# EDGAR Filing Document

**Accession Number:** 0001012100
**File Stem:** 0001628280-25-037855
**Filing Date:** 2025-8
**Character Count:** 273386
**Document Hash:** 3d75972d4920e91326547854e7596f99
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-037855.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001628280-25-037855

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 126

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SEALED AIR CORP/DE
- **CENTRAL INDEX KEY:** 0001012100
- **STANDARD INDUSTRIAL CLASSIFICATION:** PLASTIC MATERIAL, SYNTH RESIN/RUBBER, CELLULOS (NO GLASS) [2820]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 650654331
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12139
- **FILM NUMBER:** 251185613

**BUSINESS ADDRESS:**
- **STREET 1:** 2415 CASCADE POINTE BOULEVARD
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28208
- **BUSINESS PHONE:** 980-221-3235

**MAIL ADDRESS:**
- **STREET 1:** 2415 CASCADE POINTE BOULEVARD
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28208

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WR GRACE & CO/DE
- **DATE OF NAME CHANGE:** 19961015

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GRACE HOLDING INC
- **DATE OF NAME CHANGE:** 19960805

?xml version='1.0' encoding='ASCII'? see-20250630

ledPSM for /24

**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 June 30, 2025** 

**Or**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**

**Commission File Number: 1-12139** 

---

| |
|:---|
| **SEALED AIR CORPORATION** |
| **(Exact name of registrant as specified in its charter)** |

---

---

| | | |
|:---|:---|:---|
| **Delaware** | **Delaware** | **65-0654331** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(State or other jurisdiction of<br>incorporation or organization)** | **(I.R.S. Employer<br>Identification Number)** |
| **2415 Cascade Pointe Boulevard** | **2415 Cascade Pointe Boulevard** | |
| **Charlotte** | **North Carolina** | **28208** |
| **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (980) 221-3235** 

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| <u>Title of Each Class</u> | <u>Trading Symbol(s)</u> | <u>Name of Each Exchange on Which Registered</u> |
| Common Stock, par value $0.10 per share | SEE | New 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.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;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).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;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).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No 🗷

There were 147,094,899 shares of the registrant's common stock, par value $0.10 per share, issued and outstanding as of July 31, 2025.

------

**SEALED AIR CORPORATION AND SUBSIDIARIES**

**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
| **PART I. FINANCIAL INFORMATION** | |
| **Financial statements** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Balance Sheets — June 30, 2025 and December 31, 2024](#i52638105f1724eb9a53dc15e088ada08_19)</u> | <u>[4](#i52638105f1724eb9a53dc15e088ada08_19)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024](#i52638105f1724eb9a53dc15e088ada08_22)</u> | <u>[5](#i52638105f1724eb9a53dc15e088ada08_22)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2025 and 2024](#i52638105f1724eb9a53dc15e088ada08_25)</u> | <u>[6](#i52638105f1724eb9a53dc15e088ada08_25)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2025 and 2024](#i52638105f1724eb9a53dc15e088ada08_28)</u> | <u>[7](#i52638105f1724eb9a53dc15e088ada08_28)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024](#i52638105f1724eb9a53dc15e088ada08_31)</u> | <u>[8](#i52638105f1724eb9a53dc15e088ada08_31)</u> |
| **[Notes to Condensed Consolidated Financial Statements](#i52638105f1724eb9a53dc15e088ada08_34)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 1 Organization and Basis of Presentation](#i52638105f1724eb9a53dc15e088ada08_37)</u> | <u>[9](#i52638105f1724eb9a53dc15e088ada08_37)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 2 Recently Issued Accounting Standards](#i52638105f1724eb9a53dc15e088ada08_40)</u> | <u>[10](#i52638105f1724eb9a53dc15e088ada08_40)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 3 Revenue Recognition, Contracts with Customers](#i52638105f1724eb9a53dc15e088ada08_43)</u> | <u>[10](#i52638105f1724eb9a53dc15e088ada08_43)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 4 Leases](#i52638105f1724eb9a53dc15e088ada08_49)</u> | <u>[12](#i52638105f1724eb9a53dc15e088ada08_49)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 5 Segments](#i52638105f1724eb9a53dc15e088ada08_58)</u> | <u>[14](#i52638105f1724eb9a53dc15e088ada08_58)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 6 Inventories, net](#i52638105f1724eb9a53dc15e088ada08_61)</u> | <u>[18](#i52638105f1724eb9a53dc15e088ada08_61)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 7 Property and Equipment, net](#i52638105f1724eb9a53dc15e088ada08_64)</u> | <u>[18](#i52638105f1724eb9a53dc15e088ada08_64)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 8 Goodwill and Identifiable Intangible Assets, net](#i52638105f1724eb9a53dc15e088ada08_67)</u> | <u>[19](#i52638105f1724eb9a53dc15e088ada08_67)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 9 Accounts Receivable Securitization Programs](#i52638105f1724eb9a53dc15e088ada08_70)</u> | <u>[20](#i52638105f1724eb9a53dc15e088ada08_70)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 10 Accounts Receivable Factoring Agreements](#i52638105f1724eb9a53dc15e088ada08_73)</u> | <u>[21](#i52638105f1724eb9a53dc15e088ada08_73)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 11 Supply Chain Financing Program](#i52638105f1724eb9a53dc15e088ada08_76)</u> | <u>[21](#i52638105f1724eb9a53dc15e088ada08_76)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 12 Restructuring Activities](#i52638105f1724eb9a53dc15e088ada08_79)</u> | <u>[22](#i52638105f1724eb9a53dc15e088ada08_79)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 13 Debt and Credit Facilities](#i52638105f1724eb9a53dc15e088ada08_85)</u> | <u>[23](#i52638105f1724eb9a53dc15e088ada08_85)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 14 Derivatives and Hedging Activities](#i52638105f1724eb9a53dc15e088ada08_88)</u> | <u>[24](#i52638105f1724eb9a53dc15e088ada08_88)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 15 Fair Value Measurements, Equity Investments and Other Financial Instruments](#i52638105f1724eb9a53dc15e088ada08_91)</u> | <u>[27](#i52638105f1724eb9a53dc15e088ada08_91)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 16 Defined Benefit Pension Plans and Other Post-Employment Benefit Plans](#i52638105f1724eb9a53dc15e088ada08_94)</u> | <u>[29](#i52638105f1724eb9a53dc15e088ada08_94)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 17 Income Taxes](#i52638105f1724eb9a53dc15e088ada08_100)</u> | <u>[30](#i52638105f1724eb9a53dc15e088ada08_100)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 18 Commitments and Contingencies](#i52638105f1724eb9a53dc15e088ada08_103)</u> | <u>[31](#i52638105f1724eb9a53dc15e088ada08_103)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 19 Stockholders' Equity](#i52638105f1724eb9a53dc15e088ada08_106)</u> | <u>[32](#i52638105f1724eb9a53dc15e088ada08_106)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 20 Accumulated Other Comprehensive Loss](#i52638105f1724eb9a53dc15e088ada08_109)</u> | <u>[35](#i52638105f1724eb9a53dc15e088ada08_109)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 21 Other Expense, net](#i52638105f1724eb9a53dc15e088ada08_112)</u> | <u>[36](#i52638105f1724eb9a53dc15e088ada08_112)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 22 Net Earnings Per Common Share](#i52638105f1724eb9a53dc15e088ada08_115)</u> | <u>[36](#i52638105f1724eb9a53dc15e088ada08_115)</u> |
| &nbsp;&nbsp;<u>[Item 2.&nbsp;&nbsp;&nbsp;&nbsp; Management's Discussion and Analysis of Financial Condition and Results of Operations](#i52638105f1724eb9a53dc15e088ada08_121)</u> | <u>[37](#i52638105f1724eb9a53dc15e088ada08_121)</u> |
| &nbsp;&nbsp;<u>[Item 3.&nbsp;&nbsp;&nbsp;&nbsp; Quantitative and Qualitative Disclosures About Market Risk](#i52638105f1724eb9a53dc15e088ada08_244)</u> | <u>[56](#i52638105f1724eb9a53dc15e088ada08_244)</u> |
| &nbsp;&nbsp;<u>[Item 4.&nbsp;&nbsp;&nbsp;&nbsp; Controls and Procedures](#i52638105f1724eb9a53dc15e088ada08_259)</u> | <u>[59](#i52638105f1724eb9a53dc15e088ada08_259)</u> |
| **PART II. OTHER INFORMATION** |  |
| &nbsp;&nbsp;<u>[Item 1. &nbsp;&nbsp;&nbsp;&nbsp; Legal Proceedings](#i52638105f1724eb9a53dc15e088ada08_265)</u> | <u>[60](#i52638105f1724eb9a53dc15e088ada08_265)</u> |
| &nbsp;&nbsp;<u>[Item 1A. Risk Factors](#i52638105f1724eb9a53dc15e088ada08_268)</u> | <u>[60](#i52638105f1724eb9a53dc15e088ada08_268)</u> |
| &nbsp;&nbsp;<u>[Item 2.&nbsp;&nbsp;&nbsp;&nbsp; Unregistered Sales of Equity Securities and Use of Proceeds](#i52638105f1724eb9a53dc15e088ada08_271)</u> | <u>[60](#i52638105f1724eb9a53dc15e088ada08_271)</u> |
| &nbsp;&nbsp;<u>[Item 5. Other Information](#i52638105f1724eb9a53dc15e088ada08_274)</u> | <u>[60](#i52638105f1724eb9a53dc15e088ada08_274)</u> |
| &nbsp;&nbsp;<u>[Item 6.&nbsp;&nbsp;&nbsp;&nbsp; Exhibits](#i52638105f1724eb9a53dc15e088ada08_277)</u> | <u>[61](#i52638105f1724eb9a53dc15e088ada08_277)</u> |
| &nbsp;&nbsp;<u>[Signature](#i52638105f1724eb9a53dc15e088ada08_280)</u> | <u>[62](#i52638105f1724eb9a53dc15e088ada08_280)</u> |

---

------

**Cautionary Notice Regarding Forward-Looking Statements**

This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by such words as "anticipate," "believe," "plan," "assume," "could," "should," "estimate," "expect," "intend," "potential," "seek," "predict," "may," "will" or the negative of these terms and similar expressions. All statements contained in this report, other than statements of historical facts, such as those regarding our growth initiatives, business strategies, operating plans, business outlook, restructuring activities, impacts of recent legislation, and market conditions, are forward-looking statements. These statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that may cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements.

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 pressures, currency translation and devaluation effects, changes in raw material pricing and availability, competitive conditions, the success of new product offerings, failure to realize synergies and other financial benefits from acquisitions within the expected time frames, greater than expected costs or difficulties related to acquisition integrations, consumer preferences, the effects of animal and food-related health issues, the effects of epidemics or pandemics, negative impacts related to the ongoing conflict between Russia and Ukraine and related sanctions, export restrictions and other counteractions thereto, uncertainties relating to existing or potential increased hostilities in the Middle East, 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, regulatory actions and legal matters, and the other important factors discussed in the "Risk Factors" section in Part I of our most recent Annual Report on Form 10-K, and in any of our subsequent filings with the Securities and Exchange Commission ("SEC"). Any forward-looking statements made by us in this report are based solely on management's estimates as of the date of this report. While we may elect to update such forward-looking statements, we disclaim any obligation to do so even if subsequent events cause our views to change, except as may be required by applicable law.

