Exhibit 99.1
SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
REVISED SEGMENT INFORMATION(1)
(unaudited)
The following tables set forth the revised financial information by segment:
| 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year Ended | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year Ended | Year Ended | ||||||||||||||||||||||||||||||||||
Net Trade Sales: | ||||||||||||||||||||||||||||||||||||||||||||
Food Care | $ | 903.1 | $ | 947.0 | $ | 951.0 | $ | 1,013.1 | $ | 3,814.2 | $ | 895.4 | $ | 923.3 | $ | 936.2 | $ | 989.1 | $ | 3,744.0 | $ | 3,242.3 | ||||||||||||||||||||||
As a % of Total Company net trade sales | 49.4 | % | 48.9 | % | 49.7 | % | 50.3 | % | 49.6 | % | 49.1 | % | 48.5 | % | 49.8 | % | 50.6 | % | 49.5 | % | 59.3 | % | ||||||||||||||||||||||
Diversey Care | 512.9 | 570.0 | 532.0 | 545.9 | 2,160.8 | 510.3 | 560.7 | 527.2 | 533.7 | 2,131.9 | 534.6 | |||||||||||||||||||||||||||||||||
As a % of Total Company net trade sales | 28.0 | % | 29.4 | % | 27.8 | % | 27.1 | % | 28.1 | % | 28.0 | % | 29.5 | % | 28.1 | % | 27.3 | % | 28.2 | % | 9.8 | % | ||||||||||||||||||||||
Product Care | 387.2 | 394.8 | 403.1 | 424.9 | 1,610.0 | 391.7 | 391.2 | 389.4 | 408.1 | 1,580.4 | 1,595.0 | |||||||||||||||||||||||||||||||||
As a % of Total Company net trade sales | 21.2 | % | 20.4 | % | 21.1 | % | 21.1 | % | 20.9 | % | 21.5 | % | 20.6 | % | 20.7 | % | 20.9 | % | 20.9 | % | 29.2 | % | ||||||||||||||||||||||
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Total Reportable Segments Net Sales | 1,803.2 | 1,911.8 | 1,886.1 | 1,983.9 | 7,585.0 | 1,797.4 | 1,875.2 | 1,852.8 | 1,930.9 | 7,456.3 | 5,371.9 | |||||||||||||||||||||||||||||||||
Other | 25.7 | 25.6 | 25.9 | 28.6 | 105.8 | 25.4 | 26.7 | 25.8 | 25.0 | 102.9 | 95.4 | |||||||||||||||||||||||||||||||||
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Total Company Net Trade Sales | $ | 1,828.9 | $ | 1,937.4 | $ | 1,912.0 | $ | 2,012.5 | $ | 7,690.8 | $ | 1,822.8 | $ | 1,901.9 | $ | 1,878.6 | $ | 1,955.9 | $ | 7,559.2 | $ | 5,467.3 | ||||||||||||||||||||||
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Adjusted EBITDA: | ||||||||||||||||||||||||||||||||||||||||||||
Food Care | $ | 145.7 | $ | 148.2 | $ | 160.6 | $ | 159.4 | $ | 613.9 | $ | 138.3 | $ | 119.6 | $ | 151.5 | $ | 168.3 | $ | 577.7 | $ | 532.3 | ||||||||||||||||||||||
Adjusted EBITDA Margin | 16.1 | % | 15.6 | % | 16.9 | % | 15.7 | % | 16.1 | % | 15.4 | % | 13.0 | % | 16.2 | % | 17.0 | % | 15.4 | % | 16.4 | % | ||||||||||||||||||||||
Diversey Care | 42.6 | 73.3 | 60.7 | 60.7 | 237.3 | 46.5 | 56.2 | 61.1 | 54.1 | 217.9 | 39.8 | |||||||||||||||||||||||||||||||||
Adjusted EBITDA Margin | 8.3 | % | 12.9 | % | 11.4 | % | 11.1 | % | 11.0 | % | 9.1 | % | 10.0 | % | 11.6 | % | 10.1 | % | 10.2 | % | 7.4 | % | ||||||||||||||||||||||
Product Care | 62.6 | 61.3 | 69.4 | 71.2 | 264.5 | 64.6 | 61.3 | 68.7 | 72.8 | 267.4 | 263.1 | |||||||||||||||||||||||||||||||||
Adjusted EBITDA Margin | 16.2 | % | 15.5 | % | 17.2 | % | 16.8 | % | 16.4 | % | 16.5 | % | 15.7 | % | 17.6 | % | 17.8 | % | 16.9 | % | 16.5 | % | ||||||||||||||||||||||
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Total Reportable Segments Adjusted EBITDA | 250.9 | 282.8 | 290.7 | 291.3 | 1,115.7 | 249.4 | 237.1 | 281.3 | 295.2 | 1,063.0 | 835.2 | |||||||||||||||||||||||||||||||||
Other | (19.5 | ) | (20.6 | ) | (14.2 | ) | (23.4 | ) | (77.7 | ) | (21.0 | ) | (24.4 | ) | (12.2 | ) | (24.7 | ) | (82.3 | ) | (79.3 | ) | ||||||||||||||||||||||
