SEALED AIR CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements (Continued) (Amounts in tables in millions of dollars, except share and per share data) Note 16 Shareholders’ Equity (Continued) directors elected at times other than at an annual meeting, at a price per share equal to the par value of the shares, as all or part of the annual or interim retainer fees for non-employee directors.
During 2002, the Company adopted a plan that permits non-employee directors to elect to defer all or part of their annual retainer until the non-employee director retires from the Board.
The non-employee director can elect to defer the portion of the annual retainer payable in shares of stock.
If a non-employee director makes this election, the non-employee director may also elect to defer the portion, if any, of the annual retainer payable in cash.
The Company charges the excess of fair value over the price at which shares are issued under this plan to operations at the date of the grant.
This charge is included in marketing, administrative and development expenses and amounted to $0.3 million in 2004, $0.3 million in 2003 and $0.4 million in 2002.
A summary of the changes in shares available for the Contingent Stock Plan and the Directors Stock Plan follows:
## Table 0 ##
Other Common Stock Issuances During 2004 the Company issued 50,000 shares of its common stock, par value $0.10 per share, to a non-employee under an intellectual property purchase agreement as prepaid royalties under that agreement.
These shares vest ratably over a five-year period.
Amortization expense related to the issuance of 60,000 and 50,000 shares in 2000 and 1999, respectively, of the Company’s common stock in exchange for non-employee consulting services was $0.4 million, $0.8 million and $1.6 million, in 2004, 2003 and 2002, respectively.
These shares vest ratably over a three-to five-year period.
The Company amortizes the cost associated with these shares on a straight-line basis.
Redeemable Preferred Stock—Series A Convertible Preferred Stock On July 18, 2003, the Company used cash of $1,298.1 million, including net proceeds of the Company’s July 2003 senior notes offering of $1,261.1 million, to redeem all the outstanding shares of its Series A convertible preferred stock at their redemption price of $51.00 per share.
The $51.00 per share redemption price included a $1.00 per share redemption premium, or $25.5 million in the aggregate.
The $25.5 million paid for the redemption premium reduced shareholders’ equity and net earnings ascribed to common shareholders in 2003.
into 0.885 shares of the Company’s common stock.
These authorizations compose a single program, which has no set expiration date.
As of the close of business on December 31, 2004, approximately 16,977,000 shares of the Company’s common stock were authorized to be repurchased under this program, approximately 11,897,000 shares had been repurchased (including preferred shares on an as-converted basis), leaving approximately 5,080,000 shares of common stock authorized for repurchase under the program.
Item 6.
Selected Financial Data
## Table 1 ##
(1) In November 2002, the Company reached an agreement in principle with the appropriate parties to resolve all current and future asbestos-related claims made against it and its affiliates in connection with the Cryovac transaction.
The parties signed a definitive settlement agreement as of November 10, 2003 consistent with the terms of the agreement in principle.
In connection with this settlement, the Company recorded a pre-tax charge of $850.1 million in the consolidated statement of operations in 2002, which resulted in the Company’s net loss for the year ended December 31, 2002.
See Note 19 to the Consolidated Financial Statements.
(2) Beginning January 1, 2002, in accordance with Statement of Financial Accounting Standards (‘‘SFAS’’) No.142, the Company stopped recording amortization expense related to goodwill.
Goodwill amortization expense was $57.0 million in 2001 and $51.8 million in 2000.
See Note 8 to the Consolidated Financial Statements.
(3) In the fourth quarter of 2004, the Company incurred restructuring and other charges of $33.0 million relating to global profit improvement initiatives implemented to improve the Company’s operating efficiencies and cost structure.
In 2001, the Company recorded restructuring charges of $32.8 million.
See Note 11 to the Consolidated Financial Statements.
Foreign Operations We operate through our subsidiaries in the United States and in the 50 other countries listed below, and our products are distributed in these countries as well as in other parts of the world.
## Table 2 ##
In maintaining our foreign operations, we face risks inherent in these operations, such as currency fluctuations.
Information on currency exchange risk appears in Part II, Item 7A of this Annual Report on Form 10-K, which information is incorporated herein by reference.
Other risks attendant to our foreign operations are set forth in Part I, Item 1A, ‘‘Risk Factors,’’ of this Annual Report on Form 10-K, which information is incorporated herein by reference.