------

**SEALED AIR CORPORATION AND SUBSIDIARIES**

**Condensed Consolidated Balance Sheets** 

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***(In USD millions, except share and per share data)*** | **June 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $354.4 | $371.8 |
| &nbsp;&nbsp;Trade receivables, net of allowance for credit losses of $11.8 in 2025 and $12.6 in 2024 | 488.2 | 443.1 |
| &nbsp;&nbsp;Income tax receivables | 35.5 | 25.0 |
| &nbsp;&nbsp;Other receivables | 109.9 | 135.9 |
| &nbsp;&nbsp;Inventories, net of inventory reserves of $51.9 in 2025 and $45.4 in 2024 <u>[(Note 6)](#i52638105f1724eb9a53dc15e088ada08_61)</u> | 824.5 | 722.2 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 216.1 | 193.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 2028.6 | 1891.8 |
| Property and equipment, net <u>[(Note 7)](#i52638105f1724eb9a53dc15e088ada08_64)</u> | 1446.6 | 1397.9 |
| Goodwill <u>[(Note 8)](#i52638105f1724eb9a53dc15e088ada08_67)</u> | 2902.5 | 2878.5 |
| Identifiable intangible assets, net <u>[(Note 8)](#i52638105f1724eb9a53dc15e088ada08_67)</u> | 357.8 | 381.6 |
| Deferred taxes | 140.6 | 112.0 |
| Operating lease right-of-use-assets <u>[(Note 4)](#i52638105f1724eb9a53dc15e088ada08_49)</u> | 91.6 | 98.0 |
| Other non-current assets | 279.7 | 262.3 |
| **Total assets** | $**7247.4** | $**7022.1** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Short-term borrowings <u>[(Note 13)](#i52638105f1724eb9a53dc15e088ada08_85)</u> | $317.6 | $140.5 |
| &nbsp;&nbsp;Current portion of long-term debt <u>[(Note 13)](#i52638105f1724eb9a53dc15e088ada08_85)</u> | 42.1 | 64.6 |
| &nbsp;&nbsp;Current portion of operating lease liabilities <u>[(Note 4)](#i52638105f1724eb9a53dc15e088ada08_49)</u> | 31.3 | 29.7 |
| &nbsp;&nbsp;Accounts payable | 805.6 | 771.0 |
| &nbsp;&nbsp;Accrued restructuring costs <u>[(Note 12)](#i52638105f1724eb9a53dc15e088ada08_79)</u> | 25.9 | 42.6 |
| &nbsp;&nbsp;Income tax payable | 23.0 | 53.3 |
| &nbsp;&nbsp;Other current liabilities | 453.9 | 533.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1699.4 | 1635.5 |
| Long-term debt, less current portion <u>[(Note 13)](#i52638105f1724eb9a53dc15e088ada08_85)</u> | 3982.4 | 4198.8 |
| Long-term operating lease liabilities, less current portion <u>[(Note 4)](#i52638105f1724eb9a53dc15e088ada08_49)</u> | 68.8 | 74.8 |
| Deferred taxes | 27.2 | 26.1 |
| Other non-current liabilities | 516.5 | 462.4 |
| **Total liabilities** | **6294.3** | **6397.6** |
| Commitments and contingencies <u>[(Note 18)](#i52638105f1724eb9a53dc15e088ada08_103)</u> |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;Preferred stock, $0.10 par value per share, 50,000,000 shares authorized; no shares issued in 2025 and 2024 |  |  |
| &nbsp;&nbsp;Common stock, $0.10 par value per share, 400,000,000 shares authorized; shares issued: 155,147,267 in 2025 and 154,610,375 in 2024; shares outstanding: 147,092,958 in 2025 and 145,731,673 in 2024 | 15.5 | 15.5 |
| &nbsp;&nbsp;Additional paid-in capital | 1447.2 | 1445.7 |
| &nbsp;&nbsp;Retained earnings | 790.4 | 643.4 |
| &nbsp;&nbsp;Common stock in treasury, 8,054,309 shares in 2025 and 8,878,702 shares in 2024 | (366.6) | (404.2) |
| &nbsp;&nbsp;Accumulated other comprehensive loss, net of taxes <u>[(Note 20)](#i52638105f1724eb9a53dc15e088ada08_109)</u> | (933.4) | (1075.9) |
| **Total stockholders' equity** | **953.1** | **624.5** |
| **Total liabilities and stockholders' equity** | $**7247.4** | $**7022.1** |

---

See accompanying Notes to Condensed Consolidated Financial Statements.

------

**SEALED AIR CORPORATION AND SUBSIDIARIES**

**Condensed Consolidated Statements of Operations**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| &nbsp;&nbsp;&nbsp;***(In USD millions, except per share data)*** | **2025** | **2024** | **2025** | **2024** |
| Net sales | $1335.0 | $1345.1 | $2607.5 | $2674.7 |
| Cost of sales | 928.8 | 929.1 | 1809.6 | 1857.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 406.2 | 416.0 | 797.9 | 816.8 |
| Selling, general and administrative expenses | 184.2 | 190.3 | 370.8 | 376.7 |
| Loss on disposal of long-lived assets, net | (6.0) | (1.3) | (9.9) | (0.4) |
| Amortization expense of intangible assets | 14.9 | 16.3 | 30.1 | 31.1 |
| Restructuring charges <u>[(Note 12)](#i52638105f1724eb9a53dc15e088ada08_79)</u> | 2.8 | 2.5 | 5.4 | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating profit | 198.3 | 205.6 | 381.7 | 390.6 |
| Interest expense, net | (55.7) | (63.3) | (112.5) | (128.4) |
| Other expense, net <u>[(Note 21)](#i52638105f1724eb9a53dc15e088ada08_112)</u> | (11.3) | (6.8) | (10.8) | (7.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings before income tax provision | 131.3 | 135.5 | 258.4 | 254.6 |
| Income tax provision <u>[(Note 17)](#i52638105f1724eb9a53dc15e088ada08_100)</u> | 37.1 | 37.7 | 47.3 | 73.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net earnings from continuing operations | 94.2 | 97.8 | 211.1 | 181.2 |
| (Loss) Gain on sale of discontinued operations, net of tax | (1.1) | 0.5 | (4.5) | (0.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net earnings** | $**93.1** | $**98.3** | $**206.6** | $**180.3** |
| Basic: |  |  |  |  |
| Continuing operations | $0.64 | $0.67 | $1.44 | $1.25 |
| Discontinued operations | (0.01) |  | (0.03) | (0.01) |
| **Net earnings per common share - basic** <u>[(Note 22)](#i52638105f1724eb9a53dc15e088ada08_115)</u> | $**0.63** | $**0.67** | $**1.41** | $**1.24** |
| Diluted: |  |  |  |  |
| Continuing operations | $0.64 | $0.67 | $1.43 | $1.24 |
| Discontinued operations | (0.01) |  | (0.03) |  |
| **Net earnings per common share - diluted** <u>[(Note 22)](#i52638105f1724eb9a53dc15e088ada08_115)</u> | $**0.63** | $**0.67** | $**1.40** | $**1.24** |
| Weighted average number of common shares outstanding: <u>[(Note 22)](#i52638105f1724eb9a53dc15e088ada08_115)</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Basic** | **147.1** | **145.7** | **146.7** | **145.3** |
| **&nbsp;&nbsp;&nbsp;&nbsp;Diluted** | **147.4** | **146.0** | **147.1** | **145.7** |

---

See accompanying Notes to Condensed Consolidated Financial Statements.

------

**SEALED AIR CORPORATION AND SUBSIDIARIES**

**Condensed Consolidated Statements of Comprehensive Income**

**(Unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| &nbsp;&nbsp;***(In USD millions)*** | **Gross** | **Taxes** | **Net** | **Gross** | **Taxes** | **Net** | **Gross** | **Taxes** | **Net** | **Gross** | **Taxes** | **Net** |
| **Net earnings** |  |  | $**93.1** |  |  | $**98.3** |  |  | $**206.6** |  |  | $**180.3** |
| Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |
| Recognition of pension items | $1.2 | $(0.3) | **0.9** | $1.4 | $(0.4) | **1.0** | $2.3 | $(0.6) | **1.7** | $2.6 | $(0.7) | **1.9** |
| Unrealized (losses) gains on derivative instruments for net investment hedge | (48.5) | 12.1 | **(36.4)** | 4.8 | (1.2) | **3.6** | (60.9) | 15.2 | **(45.7)** | 16.0 | (4.0) | **12.0** |
| Unrealized (losses) gains on derivative instruments for cash flow hedge | (4.4) | 1.3 | **(3.1)** | 0.3 | (0.1) | **0.2** | (5.9) | 1.7 | **(4.2)** | 2.3 | (0.7) | **1.6** |
| Foreign currency translation adjustments | 123.3 |  | **123.3** | (30.0) |  | **(30.0)** | 190.7 |  | **190.7** | (70.4) |  | **(70.4)** |
| Other comprehensive income (loss) | $71.6 | $13.1 | **84.7** | $(23.5) | $(1.7) | **(25.2)** | $126.2 | $16.3 | **142.5** | $(49.5) | $(5.4) | **(54.9)** |
| **Comprehensive income, net of taxes** |  |  | $**177.8** |  |  | $**73.1** |  |  | $**349.1** |  |  | $**125.4** |

---

See accompanying Notes to Condensed Consolidated Financial Statements.

------

**SEALED AIR CORPORATION AND SUBSIDIARIES**

**Condensed Consolidated Statements of Stockholders' Equity**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;***(In USD millions)*** | **Common Stock** | **Additional <br>Paid-in Capital** | **Retained Earnings** | **Common <br>Stock in <br>Treasury** | **Accumulated Other<br>Comprehensive<br>Loss, Net of Taxes** | **Total<br>Stockholders'<br>Equity** |
| Balance at March 31, 2025 | $15.5 | $1440 | $727.1 | $(366.6) | $(1018.1) | $797.9 |
| Effect of share-based incentive compensation |  | 7.2 |  |  |  | 7.2 |
| Recognition of pension items, net of taxes |  |  |  |  | 0.9 | 0.9 |
| Foreign currency translation adjustments |  |  |  |  | 123.3 | 123.3 |
| Unrealized loss on derivative instruments, net of taxes |  |  |  |  | (39.5) | (39.5) |
| Net earnings |  |  | 93.1 |  |  | 93.1 |
| Dividends on common stock ($0.20 per share) |  |  | (29.8) |  |  | (29.8) |
| **Balance at June 30, 2025** | $**15.5** | $**1447.2** | $**790.4** | $**(366.6)** | $**(933.4)** | $**953.1** |
| Balance at December 31, 2024 | $15.5 | $1445.7 | $643.4 | $(404.2) | $(1075.9) | $624.5 |
| Effect of share-based incentive compensation |  | 12.8 |  |  |  | 12.8 |
| Stock issued for profit sharing contribution paid in stock |  | (11.3) |  | 37.6 |  | 26.3 |
| Recognition of pension items, net of taxes |  |  |  |  | 1.7 | 1.7 |
| Foreign currency translation adjustments |  |  |  |  | 190.7 | 190.7 |
| Unrealized loss on derivative instruments, net of taxes |  |  |  |  | (49.9) | (49.9) |
| Net earnings |  |  | 206.6 |  |  | 206.6 |
| Dividends on common stock ($0.40 per share) |  |  | (59.6) |  |  | (59.6) |
| **Balance at June 30, 2025** | $**15.5** | $**1447.2** | $**790.4** | $**(366.6)** | $**(933.4)** | $**953.1** |
| Balance at March 31, 2024 | $15.4 | $1423.4 | $548.9 | $(404.2) | $(985.2) | $598.3 |
| Effect of share-based incentive compensation | 0.1 | 8.0 |  |  |  | 8.1 |
| Recognition of pension items, net of taxes |  |  |  |  | 1.0 | 1.0 |
| Foreign currency translation adjustments |  |  |  |  | (30.0) | (30.0) |
| Unrealized gain on derivative instruments, net of taxes |  |  |  |  | 3.8 | 3.8 |
| Net earnings |  |  | 98.3 |  |  | 98.3 |
| Dividends on common stock ($0.20 per share) |  |  | (29.4) |  |  | (29.4) |
| **Balance at June 30, 2024** | $**15.5** | $**1431.4** | $**617.8** | $**(404.2)** | $**(1010.4)** | $**650.1** |
| Balance at December 31, 2023 | $15.4 | $1429.5 | $496.5 | $(436.4) | $(955.5) | $549.5 |
| Effect of share-based incentive compensation | 0.1 | 8.7 |  |  |  | 8.8 |
| Stock issued for profit sharing contribution paid in stock |  | (6.8) |  | 32.2 |  | 25.4 |
| Recognition of pension items, net of taxes |  |  |  |  | 1.9 | 1.9 |
| Foreign currency translation adjustments |  |  |  |  | (70.4) | (70.4) |
| Unrealized gain on derivative instruments, net of taxes |  |  |  |  | 13.6 | 13.6 |
| Net earnings |  |  | 180.3 |  |  | 180.3 |
| Dividends on common stock ($0.40 per share) |  |  | (59.0) |  |  | (59.0) |
| **Balance at June 30, 2024** | $**15.5** | $**1431.4** | $**617.8** | $**(404.2)** | $**(1010.4)** | $**650.1** |

---

See accompanying Notes to Condensed Consolidated Financial Statements.