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Non-U.S. GAAP Total Company Adjusted EBITDA | $ | 231.4 | $ | 262.2 | $ | 276.5 | $ | 267.9 | $ | 1,038.0 | $ | 228.4 | $ | 212.7 | $ | 269.1 | $ | 270.5 | $ | 980.7 | $ | 755.9 | ||||||||||||||||||||||
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Adjusted EBITDA Margin | 12.7 | % | 13.5 | % | 14.5 | % | 13.3 | % | 13.5 | % | 12.5 | % | 11.2 | % | 14.3 | % | 13.8 | % | 13.0 | % | 13.8 | % | ||||||||||||||||||||||
Items to reconcile Non-U.S. GAAP Total Company Adjusted EBITDA to U.S. GAAP Net Earnings (Loss) from Continuing Operations:
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Depreciation and amortization(2) | (79.5 | ) | (81.8 | ) | (72.7 | ) | (73.5 | ) | (307.5 | ) | (83.6 | ) | (80.2 | ) | (81.2 | ) | (72.1 | ) | (317.1 | ) | (208.3 | ) | ||||||||||||||||||||||
Special items(3) : | ||||||||||||||||||||||||||||||||||||||||||||
Write-down of non-strategic assets included in depreciation and amortization(2) | — | 5.0 | — | 0.3 | 5.3 | 5.4 | 0.1 | (0.3 | ) | (4.4 | ) | 0.8 | — | |||||||||||||||||||||||||||||||
Restructuring and other charges(4) | 0.2 | (11.9 | ) | (49.5 | ) | (12.6 | ) | (73.8 | ) | (47.0 | ) | (26.3 | ) | (36.8 | ) | (32.4 | ) | (142.5 | ) | (52.2 | ) | |||||||||||||||||||||||
Other restructuring associated costs included in cost of sales and selling general and administrative expenses | (5.9 | ) | (10.7 | ) | (8.3 | ) | (7.1 | ) | (32.0 | ) | (13.3 | ) | (11.5 | ) | (4.2 | ) | (9.9 | ) | (38.9 | ) | (3.9 | ) | ||||||||||||||||||||||
SARs | (18.0 | ) | (0.1 | ) | (8.7 | ) | (11.3 | ) | (38.1 | ) | (11.8 | ) | 9.1 | (2.9 | ) | (12.8 | ) | (18.4 | ) | — | ||||||||||||||||||||||||
Costs related to the acquisition and integration of Diversey | (0.4 | ) | — | (0.3 | ) | (0.4 | ) | (1.1 | ) | (1.8 | ) | (1.7 | ) | (1.3 | ) | (2.6 | ) | (7.4 | ) | (64.8 | ) | |||||||||||||||||||||||
Impairment of goodwill and other intangible assets | — | — | — | — | — | — | — | (1,334.3 | ) | (558.0 | ) | (1,892.3 | ) | — | ||||||||||||||||||||||||||||||
Impairment of equity method investment in 2013 and 2012 including related bad debt write-down of $2.3 million in 2012 | — | —�� | (2.1 | ) | — | (2.1 | ) | — | (25.8 | ) | — | — | (25.8 | ) | — | |||||||||||||||||||||||||||||
Foreign currency exchange losses related to Venezuelan subsidiaries | (13.1 | ) | (0.5 | ) | 0.7 | (0.2 | ) | (13.1 | ) | (0.1 | ) | (0.1 | ) | (0.1 | ) | (0.1 | ) | (0.4 | ) | (0.3 | ) | |||||||||||||||||||||||
Loss on debt redemption | (32.3 | ) | (0.1 | ) | — | (3.9 | ) | (36.3 | ) | — | — | — | (36.9 | ) | (36.9 | ) | — | |||||||||||||||||||||||||||
Settlement agreement related costs included in other expense, net | (0.1 | ) | (0.2 | ) | (0.3 | ) | (0.4 | ) | (1.0 | ) | (0.1 | ) | (0.1 | ) | (0.4 | ) | (0.1 | ) | (0.7 | ) | (0.9 | ) | ||||||||||||||||||||||
Additional cost of sales for the step-up in inventories, net related to the Diversey acquisition in 2011 | — | — | — | — | — | — | — | — | — | — | (10.8 | ) | ||||||||||||||||||||||||||||||||
Legacy Diversey non-recurring charges in 2011 | — | — | — | — | — | — | — | — | — | — | (12.6 | ) | ||||||||||||||||||||||||||||||||
Gain on sale of facility in 2011 | — | — | — | — | — | — | — | — | — | — | 3.9 | |||||||||||||||||||||||||||||||||
Interest expense | (90.8 | ) | (89.7 | ) | (88.9 | ) | (91.6 | ) | (361.0 | ) | (97.3 | ) | (97.3 | ) | (96.6 | ) | (93.5 | ) | (384.7 | ) | (216.6 | ) | ||||||||||||||||||||||