Financial information showing net sales and total long-lived assets by geographic region for each of the three years ended December 31, 2009 appears in Note 3, ‘‘Segments,’’ of Notes to Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K, which information is incorporated herein by reference.
We maintain programs to comply with the various laws, rules and regulations related to the protection of the environment that we may be subject to in the many countries in which we operate.
See ‘‘Environmental Matters,’’ below.
Employees As of December 31, 2009, we had approximately 16,200 employees worldwide.
Approximately 6,800 of these employees were in the U. S. , with approximately 100 of these employees covered by collective bargaining agreements.
Of the approximately 9,400 employees who were outside the U. S. , approximately 6,200 were covered by collective bargaining agreements.
Outside of the U. S. , many of the covered employees are represented by works councils or industrial boards, as is customary in the jurisdictions in which they are employed.
We believe that our employee relations are satisfactory.
Marketing, Distribution and Customers At December 31, 2009, we employed approximately 2,600 sales, marketing and customer service personnel throughout the world who sell and market our products to and through a large number of distributors, fabricators, converters, e-commerce 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, medical device manufacturers and other manufacturers.
To support our food packaging, food solutions and new ventures customers, we operate two food science laboratories and three Packforum innovation and learning centers across three regions that assist customers in identifying the appropriate packaging materials and systems to meet their needs.
We also offer ideation services and customized graphic design services to our customers.
To assist our marketing efforts for our protective packaging products and to provide specialized customer services, we operate 33 package design and development laboratories worldwide within our facilities.
These laboratories are staffed by professional packaging engineers and equipped with drop-testing and other equipment used to develop and test cost-effective package designs to meet the particular protective packaging requirements of each customer.
Maturity requirements on long-term debt as of December 31, 2018 by year are as follows (in thousands):
## Table 3 ##
Credit Facility We are party to a credit facility agreement with Bank of America, N. A. , as administrative agent, and a syndicate of financial institutions as lenders and other agents (as amended from time to time, the “Credit Facility”).
As of December 31, 2018, the Credit Facility provided for secured financing comprised of (i) a $1.5 billion revolving credit facility (the “Revolving Credit Facility”); (ii) a $1.5 billion term loan (the “Term A Loan”), (iii) a $1.37 billion term loan (the “Term A-2 Loan”), (iv) a $1.14 billion term loan facility (the “Term B-2 Loan”) and (v) a $500 million term loan (the “Term B-4 Loan”).
Substantially all of the assets of our domestic subsidiaries are pledged as collateral under the Credit Facility.
The borrowings outstanding under our Credit Facility as of December 31, 2018 reflect amounts borrowed for acquisitions and other activities we completed in 2018, including a reduction to the interest rate margins applicable to our Term A Loan, Term A-2 Loan, Term B-2 Loan and the Revolving Credit Facility, an extension of the maturity dates of the Term A Loan, Term A-2 Loan and the Revolving Credit Facility, and an increase in the total financing capacity under the Credit Facility to approximately $5.5 billion in June 2018.
In October 2018, we entered into an additional term loan under the Credit Facility in the amount of $500 million (the “Term B-4 Loan”).
We used the proceeds from the Term B-4 Loan to pay down a portion of the balance outstanding under our Revolving Credit Facility.
The Credit Facility provides for an interest rate, at our election, of either LIBOR or a base rate, in each case plus a margin.
As of December 31, 2018, the interest rates on the Term A Loan, the Term A-2 Loan, the Term B-2 Loan and the Term B-4 Loan were 4.02%, 4.01%, 4.27% and 4.27%, respectively, and the interest rate on the Revolving Credit Facility was 3.92%.
In addition, we are required to pay a quarterly commitment fee with respect to the unused portion of the Revolving Credit Facility at an applicable rate per annum ranging from 0.20% to 0.30% depending on our leverage ratio.
The Term A Loan and the Term A-2 Loan mature, and the Revolving Credit Facility expires, on January 20, 2023.
The Term B-2 Loan matures on April 22, 2023.
The Term B-4 Loan matures on October 18, 2025.