------

**SEALED AIR CORPORATION AND SUBSIDIARIES**

**Condensed Consolidated Statements of Cash Flows**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| &nbsp;&nbsp;&nbsp;***(In USD millions)*** | **2025** | **2024** |
| **Net earnings** | $206.6 | $180.3 |
| Adjustments to reconcile net earnings to net cash provided by operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 118.7 | 120.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based incentive compensation | 21.9 | 15.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Profit sharing expense | 10.9 | 13.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt redemption and refinancing activities | 5.1 | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for allowance for credit losses on trade receivables | 0.4 | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provisions for inventory obsolescence | 10.6 | 11.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred taxes, net | (8.0) | (15.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on disposal/sale of businesses | 4.6 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-cash items | 4.8 | (0.3) |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade receivables, net | (19.3) | (43.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | (71.3) | (60.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 9.1 | 77.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax receivable/payable | (40.4) | 26.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | (85.2) | (21.5) |
| **Net cash provided by operating activities** | $**168.5** | $**313.3** |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (87.3) | (105.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds related to sale of business and property and equipment, net | 0.2 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Businesses acquired in purchase transactions, net of cash acquired |  | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments associated with debt, equity and equity method investments |  | (1.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in marketable securities |  | (2.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlement of foreign currency forward contracts | 5.4 | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from cross-currency swaps | 1.6 | 1.6 |
| **Net cash used in investing activities** | $**(80.1)** | $**(97.9)** |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds (payments) of short-term borrowings | 166.5 | (2.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from long-term debt | 15.4 | 404.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of long-term debt | (266.5) | (478.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of debt modification/extinguishment costs and other |  | (6.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid on common stock | (59.7) | (59.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of tax withholding on share-based compensation | (9.3) | (8.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal payments related to financing leases | (4.8) | (3.9) |
| **Net cash used in financing activities** | $**(158.4)** | $**(155.7)** |
| **Effect of foreign currency exchange rate changes on cash and cash equivalents** | $**52.6** | $**(17.2)** |
| ***Cash Reconciliation:*** |  |  |
| Cash and cash equivalents | 371.8 | 346.1 |
| Restricted cash and cash equivalents |  |  |
| &nbsp;&nbsp;&nbsp;**Balance, beginning of period** | $**371.8** | $**346.1** |
| &nbsp;&nbsp;&nbsp;**Net change during the period** | **(17.4)** | **42.5** |
| Cash and cash equivalents | 354.4 | 388.6 |
| Restricted cash and cash equivalents |  |  |
| &nbsp;&nbsp;&nbsp;**Balance, end of period** | $**354.4** | $**388.6** |
| Supplemental Cash Flow Information: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payments | $136.8 | $154.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax payments, net of cash refunds | $116.0 | $57.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring payments including associated costs | $35.3 | $31.9 |
| Non-cash items: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers of shares of common stock from treasury for profit sharing contributions | $26.3 | $25.4 |

---

See accompanying Notes to Condensed Consolidated Financial Statements.

------

**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 solutions that integrate sustainable, high-performance materials, automation, equipment and services. Sealed Air Corporation 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.

Our portfolio of solutions includes CRYOVAC<sup>®</sup> brand food packaging, SEALED AIR<sup>®</sup> brand protective packaging, LIQUIBOX<sup>®</sup> brand liquids systems, AUTOBAG<sup>®</sup> brand automated packaging systems and BUBBLE WRAP<sup>®</sup> brand packaging. We have established competitive strengths in high-performance packaging solutions, well-established customer relationships, iconic brands, and global scale and market access.

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 June 30, 2025 and our Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 have been made. The results set forth in our Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 and in our Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the full year. The Condensed Consolidated Balance Sheet as of December 31, 2024 was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States ("GAAP"). Some prior period amounts 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 consolidated financial condition, results of operations or cash flows. All amounts are in millions, except per share amounts, and are 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 GAAP have been condensed or omitted. The preparation of Condensed Consolidated Financial Statements in conformity with 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 thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 ("2024 Form 10-K"), which was filed with the SEC on February 26, 2025, 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 as disclosed in "Note 2 – Summary of Significant Accounting Policies and Recently Adopted and Issued Accounting Standards" of our audited consolidated financial statements and notes thereto included in our 2024 Form 10-K.

*Impact of Highly Inflationary Economy*

**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 GAAP, and the U.S. dollar replaced the Argentine peso as the functional currency for our subsidiary in Argentina. All Argentine peso-denominated monetary assets and liabilities were remeasured into U.S. dollars using the current exchange rate available to us. The impact of any changes in the exchange rate are reflected within Other expense, net on the Condensed Consolidated Statements of Operations. The Company recorded $4.4 million and $6.1 million of remeasurement losses for the three and six months ended June 30, 2025, respectively, and $0.6 million and $5.5 million of remeasurement losses for the three and six months ended June 30, 2024, respectively, related to our subsidiary in Argentina.

**Note 2 Recently Issued Accounting Standards**

***Recently Issued Accounting Standards***

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 requires public entities to disclose in the interim and annual reporting periods, the disaggregation of certain income statement expense captions into specified categories within the footnotes to the financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires the annual disclosure of specific categories in the rate reconciliation and additional information for the reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.

**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 products, services and equipment and systems.

As discussed in Note 5, "Segments," our reporting segments are Food and Protective. Our Food solutions are largely sold directly to end customers, while our Protective solutions are sold through business supply distributors and directly to end customers.

*Food:*

Food solutions are sold to industrial food processors in fresh red meat, poultry, smoked and processed meats, seafood, fluids and liquids, cheese, and other food markets worldwide. Food offers integrated packaging materials and automated equipment solutions to increase food safety, extend shelf life, reduce food waste, automate processes and optimize total cost. Its materials, automated equipment and service enable customers to reduce costs and enhance their brands.

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<sup>®</sup> trademark and other highly recognized trade names including CRYOVAC<sup>®</sup> brand Barrier Bags, CRYOVAC<sup>®</sup> brand Form-Fill-Seal Films, CRYOVAC<sup>®</sup> brand Auto Pouch Systems and LIQUIBOX<sup>®</sup> brand liquids systems. Solutions serving the food retail market include products such as barrier bags, film, and trays, and are primarily marketed under the CRYOVAC<sup>®</sup> trademark and other highly recognized trade names including CRYOVAC<sup>®</sup> brand Grip & Tear<sup>TM</sup>, CRYOVAC<sup>®</sup> brand Darfresh<sup>®</sup>, OptiDure™, Simple Steps<sup>®</sup> and CRYOVAC<sup>®</sup> brand Barrier Bags.

*Protective:*

------

Protective packaging solutions are utilized across many global markets to protect goods during transit and are especially valuable to e-commerce, 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 e-commerce/fulfillment operations. Protective solutions are marketed under SEALED AIR<sup>®</sup> brand, BUBBLE WRAP<sup>®</sup> brand, AUTOBAG<sup>®</sup> brand and other highly recognized trade names and product families including BUBBLE WRAP<sup>®</sup> brand inflatable packaging, SEALED AIR<sup>®</sup> brand performance shrink films, AUTOBAG<sup>®</sup> brand bagging systems, Instapak<sup>®</sup> polyurethane foam packaging solutions and Korrvu<sup>®</sup> suspension and retention packaging.

*Other Revenue Recognition Considerations:*

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 from performance obligations satisfied in previous reporting periods was $1.3 million and $2.5 million for the three and six months ended June 30, 2025, respectively, and $0.1 million and $1.2 million for the three and six months ended June 30, 2024, 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 Accounting Standards Codification ("ASC") Topic 842.

***Disaggregated Revenue***

For the three and six months ended June 30, 2025 and 2024, revenues from contracts with customers summarized by Segment and Geographic region were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** |
| &nbsp;&nbsp;***(In millions)*** | **Food** | **Protective** | **Total** | **Food** | **Protective** | **Total** |
| Americas | $584.6 | $272.1 | $856.7 | $1153.5 | $533.8 | $1687.3 |
| EMEA | 190.9 | 97.3 | 288.2 | 362.0 | 191.9 | 553.9 |
| APAC | 111.7 | 68.5 | 180.2 | 218.5 | 131.4 | 349.9 |
| **Topic 606 Segment Revenue** | **887.2** | **437.9** | **1325.1** | **1734.0** | **857.1** | **2591.1** |
| Non-Topic 606 Revenue (Leasing: Sales-type and Operating) | 8.9 | 1.0 | 9.9 | 14.2 | 2.2 | 16.4 |
| **Total** | $**896.1** | $**438.9** | $**1335.0** | $**1748.2** | $**859.3** | $**2607.5** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30, 2024** | **Three Months Ended<br>June 30, 2024** | **Three Months Ended<br>June 30, 2024** | **Six Months Ended<br>June 30, 2024** | **Six Months Ended<br>June 30, 2024** | **Six Months Ended<br>June 30, 2024** |
| &nbsp;&nbsp;***(In millions)*** | **Food** | **Protective** | **Total** | **Food** | **Protective** | **Total** |
| Americas | $594.7 | $288.7 | $883.4 | $1173.3 | $585.0 | $1758.3 |
| EMEA | 176.7 | 96.2 | 272.9 | 349.4 | 195.7 | 545.1 |
| APAC | 111.8 | 65.3 | 177.1 | 222.7 | 128.8 | 351.5 |
| **Topic 606 Segment Revenue** | **883.2** | **450.2** | **1333.4** | **1745.4** | **909.5** | **2654.9** |
| Non-Topic 606 Revenue (Leasing: Sales-type and Operating) | 10.6 | 1.1 | 11.7 | 16.8 | 3.0 | 19.8 |
| **Total** | $**893.8** | $**451.3** | $**1345.1** | $**1762.2** | $**912.5** | $**2674.7** |

---

------

***Contract Balances***

The time when a performance obligation is satisfied and the time when billing and payment occur are generally closely aligned, subject to agreed payment terms, with the exception of equipment accruals, which can be used to purchase both automated and standard range equipment. 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 and Other current liabilities, or Other non-current liabilities on our Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;***(In millions)*** | **June 30, 2025** | **December 31, 2024** |
| Contract assets | $— | $0.2 |
| Contract liabilities | $17.0 | $18.8 |

---

The contract liability balances represent deferred revenue, primarily related to equipment accruals. Revenue recognized that was included in the contract liability balance at the beginning of the period in the three and six months ended June 30, 2025 was $2.8 million and $5.6 million, respectively, and $2.8 million and $5.4 million in the three and six months ended June 30, 2024, 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 June 30, 2025 and December 31, 2024, as well as the expected timing of recognition of that transaction price.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **June 30, 2025** | **December 31, 2024** |
| Short-Term (12 months or less)<sup>(1)</sup> | $13.1 | $13.2 |
| Long-Term | 3.9 | 5.6 |
| **Total transaction price** | $**17.0** | $**18.8** |

---

<sup>(1)</sup> Our enforceable contractual obligations tend to be short-term in nature. 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.&nbsp;&nbsp;&nbsp;&nbsp;

**Note 4 Leases**

***Lessor***

Sealed Air has contractual obligations as a lessor with respect to some of our automation and 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 sales-type lease receivable balances at June 30, 2025 and December 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;***(In millions)*** | **June 30, 2025** | **December 31, 2024** |
| Short-Term (12 months or less) | $10.9 | $9.3 |
| Long-Term | 45.2 | 42.2 |
| **Lease receivables** | $**56.1** | $**51.5** |

---

------

Sales-type and operating lease revenue was less than 1% of net trade sales for the six months ended June 30, 2025 and the year ended December 31, 2024.

