Sealed Air Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Sealed Air Corp. filed its Q1 2024 10-Q report, detailing financial performance and corporate information.</b>

AI Summary

SEALED AIR CORP/DE (SEE) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Sealed Air Corp. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located in Charlotte, NC. Sealed Air Corp. was formerly known as WR Grace & Co/DE. The SIC code for the company is 2820 (Plastic Material, Syn Res/Rubber, Cellulos).

Why It Matters

For investors and stakeholders tracking SEALED AIR CORP/DE, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial results and operational updates for Sealed Air Corp. Understanding the details within this report is crucial for assessing the company's current financial health and future prospects.

Risk Assessment

Risk Level: low — SEALED AIR CORP/DE shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediately apparent negative or unusually positive financial indicators, suggesting a routine disclosure.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand the drivers of the company's Q1 2024 results.

Key Numbers

• 2024-03-31 — Period of Report (Quarterly Report)
• 2024-01-01 — Quarter Start Date (Q1 2024)
• 2023-01-01 — Prior Year Q1 Start Date (Q1 2023)
• 1996-10-15 — Date of Name Change (From WR Grace & Co/DE)

Key Players & Entities

• SEALED AIR CORP/DE (company) — Filer
• 2024-03-31 (date) — Period of Report
• 2024-05-02 (date) — Filed as of date
• Charlotte, NC (location) — Business Address
• WR GRACE & CO/DE (company) — Former Company Name

FAQ

Industry Context

Sealed Air Corp. operates in the packaging and container industry, providing solutions for various sectors.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Examine segment information to understand performance across different business units.
3. Review any disclosed risk factors or management discussion and analysis for forward-looking insights.

Key Dates

• 2024-03-31: Period End Date — End of the first fiscal quarter of 2024.
• 2024-05-02: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, following the 2023 annual report (10-K).

Key Financial Figures

• $0.10 — ich Registered Common Stock, par value $0.10 per share SEE New York Stock Exchange

Filing Documents

• see-20240331.htm (10-Q) — 2087KB
• q12024ex311.htm (EX-31.1) — 7KB
• q12024ex312.htm (EX-31.2) — 7KB
• q12024ex32.htm (EX-32) — 9KB
• 0001628280-24-020037.txt (&nbsp;) — 13201KB
• see-20240331.xsd (EX-101.SCH) — 94KB
• see-20240331_cal.xml (EX-101.CAL) — 193KB
• see-20240331_def.xml (EX-101.DEF) — 456KB
• see-20240331_lab.xml (EX-101.LAB) — 1011KB
• see-20240331_pre.xml (EX-101.PRE) — 756KB
• see-20240331_htm.xml (XML) — 2424KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial statements

Financial statements Condensed Consolidated Balance Sheets — March 31, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements Note 1 Organization and Basis of Presentation 9 Note 2 Recently Adopted and Issued Accounting Standards 10 Note 3 Revenue Recognition, Contracts with Customers 11 Note 4 Leases 13 Note 5 Acquisitions 15 Note 6 Segments 17 Note 7 Inventories, net 20 Note 8 Property and Equipment, net 20 Note 9 Goodwill and Identifiable Intangible Assets, net 20 Note 10 Accounts Receivable Securitization Programs 21 Note 11 Accounts Receivable Factoring Agreements 23 Note 12 Restructuring Activities 23 Note 13 Debt and Credit Facilities 24 Note 14 Derivatives and Hedging Activities 26 Note 15 Fair Value Measurements, Equity Investments and Other Financial Instruments 29 Note 16 Defined Benefit Pension Plans and Other Post-Employment Benefit Plans 31 Note 17 Income Taxes 32 Note 18 Commitments and Contingencies 32 Note 19 Stockholders' Equity 33 Note 20 Accumulated Other Comprehensive Loss 36 Note 21 Other Expense, net 37 Note 22 Net Earnings Per Common Share 37

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 38

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 55

Controls and Procedures

Item 4. Controls and Procedures 57

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 58

Risk Factors

Item 1A. Risk Factors 58

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58

Other Information

Item 5. Other Information 58

Exhibits

Item 6. Exhibits 59 Signature 60 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 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 of acquisitions, 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, including recessionary and inflationary pressu

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View this 10-Q filing on SEC EDGAR