The Term A Loan and Term A-2 Loan principal amounts must each be repaid in quarterly installments in the amount of 0.625% of principal through June 2019, increasing to 1.25% of principal through June 2021, increasing to 1.875% of principal through June 2022 and increasing to 2.50% of principal through December 2022, with the remaining principal balance due upon maturity in January 2023.
The Term B-2 Loan principal must be repaid in quarterly installments in the amount of 0.25% of principal through March 2023, with the remaining principal balance due upon maturity in April 2023.
The Term B-4 Loan principal must be repaid in quarterly installments in the amount of 0.25% of principal through September 2025, with the remaining principal balance due upon maturity in October 2025.
We may issue standby letters of credit of up to $100 million in the aggregate under the Revolving Credit Facility.
Outstanding letters of credit under the Revolving Credit Facility reduce the amount of borrowings available to us.
Borrowings available to us under the Revolving Credit Facility are further limited by the covenants described below under “Compliance with Covenants.
” The total available commitments under the Revolving Credit Facility at December 31, 2018 were $783.6 million.
Table of Contents Distribution Fees.
Distribution fees decreased by $4.4 million or 6.9% to $59.3 million for the period ended December 31, 2012 from $63.7 million for the year ended December 31, 2011.
Due to the continuing sovereign debt concerns and the competitive environment in Europe, trading volume in Eurobonds significantly decreased over the past several years.
Monthly distribution fees paid by most of our European brokerdealer market makers were reduced effective March 1, 2012, but the dealer variable fee schedule remained unchanged.
Information and Post-Trade Services.
Information and Post-Trade Services increased by $0.2 million or 3.3% to $7.4 million for the year ended December 31, 2012 from $7.2 million for the year ended December 31, 2011.
Technology Products and Services.
Technology products and services revenues decreased by $0.1 million or 1.9% to $5.0 million for the year ended December 31, 2012 from $5.1 million for the year ended December 31, 2011.
Investment Income.
Investment income decreased by $0.2 million or 13.9% to $1.1 million for the year ended December 31, 2012 from $1.2 million for the year ended December 31, 2011.
Other.
Other revenues increased by $0.2 million or 8.3% to $3.2 million for the year ended December 31, 2012 from $2.9 million for the year ended December 31, 2011.
Expenses Our expenses for the years ended December 31, 2012 and 2011, and the resulting dollar and percentage changes, were as follows:
## Table 4 ##
Employee Compensation and Benefits.
Employee compensation and benefits increased by $2.2 million or 4.3% to $54.7 million for the year ended December 31, 2012 from $52.4 million for the year ended December 31, 2011.
This increase was primarily attributable to higher wages, employment taxes and benefits and incentive compensation aggregating $1.9 million and higher stock-based compensation expense of $1.6 million, offset by increased wage capitalization related to software development of $1.3 million.
The increase in stock-based compensation expense was principally due to the cancelation of unvested stock options, restricted stock and performance shares related to the June 2011 resignation of the Company’s president.
The total number of employees increased to 206 as of December 31, 2012 from 189 as of December 31, 2011.
As a percentage of total revenues, employee compensation and benefits expense decreased to 28.7% for the year ended December 31, 2012 from 30.5% for the year ended December 31, 2011.
Depreciation and Amortization.
Depreciation and amortization expense increased by $1.6 million or 29.8% to $6.8 million for the year ended December 31, 2012 from $5.2 million for the year ended December 31, 2011.
The increase was primarily due to an increase in amortization of software development costs of $0.9 million and an increase in depreciation for production hardware equipment of $0.4 million.
For the years ended December 31, 2012 and 2011, we capitalized $5.2 million and $4.1 million, respectively, of software development costs.
For the years ended December 31, 2012 and 2011, we capitalized $5.2 million and $3.2 million, respectively, of equipment and leasehold improvements.
The higher equipment purchases were primarily due to the build-out of a replacement disaster recovery data center.
decreased by 7.4% for the year ended December 31, 2013 compared to the year ended December 31, 2012, due mainly to lower trading volumes in U. S.  agency bonds.
Estimated U. S.  agency TRACE volumes declined by 33.6% in 2013.