***Lessee***

Sealed Air has contractual obligations as a lessee with respect to warehouses, offices and manufacturing facilities, IT equipment, automobiles and material production equipment.

The following table details our lease obligations included in our Condensed Consolidated Balance Sheets.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;***(In millions)*** | **June 30, 2025** | **December 31, 2024** |
| Other non-current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance leases - ROU assets | $38.4 | $39.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance leases - Accumulated depreciation | (19.3) | (19.0) |
| Operating lease right-of-use-assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases - ROU assets | 223.7 | 222.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases - Accumulated depreciation | (132.1) | (124.4) |
| **Total lease assets** | $**110.7** | $**118.2** |
| Current portion of long-term debt: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance leases | $(7.4) | $(6.6) |
| Current portion of operating lease liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases | (31.3) | (29.7) |
| Long-term debt, less current portion: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance leases | (10.6) | (12.9) |
| Long-term operating lease liabilities, less current portion: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases | (68.8) | (74.8) |
| **Total lease liabilities** | $**(118.1)** | $**(124.0)** |

---

At June 30, 2025, estimated future minimum annual rental commitments under non-cancelable real and personal property leases were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;***(In millions)*** | **Finance leases** | **Operating leases** |
| Remainder of 2025 | $5.0 | $18.9 |
| 2026 | 6.1 | 32.2 |
| 2027 | 3.1 | 21.3 |
| 2028 | 1.4 | 14.6 |
| 2029 | 0.8 | 9.6 |
| Thereafter | 7.4 | 20.1 |
| Total lease payments | 23.8 | 116.7 |
| Less: Interest | (5.8) | (16.6) |
| **Present value of lease liabilities** | $**18.0** | $**100.1** |

---

The following lease cost is included in our Condensed Consolidated Statements of Operations:

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| &nbsp;&nbsp;***(In millions)*** | **2025** | **2024** | **2025** | **2024** |
| **Lease cost**<sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Finance leases |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of ROU assets | $2.0 | $2.4 | $4.1 | $4.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on lease liabilities | 0.3 | 0.4 | 0.7 | 0.8 |
| &nbsp;&nbsp;&nbsp;Operating leases | 9.7 | 8.9 | 19.7 | 18.3 |
| &nbsp;&nbsp;&nbsp;Short-term lease cost | 0.7 | 1.1 | 1.1 | 1.3 |
| &nbsp;&nbsp;&nbsp;Variable lease cost | 1.7 | 1.7 | 3.9 | 3.4 |
| **Total lease cost** | $**14.4** | $**14.5** | $**29.5** | $**28.2** |

---

<sup>(1)</sup> 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.

The following table details cash paid related to operating and finance leases included in our Condensed Consolidated Statements of Cash Flows and new right-of-use ("ROU") assets included in our Condensed Consolidated Balance Sheets:

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| | | |
|:---|:---|:---|
| | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| &nbsp;&nbsp;***(In millions)*** | **2025** | **2024** |
| **Other information:** |  |  |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Operating cash flows - finance leases | $2.5 | $2.2 |
| &nbsp;&nbsp;&nbsp;Operating cash flows - operating leases | $20.8 | $19.3 |
| &nbsp;&nbsp;&nbsp;Financing cash flows - finance leases | $4.8 | $3.9 |
| ROU assets obtained in exchange for new finance lease liabilities | $2.9 | $6.0 |
| ROU assets obtained in exchange for new operating lease liabilities | $9.0 | $26.7 |

---

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** |
| **Weighted average information:** |  |  |
| **Finance leases** |  |  |
| &nbsp;&nbsp;&nbsp;Remaining lease term (in years) | 5.9 | 5.7 |
| &nbsp;&nbsp;&nbsp;Discount rate | 7.7% | 7.5% |
| **Operating leases** |  |  |
| &nbsp;&nbsp;&nbsp;Remaining lease term (in years) | 4.7 | 5.2 |
| &nbsp;&nbsp;&nbsp;Discount rate | 6.5% | 6.3% |

---

**Note 5 Segments**

The Company currently reports its financial results in two reportable segments, Food and Protective.

The Company's Food and Protective segments are considered reportable segments under FASB ASC Topic 280. Our Food and Protective segments are aligned with similar groups of products. The following is a brief description of our reportable segments:

**Food** — Food solutions are sold to industrial food processors in fresh red meat, poultry, smoked and processed meats, seafood, fluids and liquids, cheese, and other food markets worldwide. Food offers integrated packaging materials and automated

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equipment solutions to increase food safety, extend shelf life, reduce food waste, automate processes and optimize total cost. Its materials, automated equipment and service enable customers to reduce costs and enhance their brands. Food solutions are utilized by food service businesses (such as restaurants and entertainment venues) and food retailers (such as grocery stores and supermarkets), among others.

**Protective** — Protective packaging solutions are utilized across many global markets to protect goods during transit and are especially valuable to e-commerce, consumer goods, pharmaceutical and medical devices and industrial manufacturing. With automated equipment, high-performance materials, and services, our solutions are designed to increase our customers' packaging velocity, minimize packaging waste, reduce labor dependencies and address dimensional weight challenges. Our product breadth combined with our global scale and reach helps support our customers' needs for sustainability, performance excellence, consistency and reliability of supply wherever they operate around the world. 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 e-commerce/fulfillment operations.

Sealed Air evaluates the performance of its segments and allocates resources based on Gross profit, which is our measure of segment profitability most closely aligned with the consolidated financial statements.

The Company allocates certain expenses within Cost of sales to each segment based on various factors including direct usage of resources, square footage occupied, allocation of headcount, or, in cases where costs are not clearly delineated, costs may be allocated on portion of net trade sales.

The Company allocates and discloses total depreciation and amortization expense to our segments, although only cost of sales depreciation and amortization is included in the measure of segment profitability, Gross profit. We also allocate and disclose restructuring charges by segment, although they are not included in the measure of segment profitability, Gross profit.

The following table shows Net sales by reportable segment:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **2025** | **2024** | **2025** | **2024** |
| **Net sales** |  |  |  |  |
| Food | $896.1 | $893.8 | $1748.2 | $1762.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;*As a % of Consolidated net sales* | *67.1 %* | *66.4 %* | *67.0 %* | *65.9 %* |
| Protective | 438.9 | 451.3 | 859.3 | 912.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;*As a % of Consolidated net sales* | *32.9 %* | *33.6 %* | *33.0 %* | *34.1 %* |
| **Consolidated Net sales** | $**1335.0** | $**1345.1** | $**2607.5** | $**2674.7** |

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The following tables show segment Gross profit and a reconciliation to earnings before income tax provision and discontinued operations:

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---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** |
| | **2025** | **2025** | **2025** |
| | **Food** | **Protective** | **Total** |
| Net sales | $896.1 | $438.9 | $1335.0 |
| Cost of sales | 616.4 | 310.7 | 927.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Segment Gross profit | $279.7 | $128.2 | $407.9 |
| Other unallocated cost of sales |  |  | 1.7 |
| Selling, general and administrative expenses |  |  | 184.2 |
| Loss on disposal of long-lived assets, net |  |  | (6.0) |
| Amortization expense of intangible assets |  |  | 14.9 |
| Restructuring charges |  |  | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating profit |  |  | 198.3 |
| Interest expense, net |  |  | (55.7) |
| Other expense, net |  |  | (11.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings before income tax provision and discontinued operations |  |  | $131.3 |

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---

| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2025** | **2025** |
| | **Food** | **Protective** | **Total** |
| Net sales | $1748.2 | $859.3 | $2607.5 |
| Cost of sales | 1200.4 | 607.0 | 1807.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Segment Gross profit | $547.8 | $252.3 | $800.1 |
| Other unallocated cost of sales |  |  | 2.2 |
| Selling, general and administrative expenses |  |  | 370.8 |
| Loss on disposal of long-lived assets, net |  |  | (9.9) |
| Amortization expense of intangible assets |  |  | 30.1 |
| Restructuring charges |  |  | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating profit |  |  | 381.7 |
| Interest expense, net |  |  | (112.5) |
| Other expense, net |  |  | (10.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings before income tax provision and discontinued operations |  |  | $258.4 |

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---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** |
| | **2024** | **2024** | **2024** |
| | **Food** | **Protective** | **Total** |
| Net sales | $893.8 | $451.3 | $1345.1 |
| Cost of sales | 615.2 | 313.8 | 929.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Segment Gross profit | $278.6 | $137.5 | $416.1 |
| Other unallocated cost of sales |  |  | 0.1 |
| Selling, general and administrative expenses |  |  | 190.3 |
| Loss on disposal of long-lived assets, net |  |  | (1.3) |
| Amortization expense of intangible assets |  |  | 16.3 |
| Restructuring charges |  |  | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating profit |  |  | 205.6 |
| Interest expense, net |  |  | (63.3) |
| Other expense, net |  |  | (6.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings before income tax provision and discontinued operations |  |  | $135.5 |

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---

| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2024** | **2024** | **2024** |
| | **Food** | **Protective** | **Total** |
| Net sales | $1762.2 | $912.5 | $2674.7 |
| Cost of sales | 1224.1 | 633.7 | 1857.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Segment Gross profit | $538.1 | $278.8 | $816.9 |
| Other unallocated cost of sales |  |  | 0.1 |
| Selling, general and administrative expenses |  |  | 376.7 |
| Loss on disposal of long-lived assets, net |  |  | (0.4) |
| Amortization expense of intangible assets |  |  | 31.1 |
| Restructuring charges |  |  | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating profit |  |  | 390.6 |
| Interest expense, net |  |  | (128.4) |
| Other expense, net |  |  | (7.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings before income tax provision and discontinued operations |  |  | $254.6 |

---

The following table shows depreciation and amortization by segment:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **2025** | **2024** | **2025** | **2024** |
| Food | $47.6 | $46.3 | $96.5 | $93.2 |
| Protective | 22.4 | 21.5 | 44.8 | 43.0 |
| **Total Company depreciation and amortization**<sup>(1)</sup> | $**70.0** | $**67.8** | $**141.3** | $**136.2** |

---

<sup>(1)</sup> <sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Includes share-based incentive compensation of $10.7 million and $22.6 million for the three and six months ended June 30, 2025, respectively, and $7.2 million and $15.9 million for the three and six months ended June 30, 2024, respectively.