Other expense, net | — | — | (0.1 | ) | 0.5 | 0.4 | 0.2 | — | 0.1 | 0.7 | 1.0 | — | ||||||||||||||||||||||||||||||||
Income tax provision (benefit) | (9.2 | ) | 17.9 | 11.2 | 64.1 | 84.0 | (10.9 | ) | 1.5 | (48.9 | ) | (206.4 | ) | (264.7 | ) | 56.7 | ||||||||||||||||||||||||||||
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U.S. GAAP net earnings (loss) from continuing operations | $ | 0.7 | $ | 54.3 | $ | 35.1 | $ | 3.6 | $ | 93.7 | $ | (10.1 | ) | $ | (22.6 | ) | $ | (1,240.0 | ) | $ | (345.2 | ) | $ | (1,617.9 | ) | $ | 132.7 | |||||||||||||||||
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(1) The revised results include the results of Diversey beginning October 3, 2011 (date of acquisition). All results prior to October 3, 2011 include legacy Sealed Air results only. All results are reported on a continuing operations basis, excluding the rigid medical packaging business, which we sold in 2013 and Diversey Japan, which we sold in 2012. There has been no change in our total consolidated financial condition or results of operations previously reported. (2) Depreciation and amortization by segment is as follows:
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Food Care | $ | 30.2 | $ | 29.2 | $ | 29.9 | $ | 29.1 | $ | 118.4 | $ | 35.0 | $ | 35.7 | $ | 33.4 | $ | 35.9 | $ | 140.0 | $ | 113.7 | ||||||||||||||||||||||
Diversey Care | 34.7 | 33.4 | 30.9 | 33.3 | 132.3 | 30.7 | 31.3 | 32.7 | 32.9 | 127.6 | 34.7 | |||||||||||||||||||||||||||||||||
Product Care | 9.7 | 9.7 | 9.4 | 9.4 | 38.2 | 9.3 | 9.4 | 9.8 | 9.4 | 37.9 | 40.9 | |||||||||||||||||||||||||||||||||
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Total reportable segments | 74.6 | 72.3 | 70.2 | 71.8 | 288.9 | 75.0 | 76.4 | 75.9 | 78.2 | 305.5 | 189.3 | |||||||||||||||||||||||||||||||||
Other (includes write-down of non-strategic assets) | 4.9 | 9.5 | 2.5 | 1.7 | 18.6 | 8.6 | 3.8 | 5.3 | (6.1 | ) | 11.6 | 19.0 | ||||||||||||||||||||||||||||||||
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Total Company depreciation and amortization | $ | 79.5 | $ | 81.8 | $ | 72.7 | $ | 73.5 | $ | 307.5 | $ | 83.6 | $ | 80.2 | $ | 81.2 | $ | 72.1 | $ | 317.1 | $ | 208.3 | ||||||||||||||||||||||
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(3) Includes items we consider unusual or special items. See above for further information of this non-U.S. GAAP financial measure.
(4) Restructuring and other charges by segment is as follows:
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Food Care | $ | (1.4 | ) | $ | 4.9 | $ | 16.4 | $ | 5.2 | $ | 25.1 | $ | 35.7 | $ | 20.0 | $ | 26.6 | $ | (10.3 | ) | $ | 72.0 | $ | 13.1 | ||||||||||||||||||||
Diversey Care | (0.8 | ) | 5.7 | 21.4 | 5.9 | 32.2 | 4.9 | 2.7 | 6.5 | 39.0 | 53.1 | 39.5 | ||||||||||||||||||||||||||||||||
Product Care | 2.0 | 1.2 | 10.4 | 2.8 | 16.4 | 6.2 | 3.4 | 1.4 | 5.7 | 16.7 | (0.4 | ) | ||||||||||||||||||||||||||||||||
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Total reportable segments | (0.2 | ) | 11.8 | 48.2 | 13.9 | 73.7 | 46.8 | 26.1 | 34.5 | 34.4 | 141.8 | 52.2 | ||||||||||||||||||||||||||||||||
Other | — | 0.1 | 1.3 | (1.3 | ) | 0.1 | 0.2 | 0.2 | 2.3 | (2.0 | ) | 0.7 | — | |||||||||||||||||||||||||||||||
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Total Company restructuring and other charges | $ | (0.2 | ) | $ | 11.9 | $ | 49.5 | $ | 12.6 | $ | 73.8 | $ | 47.0 | $ | 26.3 | $ | 36.8 | $ | 32.4 | $ | 142.5 | $ | 52.2 | |||||||||||||||||||||
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