<table><tr><td></td><td>2004</td><td>2003</td><td>2002</td></tr><tr><td>Changes in Contingent Stock Plan shares:</td><td></td><td></td><td></td></tr><tr><td>Number of shares available, beginning of year</td><td>901,195</td><td>1,251,350</td><td>1,484,450</td></tr><tr><td>Shares issued for new awards</td><td>-252,275</td><td>-356,705</td><td>-238,900</td></tr><tr><td>Contingent stock forfeited</td><td>14,400</td><td>6,550</td><td>5,800</td></tr><tr><td>Number of shares available, end of year</td><td>663,320</td><td>901,195</td><td>1,251,350</td></tr><tr><td>Weighted average per share market value of stock on grant date</td><td>$49.79</td><td>$43.09</td><td>$30.27</td></tr><tr><td>Changes in Directors Stock Plan shares:</td><td></td><td></td><td></td></tr><tr><td>Number of shares available, beginning of year</td><td>84,611</td><td>92,102</td><td>55,800</td></tr><tr><td>Shares no longer available under the 1998 Directors Stock Plan</td><td>—</td><td>—</td><td>-55,800</td></tr><tr><td>Shares available under the 2002 Directors Stock Plan</td><td>—</td><td>—</td><td>100,000</td></tr><tr><td>Shares granted and issued</td><td>-1,827</td><td>-2,724</td><td>-2,605</td></tr><tr><td>Shares granted and deferred</td><td>-4,263</td><td>-4,767</td><td>-5,293</td></tr><tr><td>Number of shares available, end of year</td><td>78,521</td><td>84,611</td><td>92,102</td></tr><tr><td>Weighted average per share market value of stock on grant date</td><td>$49.29</td><td>$44.08</td><td>$44.65</td></tr></table>
<table><tr><td> </td><td> 2004</td><td> 2003</td><td>2002-1</td><td> 2001</td><td> 2000</td></tr><tr><td> </td><td colspan="5"> (In millions of dollars, except per share data)  </td></tr><tr><td> Consolidated Statement of Operations Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net sales</td><td>$3,798.1</td><td>$3,531.9</td><td>$3,204.3</td><td>$3,067.5</td><td>$3,067.7</td></tr><tr><td>Gross profit</td><td>1,162.1</td><td>1,112.8</td><td>1,057.6</td><td>990.3</td><td>1,035.3</td></tr><tr><td>Operating profit-2(3)</td><td>503.0</td><td>540.9</td><td>517.0</td><td>387.8</td><td>468.7</td></tr><tr><td>Earnings (loss) before income taxes</td><td>322.9</td><td>376.9</td><td>-391.9</td><td>297.5</td><td>413.4</td></tr><tr><td>Net earnings (loss)</td><td>215.6</td><td>240.4</td><td>-309.1</td><td>156.7</td><td>225.3</td></tr><tr><td>Series A convertible preferred stock dividends-4</td><td>—</td><td>28.6</td><td>53.8</td><td>55.0</td><td>64.3</td></tr><tr><td>Earnings (loss) per common share</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>$2.56</td><td>$2.21</td><td>$-4.20</td><td>$1.30</td><td>$2.47</td></tr><tr><td>Diluted-5</td><td>$2.25</td><td>$1.97</td><td>$-4.30</td><td>$1.22</td><td>$1.93</td></tr><tr><td>  Consolidated Balance Sheet Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Working capital net asset (net liability)(6)</td><td>$307.4</td><td>$280.4</td><td>$-34.5</td><td>$149.4</td><td>$202.5</td></tr><tr><td>Total assets-6</td><td>4,855.0</td><td>4,704.1</td><td>4,260.8</td><td>3,907.9</td><td>4,090.9</td></tr><tr><td>Long-term debt, less current portion-4(6)</td><td>2,088.0</td><td>2,259.8</td><td>868.0</td><td>788.1</td><td>944.5</td></tr><tr><td>Series A convertible preferred stock-4</td><td>—</td><td>—</td><td>1,327.0</td><td>1,366.2</td><td>1,392.4</td></tr><tr><td>Total shareholders' equity</td><td>1,333.5</td><td>1,123.6</td><td>813.0</td><td>850.2</td><td>753.1</td></tr><tr><td>  Other Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>EBIT-7</td><td>$476.6</td><td>$512.9</td><td>$-326.0</td><td>$374.3</td><td>$478.2</td></tr><tr><td>Depreciation and amortization-2</td><td>179.5</td><td>173.2</td><td>165.0</td><td>220.6</td><td>219.7</td></tr><tr><td>EBITDA-7</td><td>656.1</td><td>686.1</td><td>-161.0</td><td>594.9</td><td>697.9</td></tr><tr><td>Capital expenditures</td><td>102.7</td><td>124.3</td><td>91.6</td><td>146.3</td><td>114.2</td></tr></table>