Restructuring charges by segment were as follows:

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **2025** | **2024** | **2025** | **2024** |
| Food | $0.8 | $2.0 | $2.5 | $10.6 |
| Protective | 2.0 | 0.5 | 2.9 | 7.4 |
| **Total Company restructuring charges** | $**2.8** | $**2.5** | $**5.4** | $**18.0** |

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***Assets by Reportable Segments***

The following table shows assets allocated by reportable segment. Assets allocated by reportable segment include: trade receivables, net; inventory, net; property and equipment, net; goodwill; intangible assets, net; and leased systems, net.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **June 30, 2025** | **December 31, 2024** |
| *Assets allocated to segments:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food | $3487.8 | $3301.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Protective | 2613.3 | 2599.6 |
| **Total segments** | **6101.1** | **5901.0** |
| *Assets not allocated:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $354.4 | $371.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax receivables | 35.5 | 25.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 109.9 | 135.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred taxes | 140.6 | 112.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 505.9 | 476.4 |
| **Total assets** | $**7247.4** | $**7022.1** |

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**Note 6 Inventories, net**

The following table details our inventories, net.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **June 30, 2025** | **December 31, 2024** |
| Raw materials | $167.8 | $157.1 |
| Work in process | 188.1 | 155.4 |
| Finished goods | 468.6 | 409.7 |
| **Total** | $**824.5** | $**722.2** |

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**Note 7 Property and Equipment, net**

The following table details our property and equipment, net.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **June 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;Land and improvements | $47.3 | $44.7 |
| &nbsp;&nbsp;Buildings | 901.6 | 851.6 |
| &nbsp;&nbsp;Machinery and equipment | 3003.4 | 2833.2 |
| &nbsp;&nbsp;Other property and equipment | 151.9 | 141.8 |
| &nbsp;&nbsp;Construction-in-progress | 192.1 | 204.1 |
| Property and equipment, gross | 4296.3 | 4075.4 |
| &nbsp;&nbsp;Accumulated depreciation and amortization | (2849.7) | (2677.5) |
| **Property and equipment, net** | $**1446.6** | $**1397.9** |

---

The following table details our interest cost capitalized and depreciation and amortization expense for property and equipment and finance lease ROU assets.

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **2025** | **2024** | **2025** | **2024** |
| Interest cost capitalized | $2.6 | $2.8 | $5.5 | $6.1 |
| Depreciation and amortization expense<sup>(1)</sup> | $44.5 | $44.4 | $88.6 | $89.2 |

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(1)Includes amortization expense of finance lease ROU assets of $2.0 million and $4.1 million for the three and six months ended June 30, 2025, respectively, and $2.4 million and $4.4 million for the three and six months ended June 30, 2024.

**Note 8 Goodwill and Identifiable Intangible Assets, net**

***Goodwill***

We review goodwill for impairment on a reporting unit basis annually during the fourth quarter of each year and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. Since the date of our last annual goodwill impairment assessment, there have been no significant events or circumstances that have indicated a potential for impairment.

*Allocation of Goodwill to Reporting Segment*

The following table shows our goodwill balances by reportable segment:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **Food** | **Protective** | **Total** |
| Gross Carrying Value at December 31, 2024 | $1277.9 | $1790.2 | $3068.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated amortization<sup>(1)</sup> | (48.9) | (140.7) | (189.6) |
| **Carrying Value at December 31, 2024** | $**1229.0** | $**1649.5** | $**2878.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translation | 10.1 | 13.9 | 24.0 |
| **Carrying Value at June 30, 2025** | $**1239.1** | $**1663.4** | $**2902.5** |

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<sup>(1)</sup> There was no change to our accumulated amortization balance during the six months ended June 30, 2025.

***Identifiable Intangible Assets, net***

The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives. As of June 30, 2025, there were no impairment indicators present.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **Gross<br>Carrying Value** | **Accumulated Amortization** | **Net** | **Gross<br>Carrying Value** | **Accumulated Amortization** | **Net** |
| Customer relationships | $288.5 | $(103.6) | $184.9 | $284.0 | $(89.9) | $194.1 |
| Trademarks and tradenames | 56.9 | (26.5) | 30.4 | 56.5 | (23.9) | 32.6 |
| Software | 159.9 | (139.6) | 20.3 | 156.3 | (131.5) | 24.8 |
| Technology | 198.4 | (85.8) | 112.6 | 196.2 | (75.9) | 120.3 |
| Contracts | 11.5 | (10.8) | 0.7 | 11.4 | (10.5) | 0.9 |
| **Total intangible assets with definite lives** | **715.2** | **(366.3)** | **348.9** | **704.4** | **(331.7)** | **372.7** |
| Trademarks and tradenames with indefinite lives | 8.9 |  | 8.9 | 8.9 |  | 8.9 |
| **Total identifiable intangible assets, net** | $**724.1** | $**(366.3)** | $**357.8** | $**713.3** | $**(331.7)** | $**381.6** |

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The following table shows the remaining estimated future amortization expense at June 30, 2025.

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---

| | |
|:---|:---|
| **Year** | **Amount**<br>***(In millions)*** |
| Remainder of 2025 | $29.2 |
| 2026 | 48.2 |
| 2027 | 43.1 |
| 2028 | 40.5 |
| 2029 | 38.1 |
| Thereafter | 149.8 |
| **Total** | $**348.9** |

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Expected future cash flows associated with the Company's intangible assets are not expected to be materially affected by the Company's intent or ability to renew or extend the arrangements. Based on our experience with similar agreements, we expect to continue to renew contracts held as intangibles through the end of their remaining useful lives.

**Note 9 Accounts Receivable Securitization Programs**

***U.S. Accounts Receivable Securitization Program***

We and a group of our U.S. operating subsidiaries maintain an accounts receivable securitization program under which they sell eligible U.S. accounts receivable to a wholly-owned subsidiary that was formed for the sole purpose of entering into this program. The wholly-owned subsidiary in turn may sell an undivided fractional ownership interest in these receivables to two banks and issuers of commercial paper administered by these banks. The wholly-owned subsidiary retains the receivables it purchases from the operating subsidiaries. Any transfers of fractional ownership interests of receivables under the U.S. receivables securitization program to the two banks and issuers of commercial paper administered by these banks are considered secured borrowings with the underlying receivables as collateral and will be classified as Short-term borrowings on our Condensed Consolidated Balance Sheets. These banks do not have any recourse against the general credit of the Company. The net trade receivables that serve as collateral for these borrowings are reclassified from Trade receivables, net to Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. There were $50.0 million of borrowings or corresponding net trade receivables maintained as collateral as of June 30, 2025 and December 31, 2024.

As of June 30, 2025, the maximum purchase limit for receivable interests was $50.0 million, subject to the availability limits described below.

The amounts available from time to time under this program may be less than $50.0 million due to a number of factors, including but not limited to our credit ratings, trade receivable balances, the creditworthiness of our customers and our receivables collection experience. As of June 30, 2025, the amount available to us under the program before utilization was $50.0 million. Although we do not believe restrictions under this program presently materially restrict our operations, if an additional event occurs that triggers one of these restrictive provisions, we could experience a decline in the amounts available to us under the program or termination of the program.

The program expires annually and is renewable.

***European Accounts Receivable Securitization Program***

We and a group of our European subsidiaries maintain an accounts receivable securitization program with a special purpose vehicle, or SPV, two banks, and issuers of commercial paper administered by these banks. The European program is structured to be a securitization of certain trade receivables that are originated by certain of our European subsidiaries. The SPV borrows funds from the banks to fund its acquisition of the receivables and provides the banks with a first priority perfected security interest in the accounts receivable. We do not have an equity interest in the SPV. We concluded the SPV is a variable interest entity because its total equity investment at risk is not sufficient to permit the SPV to finance its activities without additional subordinated financial support from the bank via loans or via the collections from accounts receivable already purchased. Additionally, we are considered the primary beneficiary of the SPV since we control the activities of the SPV and are exposed to the risk of uncollectible receivables held by the SPV. Therefore, the SPV is consolidated in our Condensed Consolidated Financial Statements. Any activity between the participating subsidiaries and the SPV is eliminated in consolidation. Loans from the banks to the SPV will be classified as Short-term borrowings on our Condensed Consolidated Balance Sheets. The net trade receivables that serve as collateral for these borrowings are reclassified from Trade receivables, net to Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. There were €78.9 million ($92.5 million equivalent at

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June 30, 2025) and €79.7 million ($83.0 million equivalent at December 31, 2024) of borrowings or corresponding net trade receivables maintained as collateral as of June 30, 2025 and December 31, 2024, respectively.

As of June 30, 2025, the maximum purchase limit for receivable interests was €80.0 million ($93.7 million equivalent at June 30, 2025), subject to availability limits. The terms and provisions of this program are similar to our U.S. program discussed above. As of June 30, 2025, the amount available under this program before utilization was €80.0 million ($93.7 million equivalent as of June 30, 2025).

This program expires annually and is renewable.

***Utilization of Our Accounts Receivable Securitization Programs***

As of June 30, 2025, there were $50.0 million and €78.9 million ($92.5 million equivalent at June 30, 2025) of outstanding borrowings under our U.S. and European programs, respectively. As of December 31, 2024, there were $50.0 million and €79.7 million ($83.0 million equivalent at December 31, 2024) of outstanding borrowings under our U.S. and European programs, respectively. We continue to service the trade receivables supporting the programs, and the banks are permitted to re-pledge this collateral. The total interest paid for these programs was $1.6 million and $3.2 million for the three and six months ended June 30, 2025, respectively, and $1.8 million and $3.6 million for the three and six months ended June 30, 2024.

Under limited circumstances, the banks and the issuers of commercial paper can end purchases of receivables interests before the above expiration dates. A failure to comply with debt leverage or various other ratios related to our receivables collection experience could result in termination of the receivables programs. We were in compliance with these ratios at June 30, 2025.

**Note 10 Accounts Receivable Factoring Agreements**

The Company has entered into factoring agreements and customers' supply chain financing arrangements to sell certain trade receivables to unrelated third-party financial institutions. These programs are entered into in the normal course of business. We account for these transactions in accordance with ASC 860, "Transfers and Servicing" ("ASC 860"). ASC 860 allows for the ownership transfer of accounts receivable to qualify for true-sale treatment when the appropriate criteria is met, which permits the balances sold under the program to be excluded from Trade receivables, net on the Condensed Consolidated Balance Sheets. Receivables are considered sold when (i) they are transferred beyond the reach of the Company and its creditors, (ii) the purchaser has the right to pledge or exchange the receivables, and (iii) the Company has no continuing involvement in the transferred receivables. In addition, the Company provides no other forms of continued financial support to the purchaser of the receivables once the receivables are sold.

Gross amounts factored under these programs for the six months ended June 30, 2025 and 2024 were $327.5 million and $358.4 million, respectively. The fees associated with the transfer of receivables for all programs were $2.3 million and $4.4 million for the three and six months ended June 30, 2025, respectively, and $3.0 million and $6.0 million for the three and six months ended June 30, 2024, respectively.

