note 5 to our Consolidated Financial Statements included in Part II, Item 8 of this report) acquisition, 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. Please refer to Part I, Item 1A, "Risk Factors" for important factors that we believe could cause actual results to differ m

Business

Item 1. Business The Company: SEE Our Purpose We are in business to protect, to solve critical packaging challenges, and to make our world better than we find it. Sealed Air Corporation ("SEE", "Sealed Air", or the "Company", also referred to as "we", "us", or "our") is a leading global provider of packaging solutions that integrate sustainable, high-performance materials, automation, equipment and services. SEE designs, manufactures and delivers packaging solutions that preserve food, protect goods and automate packaging processes. We deliver our packaging solutions to an array of end markets including fresh proteins, foods, fluids and liquids, medical and life science, e-commerce retail, logistics and omnichannel fulfillment operations, and industrials. In February 2023, we acquired Liquibox and expanded our product offerings to liquid packaging and dispensing solutions for food, beverage, consumer goods and industrial end markets. Our portfolio of solutions includes leading brands such as CRYOVAC brand food packaging, LIQUIBOX brand liquids systems, SEALED AIR brand protective packaging, AUTOBAG brand automated packaging systems and BUBBLE WRAP brand packaging. We have two reportable segments, Food and Protective. Liquibox is included in our Food reporting segment. Refer to "Reportable Segments" below for additional information. In 2023, we generated net sales of $5.5 billion, net earnings from continuing operations of $339 million, and net cash provided by operating activities of $516 million. Please refer to Part II, Item 8, "Financial Statements and Supplementary Data" for financial information about the Company and its subsidiaries, which is incorporated herein by reference. Our Vision To become a world-class sustainable automated packaging solutions provider, partnering with our customers to solve their most critical food and protective packaging needs Our strategy focuses on creating long-term, value-added partnerships with our customers to a

View Full Filing

View this 10-K filing on SEC EDGAR