<table><tr><td> Americas</td><td colspan="2"> Europe, Middle East and Africa</td><td> Asia-Pacific</td></tr><tr><td>Argentina</td><td>Belgium</td><td>Norway</td><td>Australia</td></tr><tr><td>Brazil</td><td>Czech Republic</td><td>Poland</td><td>China</td></tr><tr><td>Canada</td><td>Denmark</td><td>Portugal</td><td>India</td></tr><tr><td>Chile</td><td>Finland</td><td>Romania</td><td>Indonesia</td></tr><tr><td>Colombia</td><td>France</td><td>Russia</td><td>Japan</td></tr><tr><td>Costa Rica</td><td>Germany</td><td>South Africa</td><td>Malaysia</td></tr><tr><td>Ecuador</td><td>Greece</td><td>Spain</td><td>New Zealand</td></tr><tr><td>Guatemala</td><td>Hungary</td><td>Sweden</td><td>Philippines</td></tr><tr><td>Mexico</td><td>Ireland</td><td>Switzerland</td><td>Singapore</td></tr><tr><td>Peru</td><td>Israel</td><td>Turkey</td><td>South Korea</td></tr><tr><td>Uruguay</td><td>Italy</td><td>Ukraine</td><td>Taiwan</td></tr><tr><td>Venezuela</td><td>Luxembourg</td><td>United Kingdom</td><td>Thailand</td></tr><tr><td></td><td>Netherlands</td><td></td><td>Vietnam</td></tr></table>
<table><tr><td>2019</td><td>$124,176</td></tr><tr><td>2020</td><td>159,979</td></tr><tr><td>2021</td><td>195,848</td></tr><tr><td>2022</td><td>267,587</td></tr><tr><td>2023</td><td>3,945,053</td></tr><tr><td>2024 and thereafter</td><td>475,000</td></tr><tr><td>Total</td><td>$5,167,643</td></tr></table>
<table><tr><td></td><td colspan="6"> Year Ended December 31,</td></tr><tr><td></td><td colspan="2">2012</td><td colspan="2">2011</td><td></td><td></td></tr><tr><td></td><td></td><td>% of</td><td></td><td>% of</td><td> $</td><td> %</td></tr><tr><td></td><td> $</td><td>Revenues</td><td> $</td><td>Revenues</td><td> Change</td><td> Change</td></tr><tr><td></td><td colspan="6"> ($ in thousands)</td></tr><tr><td> Expenses</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Employee compensation and benefits</td><td>$54,678</td><td>28.7%</td><td>$52,443</td><td>30.5%</td><td>$2,235</td><td>4.3%</td></tr><tr><td>Depreciation and amortization</td><td>6,758</td><td>3.5</td><td>5,206</td><td>3.0</td><td>1,552</td><td>29.8</td></tr><tr><td>Technology and communications</td><td>12,523</td><td>6.6</td><td>10,619</td><td>6.2</td><td>1,904</td><td>17.9</td></tr><tr><td>Professional and consulting fees</td><td>12,150</td><td>6.4</td><td>9,006</td><td>5.2</td><td>3,144</td><td>34.9</td></tr><tr><td>Occupancy</td><td>2,446</td><td>1.3</td><td>2,337</td><td>1.4</td><td>109</td><td>4.7</td></tr><tr><td>Marketing and advertising</td><td>5,169</td><td>2.7</td><td>4,491</td><td>2.6</td><td>678</td><td>15.1</td></tr><tr><td>General and administrative</td><td>7,746</td><td>4.1</td><td>6,322</td><td>3.7</td><td>1,424</td><td>22.5</td></tr><tr><td>Total expenses</td><td>$101,470</td><td>53.2%</td><td>$90,424</td><td>52.6%</td><td>$11,046</td><td>12.2%</td></tr></table>

Question: In which section the sum of Net sales has the highest value?
Answer: 2004