**Note 11 Supply Chain Financing Program**

We facilitate a voluntary supply chain financing program to provide some of our suppliers with the opportunity to sell receivables due from us (our accounts payables) to participating financial institutions at the sole discretion of both the suppliers and the financial institutions. This program is administered by participating financial institutions. When a supplier utilizes the supply chain financing program, the supplier receives a payment from the financial institution in advance of our agreed payment terms, net of a discount charged. Our responsibility is limited to making payments to the respective financial institutions on the terms originally negotiated with our supplier. No assets are pledged as collateral by the Company or any of our subsidiaries under the program. We monitor our days payable outstanding relative to our peers and industry trends in order to assess our conclusion that the program continues to be a trade payable program and not indicative of a borrowing arrangement. The liabilities continue to be presented as Accounts payable in our Condensed Consolidated Balance Sheets until they are paid, and they are reflected as Cash flows from operating activities when settled. At June 30, 2025 and December 31, 2024, our accounts payable balances included $153.0 million and $161.1 million, respectively, related to invoices from suppliers participating in the program.

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**Note 12 Restructuring Activities**

On August 7, 2023, the Board of Directors approved a 3-year cost take-out to grow program (the "CTO2Grow Program"). The total cash cost of this program is estimated to be $160 million.

For the three and six months ended June 30, 2025, the Company incurred cash expense associated with the CTO2Grow Program of $2.8 million and $5.4 million in restructuring charges related to headcount reductions, respectively, $5.4 million and $11.2 million of other associated costs, respectively, and $3.0 million associated with contract terminations. For the three and six months ended June 30, 2025, the Company incurred non-cash expense of $1.0 million and $1.6 million of other associated costs, respectively, in connection with the CTO2Grow Program.

For the three and six months ended June 30, 2024, the Company incurred cash expense including $2.5 million and $17.8 million of restructuring charges related to headcount reductions, respectively, and $6.4 million and $13.1 million of other associated costs, respectively, in connection with the CTO2Grow Program.

CTO2Grow Program restructuring spend is estimated to be incurred as follows:

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| | | | |
|:---|:---|:---|:---|
| ***(In millions)*** | **Total Restructuring Program** | **Less Program Activity to Date** | **Remaining Restructuring** |
| Costs of reduction in headcount as a result of reorganization | $90 | $(80) | $10 |
| Other associated costs | 45 | (37) | 8 |
| Contract terminations | 20 | (18) | 2 |
| **Total cash expense** | **155** | **(135)** | **20** |
| Capital expenditures | 5 | (4) | 1 |
| **Total estimated cash cost**<sup>(1)</sup> | $**160** | $**(139)** | $**21** |
| **Total estimated non-cash expense**<sup>(2)</sup> | $**39** | $**(39)** | $**—** |
| **Total estimated expense**<sup>(3)</sup> | $**194** | $**(174)** | $**20** |

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<sup>(1)</sup> Total estimated cash cost excludes the impact of proceeds expected from the sale of property and equipment and foreign currency impact.

<sup>(2)</sup> Reflects actual expenses that have been incurred. Ranges associated with future non-cash expenses related to the CTO2Grow Program are difficult to estimate and are not available without unreasonable efforts, as these typically relate to exit and disposal activities.

<sup>(3)</sup> Total estimated expense excludes capital expenditures.

The following table details our aggregate restructuring activities as reflected in the Condensed Consolidated Statements of Operations.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **2025** | **2024** | **2025** | **2024** |
| Other associated costs | $6.4 | $6.4 | $12.8 | $13.2 |
| Contract terminations | 3.0 |  | 3.0 | (0.1) |
| Restructuring charges | 2.8 | 2.5 | 5.4 | 18.0 |
| **Total charges** | $**12.2** | $**8.9** | $**21.2** | $**31.1** |
| Capital expenditures | $0.4 | $0.4 | $1.5 | $0.4 |

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The aggregate restructuring accrual, spending and other activity for the six months ended June 30, 2025 and the accrual balance remaining at June 30, 2025 was as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;***(In millions)*** | |
| Restructuring accrual at December 31, 2024 | $43.6 |
| Headcount accrual and accrual adjustments | 5.4 |
| Cash payments during 2025 | (24.6) |
| Effect of changes in foreign currency exchange rates | 1.9 |
| **Restructuring accrual at June 30, 2025** | $**26.3** |

---

We expect to pay $25.9 million of the accrual balance as of June 30, 2025 within the next twelve months. The remaining accrual of $0.4 million is expected to be paid primarily in 2026. These amounts are included in Accrued restructuring costs and Other non-current liabilities, respectively, on our Condensed Consolidated Balance Sheet at June 30, 2025.

The CTO2Grow Program was approved by our Board of Directors as a consolidated program benefiting both Food and Protective, and accordingly the expected program spend by reporting segment is not available. However, of the total restructuring accrual of $26.3 million as of June 30, 2025, $14.4 million was attributable to Food and $11.9 million was attributable to Protective.

**Note 13 Debt and Credit Facilities**

Our total debt outstanding consisted of the amounts set forth in the following table:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **Interest rate** | **June 30, 2025** | **December 31, 2024** |
| Short-term borrowings<sup>(1)</sup> |  | $317.6 | $140.5 |
| Current portion of long-term debt<sup>(2)</sup> |  | 42.1 | 64.6 |
| **Total current debt** |  | **359.7** | **205.1** |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan A due March 2027 |  | 460.6 | 685.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Notes due October 2026 | 1.573% | 598.6 | 598.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due December 2027 | 4.000% | 423.4 | 423.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due February 2028 | 6.125% | 768.2 | 767.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due April 2029 | 5.000% | 422.6 | 422.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due February 2031 | 7.250% | 421.6 | 421.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due July 2032 | 6.500% | 396.4 | 396.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due July 2033 | 6.875% | 447.1 | 446.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>(2)</sup> |  | 43.9 | 38.7 |
| **Total long-term debt, less current portion**<sup>(3)</sup> |  | **3982.4** | **4198.8** |
| **Total debt**<sup>(4)</sup> |  | $**4342.1** | $**4403.9** |

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<sup>(1)</sup> Short-term borrowings of $317.6 million at June 30, 2025, were comprised of $171.2 million under our revolving credit facility, $92.5 million under our European securitization program, $50.0 million under our U.S. securitization program, and $3.9 million of short-term borrowings from various lines of credit. Short-term borrowings of $140.5 million at December 31, 2024, were comprised of $83.0 million under our European securitization program, $50.0 million under our U.S. securitization program, and $7.5 million of short-term borrowings from various lines of credit.

<sup>(2)</sup> Current portion of long-term debt included finance lease liabilities of $7.4 million and $6.6 million at June 30, 2025 and December 31, 2024, respectively. Other debt includes long-term liabilities associated with our finance leases of $10.6 million and $12.9 million at June 30, 2025 and December 31, 2024, respectively. See Note 4, "Leases," for additional information on finance lease liabilities.

<sup>(3)</sup> Amounts are shown net of unamortized discounts and issuance costs of $22.7 million as of June 30, 2025 and $31.5 million as of December 31, 2024.

<sup>(4)</sup> As of June 30, 2025, our weighted average interest rate on our short-term borrowings outstanding was 4.8% and on our long-term debt outstanding was 5.3%. As of December 31, 2024, our weighted average interest rate on our short-term borrowings outstanding was 4.5% and on our long-term debt outstanding was 5.4%.

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***Lines of Credit***

The following table summarizes our available lines of credit and committed and uncommitted lines of credit, including our revolving credit facility, and the amounts available under our accounts receivable securitization programs.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **June 30, 2025** | **December 31, 2024** |
| Used lines of credit<sup>(1)</sup> | $317.6 | $140.5 |
| Unused lines of credit | 978.2 | 1141.4 |
| **Total available lines of credit**<sup>(2)</sup> | $**1295.8** | $**1281.9** |

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<sup>(1)</sup> Includes total borrowings under the accounts receivable securitization programs, the revolving credit facility and lines of credit available to several subsidiaries.

<sup>(2)</sup> Of the total available lines of credit, $1,143.7 million was committed as of June 30, 2025.

***Senior Notes***

*2024 Activity*

On June 28, 2024, the Company, together with Sealed Air Corporation (US), a wholly owned subsidiary of the Company, collectively issued $400.0 million aggregate principal amount of 6.500% senior notes due 2032 (the "2032 Notes"). The 2032 Notes will mature on July 15, 2032. Interest is payable on January 15 and July 15 of each year, commencing on January 15, 2025. The 2032 Notes are guaranteed on a senior unsecured basis by each of the Company's existing and future wholly-owned domestic subsidiaries that guarantee its senior secured credit facilities (other than Sealed Air Corporation (US)), subject to release under certain circumstances. We capitalized $4.0 million of fees incurred in connection with the 2032 Notes, which are included in Long-term debt, less current portion on our Condensed Consolidated Balance Sheets.

We may redeem the 2032 Notes, in whole or in part, at any time prior to July 15, 2027, at a redemption price equal to 100% of the principal amount of the 2032 Notes redeemed plus accrued and unpaid interest to, but not including, the redemption date, plus a "make-whole premium". At any time prior to July 15, 2027, we may redeem up to 40% of the aggregate principal amount of the 2032 Notes with the net cash proceeds of certain equity offerings.

The net proceeds from the 2032 Notes offering were used to repurchase all of the Company's outstanding 5.500% senior notes due 2025 (the "2025 Notes") pursuant to the tender offer commenced by the Company on June 17, 2024 and satisfy and discharge all of the Company's outstanding 2025 Notes in accordance with the terms of the indenture governing the 2025 Notes and to pay related premiums, fees and expenses in connection therewith. The aggregate repurchase price was $407.9 million, which included the principal amount of $400.0 million, a premium of $6.2 million and accrued interest of $1.7 million. We recognized a pre-tax loss of $6.8 million on the extinguishment, including the premium mentioned above and $0.6 million of accelerated amortization of non-lender fees, included within Other expense, net on our Condensed Consolidated Statements of Operations during the second quarter of 2024.

***Covenants***

Each issue of our outstanding senior notes imposes limitations on our operations and those of specified subsidiaries. Our senior secured credit facility contains customary affirmative and negative covenants for credit facilities of this type, including limitations on our indebtedness, liens, investments, restricted payments, mergers and acquisitions, dispositions of assets, transactions with affiliates, amendment of documents and sale leasebacks, and a covenant specifying a maximum leverage ratio to EBITDA. We were in compliance with the above financial covenants and limitations at June 30, 2025.

**Note 14 Derivatives and Hedging Activities**

We report all derivative instruments on our Condensed Consolidated Balance Sheets at fair value and establish criteria for designation and effectiveness of transactions entered into for hedging purposes.

As a global organization, we face exposure to market risks, such as fluctuations in foreign currency exchange rates and interest rates. To manage the volatility relating to these exposures, we enter into various derivative instruments from time to time under our risk management policies. We designate derivative instruments as hedges on a transaction basis to support hedge accounting. The changes in fair value of these hedging instruments offset, in part or in whole, corresponding changes in the fair

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value or cash flows of the underlying exposures being hedged. We assess the initial and ongoing effectiveness of our hedging relationships in accordance with our policy. We do not purchase, hold or sell derivative financial instruments for trading purposes. Our practice is to terminate derivative transactions if the underlying asset or liability matures or is sold or terminated, or if we determine the underlying forecasted transaction is no longer probable of occurring.

We record the fair value positions of all derivative financial instruments on a net basis by counterparty for which a master netting arrangement is utilized.

***Foreign Currency Forward Contracts Designated as Cash Flow Hedges***

The primary purpose of our cash flow hedging activities is to manage the potential changes in value associated with the amounts receivable or payable on equipment and raw material purchases that are denominated in foreign currencies in order to minimize the impact of the changes in foreign currencies. We record gains and losses on foreign currency forward contracts qualifying as cash flow hedges in Accumulated Other Comprehensive Loss ("AOCL") to the extent that these hedges are effective and until we recognize the underlying transactions in net earnings, at which time we recognize these gains and losses in Cost of sales, on our Condensed Consolidated Statements of Operations. Cash flows from derivative financial instruments designated as cash flow hedges are classified as Cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows. These contracts generally have original maturities of less than 12 months.

Net unrealized after-tax gains/losses related to cash flow hedging activities included in AOCL were a $3.0 million loss and $4.0 million loss for the three and six months ended June 30, 2025, respectively, and a $0.5 million gain and $1.9 million gain for the three and six months ended June 30, 2024. The unrealized amount in AOCL will fluctuate based on changes in the fair value of open contracts during each reporting period.

We estimate that $0.8 million of net unrealized losses related to cash flow hedging activities included in AOCL will be reclassified into earnings within the next twelve months.

***Foreign Currency Forward Contracts Not Designated as Hedges***

Our subsidiaries have foreign currency exchange exposure from buying and selling in currencies other than their functional currencies. The primary purposes of our foreign currency hedging activities are to manage the potential changes in value associated with the amounts receivable or payable on transactions denominated in foreign currencies and to minimize the impact of the changes in foreign currencies related to foreign currency-denominated, interest-bearing intercompany loans and receivables and payables. The changes in fair value of these derivative contracts are recognized in Other expense, net, on our Condensed Consolidated Statements of Operations and are largely offset by the remeasurement of the underlying foreign currency-denominated items indicated above. Cash flows from derivative financial instruments not designated as hedges are classified as Cash flows from investing activities in the Condensed Consolidated Statements of Cash Flows. These contracts generally have original maturities of less than 12 months.

***Interest Rate Swaps***

From time to time, we may use interest rate swaps to manage our fixed and floating interest rates on our outstanding indebtedness. At June 30, 2025 and December 31, 2024, we had no outstanding interest rate swaps.

***Net Investment Hedge***

In February 2023, we repaid the €400.0 million 4.500% senior notes issued in June 2015, which were previously designated as a net investment hedge against the foreign currency exposure of a portion of our net investment in certain Euro-functional currency subsidiaries.

During the first quarter of 2023 and second quarter of 2025, we entered into a series of cross-currency swaps with a combined notional amount of $432.8 million and $452.2 million, respectively. Each of these cross-currency swaps were designated as net investment hedges of the Company's foreign currency exposure of its net investment in certain Euro-functional currency subsidiaries with Euro-denominated net assets, and the Company pays a fixed rate of Euro-based interest and receives a fixed rate of U.S. dollar interest. The Company has elected the spot method for assessing the effectiveness of these contracts. The maturity dates for the cross-currency swaps entered into in the first quarter of 2023 and second quarter of 2025 are February 1, 2028 and February 15, 2029, respectively. We recognized $2.2 million and $3.0 million of interest income within Interest expense, net on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025,

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respectively, and $0.8 million and $1.6 million for the three and six months ended June 30, 2024, respectively, related to these contracts.

For derivative instruments that are designated and qualify as hedges of net investments in foreign operations, changes in fair values of the derivative instruments are recognized in Unrealized gain or loss on derivative instruments for net investment hedge, a component of AOCL, net of taxes, to offset the changes in the values of the net investments being hedged. Any portion of the net investment hedge that is determined to be ineffective is recorded in Other expense, net on the Condensed Consolidated Statements of Operations.

***Other Derivative Instruments***

We may use other derivative instruments from time to time to manage exposure to foreign exchange rates and to access international financing transactions. These instruments can potentially limit foreign exchange exposure by swapping borrowings denominated in one currency for borrowings denominated in another currency.

***Fair Value of Derivative Instruments***

See Note 15, "Fair Value Measurements, Equity Investments and Other Financial Instruments," for a discussion of the inputs and valuation techniques used to determine the fair value of our outstanding derivative instruments.

The following table details the fair value of our derivative instruments included on our Condensed Consolidated Balance Sheets.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Cash Flow Hedge** | **Cash Flow Hedge** | **Net Investment Hedge** | **Net Investment Hedge** | **Non-Designated as Hedging Instruments** | **Non-Designated as Hedging Instruments** | **Total** | **Total** |
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **June 30, 2025** | **December 31, 2024** | **June 30,<br>2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** |
| *Derivative Assets* |  |  |  |  |  |  |  |  |
| Foreign currency forward contracts | $0.3 | $4.8 | $— | $— | $23.0 | $1.2 | $23.3 | $6.0 |
| Cross-currency swaps |  |  |  | 3.2 |  |  |  | 3.2 |
| **Total Derivative Assets** | $**0.3** | $**4.8** | $**—** | $**3.2** | $**23.0** | $**1.2** | $**23.3** | $**9.2** |
| *Derivative Liabilities* |  |  |  |  |  |  |  |  |
| Foreign currency forward contracts | $(1.7) | $(0.4) | $— | $— | $(1.3) | $(6.2) | $(3.0) | $(6.6) |
| Cross-currency swaps |  |  | (57.7) |  |  |  | (57.7) |  |
| **Total Derivative Liabilities** | $**(1.7)** | $**(0.4)** | $**(57.7)** | $**—** | $**(1.3)** | $**(6.2)** | $**(60.7)** | $**(6.6)** |
| **Net Derivatives**<sup>(1)</sup> | $**(1.4)** | $**4.4** | $**(57.7)** | $**3.2** | $**21.7** | $**(5.0)** | $**(37.4)** | $**2.6** |

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<sup>(1)</sup> The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Other Current Assets** | **Other Current Assets** | **Other Current Liabilities** | **Other Current Liabilities** | **Other Non-current Assets** | **Other Non-current Assets** | **Other Non-current Liabilities** | **Other Non-current Liabilities** |
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** | **June 30,<br>2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** |
| Gross position | $23.3 | $6.0 | $(3.0) | $(6.6) | $— | $3.2 | $(57.7) | $— |
| Impact of master netting agreements | (1.2) | (0.4) | 1.2 | 0.4 |  |  |  |  |
| **Net amounts recognized on the Condensed Consolidated Balance Sheets** | $**22.1** | $**5.6** | $**(1.8)** | $**(6.2)** | $**—** | $**3.2** | $**(57.7)** | $**—** |

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The following table details the effect of our derivative instruments on our Condensed Consolidated Statements of Operations.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Amount of Gain (Loss) Recognized in<br>Earnings on Derivatives** | **Amount of Gain (Loss) Recognized in<br>Earnings on Derivatives** | **Amount of Gain (Loss) Recognized in<br>Earnings on Derivatives** | **Amount of Gain (Loss) Recognized in<br>Earnings on Derivatives** |
| | **Location of Gain (Loss) Recognized on** | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **Condensed Consolidated Statements of Operations** | **2025** | **2024** | **2025** | **2024** |
| **Derivatives designated as hedging instruments:** |  |  |  |  |  |
| *Cash Flow Hedges:* |  |  |  |  |  |
| Foreign currency forward contracts | Cost of sales | $(3.3) | $1.0 | $0.3 | $0.8 |
| Treasury locks | Interest expense, net | 0.1 | 0.1 | 0.1 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Sub-total cash flow hedges** |  | **(3.2)** | **1.1** | **0.4** | **0.9** |
| **Derivatives not designated as hedging instruments:** |  |  |  |  |  |
| Foreign currency forward contracts | Other expense, net | 22.3 | (13.2) | 32.0 | (9.5) |
| **Total** |  | $**19.1** | $**(12.1)** | $**32.4** | $**(8.6)** |

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**Note 15 Fair Value Measurements, Equity Investments and Other Financial Instruments**

***Fair Value Measurements***

Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three levels to the fair value hierarchy as follows:

*Level 1* - observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets;

*Level 2* - inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly; and

*Level 3* - unobservable inputs for which there is little or no market data, which may require the reporting entity to develop its own assumptions.

The fair value, measured on a recurring basis, of our financial instruments, using the fair value hierarchy under GAAP, are included in the table below.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **Total Fair Value** | **Level 1** | **Level 2** | **Level 3** |
| Cash equivalents | $**35.9** | $35.9 | $— | $— |
| Derivative financial and hedging instruments net asset (liability): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | $**20.3** | $— | $20.3 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Cross-currency swaps | $**(57.7)** | $— | $(57.7) | $— |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **Total Fair Value** | **Level 1** | **Level 2** | **Level 3** |
| Cash equivalents | $**56.3** | $56.3 | $— | $— |
| Derivative financial and hedging instruments net (liability) asset: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | $**(0.6)** | $— | $(0.6) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Cross-currency swaps | $**3.2** | $— | $3.2 | $— |

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*Cash equivalents -* Our cash equivalents consisted of bank time deposits. Since these are short-term, highly liquid investments with remaining maturities of 3 months or less, they present negligible risk of changes in fair value due to changes in interest rates and are classified as Level 1 financial instruments.

*Derivative financial instruments -* Our foreign currency forward contracts, foreign currency options, interest rate swaps and cross-currency swaps are recorded at fair value on our Condensed Consolidated Balance Sheets using a discounted cash flow analysis that incorporates observable market inputs. These market inputs include foreign currency spot and forward rates, and various interest rate curves, and are obtained from pricing data quoted by various banks, third-party sources and foreign currency dealers involving identical or comparable instruments. Such financial instruments are classified as Level 2.

Counterparties to these foreign currency forward contracts have at least an investment grade rating. Credit ratings on some of our counterparties may change during the term of our financial instruments. We closely monitor our counterparties' credit ratings and, if necessary, will make any appropriate changes to our financial instruments. The fair value generally reflects the estimated amounts that we would receive or pay to terminate the contracts at the reporting date.

Foreign currency forward contracts are included in Prepaid expenses and other current assets and Other current liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024. Cross-currency swaps are included in Other non-current liabilities and Other non-current assets on the Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024, respectively.

***Equity Investments***

Sealed Air maintains equity investments in companies which are accounted for under the measurement alternative described in ASC 321-10-35-2 ("ASC 321") for equity investments that do not have readily determinable fair values. We do not exercise significant influence over these companies. The following carrying value of these investments was included within Other non-current assets in our Condensed Consolidated Balance Sheets.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **June 30, 2025** | **December 31, 2024** |
| Carrying value at the beginning of period | $13.9 | $13.8 |
| Purchases |  |  |
| Impairments or downward adjustments |  |  |
| Upward adjustments |  |  |
| Currency translation on investments | 0.8 | 0.1 |
| **Carrying value at the end of period** | $**14.7** | $**13.9** |

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As of June 30, 2025 and December 31, 2024, cumulative upward adjustments to our equity investments were $21.7 million and cumulative impairments or downward adjustments were $31.6 million.

***Other Financial Instruments***

The following financial instruments are recorded at fair value or at amounts that approximate fair value: (1) trade receivables, net, (2) certain other current assets, (3) accounts payable and (4) other current liabilities. The carrying amounts reported on our Condensed Consolidated Balance Sheets for the above financial instruments closely approximate their fair value due to the short-term nature of these assets and liabilities.

Other liabilities that are recorded at carrying value on our Condensed Consolidated Balance Sheets include our credit facilities and senior notes. We utilize a market approach to calculate the fair value of our senior notes. Due to their limited investor base and the face value of some of our senior notes, they may not be actively traded on the date we calculate their fair value. Therefore, we may utilize prices and other relevant information generated by market transactions involving similar securities, reflecting U.S. Treasury yields to calculate the yield to maturity and the price on some of our senior notes. These inputs are provided by an independent third-party and are considered to be Level 2 inputs.

We derive our fair value estimates of our various other debt instruments by evaluating the nature and terms of each instrument, considering prevailing economic and market conditions, and examining the cost of similar debt offered at the balance sheet date. We also incorporated our credit default swap rates and currency specific swap rates in the valuation of each debt instrument, as applicable.

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These estimates are subjective and involve uncertainties and matters of significant judgment, and therefore we cannot determine them with precision. Changes in assumptions could significantly affect our estimates.

The table below shows the carrying amounts and estimated fair values of our debt, excluding our lease liabilities.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;***(In millions)*** |<br>**Interest rate** | **Carrying Amount** | **Fair Value** | **Carrying Amount** | **Fair Value** |
| Term Loan A due March 2027<sup>(1)</sup> |  | $486.2 | $486.2 | $743.2 | $743.2 |
| Senior Secured Notes due October 2026 | 1.573% | 598.6 | 576.0 | 598.1 | 564.5 |
| Senior Notes due December 2027 | 4.000% | 423.4 | 414.4 | 423.1 | 405.5 |
| Senior Notes due February 2028 | 6.125% | 768.2 | 785.3 | 767.0 | 777.4 |
| Senior Notes due April 2029 | 5.000% | 422.6 | 419.9 | 422.3 | 408.5 |
| Senior Notes due February 2031 | 7.250% | 421.6 | 447.1 | 421.3 | 439.1 |
| Senior Notes due July 2032 | 6.500% | 396.4 | 414.1 | 396.2 | 401.7 |
| Senior Notes due July 2033 | 6.875% | 447.1 | 484.3 | 446.9 | 468.2 |
| Other foreign borrowings<sup>(1)</sup> |  | 133.1 | 133.1 | 109.9 | 109.8 |
| Other domestic borrowings |  | 227.0 | 227.2 | 56.4 | 56.4 |
| **Total debt**<sup>(2)</sup> |  | $**4324.2** | $**4387.6** | $**4384.4** | $**4374.3** |

---

<sup>(1)</sup> Includes borrowings denominated in currencies other than U.S. dollars.

<sup>(2)</sup> The carrying amount and estimated fair value of debt exclude lease liabilities.

Included among our non-financial assets and liabilities that are not required to be measured at fair value on a recurring basis are inventories, property and equipment, goodwill, intangible assets and asset retirement obligations.

**Note 16 Defined Benefit Pension Plans and Other Post-Employment Benefit Plans**

The following tables show the components of net benefit cost for our defined benefit pension plans for the three and six months ended June 30, 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2024** | **Three Months Ended<br>June 30, 2024** | **Three Months Ended<br>June 30, 2024** |
| &nbsp;&nbsp;***(In millions)*** | **U.S.** | **International** | **Total** | **U.S.** | **International** | **Total** |
| Components of net periodic benefit cost: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service cost | $— | $0.9 | $0.9 | $— | $1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest cost | 1.6 | 4.7 | 6.3 | 1.7 | 5.2 | 6.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected return on plan assets | (1.9) | (5.8) | (7.7) | (1.8) | (5.7) | (7.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of net actuarial loss | 0.4 | 0.8 | 1.2 | 0.4 | 1.0 | 1.4 |
| **Net periodic benefit cost** | **0.1** | **0.6** | **0.7** | **0.3** | **1.5** | **1.8** |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlement income |  |  |  |  |  |  |
| **Total benefit cost** | $**0.1** | $**0.6** | $**0.7** | $**0.3** | $**1.5** | $**1.8** |

---

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2024** | **Six Months Ended<br>June 30, 2024** | **Six Months Ended<br>June 30, 2024** |
| &nbsp;&nbsp;***(In millions)*** | **U.S.** | **International** | **Total** | **U.S.** | **International** | **Total** |
| Components of net periodic benefit cost: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service cost | $— | $1.7 | $1.7 | $— | $1.9 | $1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest cost | 3.2 | 9.4 | 12.6 | 3.3 | 10.3 | 13.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected return on plan assets | (3.7) | (11.5) | (15.2) | (3.5) | (11.5) | (15.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of net prior service cost |  | 0.1 | 0.1 |  | 0.1 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of net actuarial loss | 0.8 | 1.7 | 2.5 | 0.8 | 2.0 | 2.8 |
| **Net periodic benefit cost** | **0.3** | **1.4** | **1.7** | **0.6** | **2.8** | **3.4** |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlement income |  | (0.1) | (0.1) |  |  |  |
| **Total benefit cost** | $**0.3** | $**1.3** | $**1.6** | $**0.6** | $**2.8** | $**3.4** |

---

The following table shows the components of net periodic benefit cost for our other post-employment benefit plans for the three and six months ended June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| &nbsp;&nbsp;***(In millions)*** | **2025** | **2024** | **2025** | **2024** |
| Components of net periodic benefit cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest cost | $0.4 | $0.3 | $0.7 | $0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of net prior service credit and net actuarial gain | (0.1) | (0.2) | (0.3) | (0.3) |
| **Net periodic benefit cost** | $**0.3** | $**0.1** | $**0.4** | $**0.4** |

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**Note 17 Income Taxes**

***Effective Income Tax Rate and Income Tax Provision***

For interim tax reporting, we estimate one annual effective tax rate for tax jurisdictions not subject to a valuation allowance and apply that rate to the year-to-date ordinary income/(loss). Tax effects of significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur.

Compared to the U.S. statutory rate of 21.0%, state income taxes, foreign earnings subject to higher tax rates and non-deductible expenses increase the Company's effective income tax rate, whereas research and development credits decrease the Company's effective tax rate.

Our effective income tax rate was 28.3% and 18.3% for the three and six months ended June 30, 2025, respectively. In addition to the above referenced items, the three month period ended June 30, 2025 was unfavorably impacted by interest accruals for uncertain tax positions. The six month period ended June 30, 2025 was favorably impacted by the reversal of accruals for uncertain tax positions as a result of the resolution of certain previous years' international tax matters, partially offset by interest accruals for other uncertain tax positions.

Our effective income tax rate was 27.8% and 28.8% for the three and six months ended June 30, 2024, respectively. In addition to the above referenced items, the three and six month periods were unfavorably impacted by accruals for uncertain tax positions.

There were no significant changes in our valuation allowances for the three and six months ended June 30, 2025 and 2024.

Net increases/(decreases) in unrecognized tax positions were $4.7 million and $(39.5) million for the three and six months ended June 30, 2025, respectively, and $2.3 million and $6.9 million for the three and six months ended June 30, 2024, respectively. The six month period ended June 30, 2025 decreased as a result of the resolution of certain previous years' international tax matters, partially offset by interest accruals on existing uncertain tax positions, and for the six month period ended June 30, 2024 increased primarily related to interest accruals on existing uncertain tax positions. We are not currently able to reasonably estimate the amount by which the liability for unrecognized tax positions may increase or decrease as a result of current and future tax examination activity or resolution. Interest and penalties on tax assessments are included in Income tax provision on our Condensed Consolidated Statements of Operations.

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On July 4, 2025, the One Big Beautiful Bill Act ("OBBB"), which includes a broad range of tax reform provisions that may affect the Company's financial results, was signed into law. The OBBB allows an elective deduction for domestic Research and Development ("R&D"), a reinstatement of elective 100% first-year bonus depreciation, and a more favorable tax rate on Foreign-derived Deduction Eligible Income and income from non-U.S. subsidiaries (Net CFC tested income), among other provisions. The Company is currently evaluating the impact of these provisions which could affect the Company's effective tax rate and deferred tax assets in 2025 and future periods. A quantitative estimate of the specific financial effects cannot be reasonably determined at this time due to the complexity of the tax reform changes.

The Organization for Economic Co-operation and Development ("OECD") has issued Pillar Two model rules introducing a new global minimum tax of 15% as of January 1, 2024. These model rules have been agreed upon in principle by over 140 countries and many countries have incorporated Pillar Two model rule concepts into their domestic laws. In June 2025, the G7 agreed to exclude U.S. Multi-National Entities ("MNEs") from certain aspects of the Pillar Two global minimum tax rules (the G7 Statement) in exchange for the U.S. not imposing retaliatory taxes in the OBBB. We will continue to monitor the G7 Statement, which has not yet been incorporated into the OECD framework. As countries continue to enact and refine the Pillar Two rules, we will evaluate the impact on our financial position. The Pillar Two minimum tax did not have a material impact on the Company's financial results of operations for the three and six months ended June 30, 2025.

**Note 18 Commitments and Contingencies**

***Litigation and Claims***

On July 18, 2024, Water.IO Ltd ("Water.IO") filed a complaint against the Company for breach of contract and breach of the implied covenant of good faith and fair dealing in state court in Mecklenburg County, North Carolina. The Company separately filed a complaint against Water.IO for unfair and deceptive trade practices in federal court in Charlotte, North Carolina. The Company and Water.IO thereafter agreed to remove all disputes to North Carolina State Business Court and the Company dismissed the federal lawsuit and asserted its claims as counterclaims in the state court action. On August 14, 2024, the matter was removed to North Carolina State Business Court. The complaint and the counterclaims primarily stem from a 2018 Purchase Agreement, as amended, between the parties (the "Water.IO Agreement") for the purchase of approximately $25 million of sensors by the Company from Water.IO over the term of the agreement. In response to discovery requests, on May 12, 2025, Water.IO also stated that it seeks approximately $8 million for purported lost company value in connection with a 2021 initial public offering, contending those damages also resulted from the Company's alleged wrongful termination of the Water.IO Agreement. The Company contends that its termination was valid because Water.IO breached the Water.IO Agreement by failing to deliver sensors that complied with the parties agreed specifications. There is no trial date currently set for this matter. The Company believes it has valid defenses against Water.IO's claims and that it also has valid claims against Water.IO. The Company intends to defend its interests vigorously in this matter.

***Environmental Matters***

We are subject to loss contingencies resulting from environmental laws and regulations (including claims relating to the alleged use of polyfluoroalkyl substances ("PFAS") in our products and manufacturing processes), and we accrue for anticipated costs associated with investigatory and remediation efforts when an assessment has indicated that a loss is probable and can be reasonably estimated. These accruals are not reduced by potential insurance recoveries, if any. We do not believe that it is reasonably possible that our liability in excess of the amounts that we have accrued for environmental matters will be material to our Condensed Consolidated Balance Sheets or Statements of Operations. Environmental liabilities are reassessed whenever circumstances become better defined or remediation efforts and their costs can be better estimated.

We evaluate these liabilities periodically based on available information, including the progress of remedial investigations at each site, the current status of discussions with regulatory authorities regarding the methods and extent of remediation and the apportionment of costs among potentially responsible parties. As some of these issues are decided (the outcomes of which are subject to uncertainties) or new sites are assessed and costs can be reasonably estimated, we adjust the recorded accruals, as necessary. We believe that these exposures are not material to our Condensed Consolidated Balance Sheets or Statements of Operations. We believe that we have adequately reserved for all probable and estimable environmental exposures.

***Guarantees and Indemnification Obligations***

We are a party to many contracts containing guarantees and indemnification obligations. These contracts primarily consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• indemnities in connection with the sale of businesses, primarily related to the sale of Diversey in 2017. Our indemnity obligations under the relevant agreements may be limited in terms of time, amount or scope. As it relates to certain

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income tax related liabilities, the relevant agreements may not provide any cap for such liabilities, and the period in which we would be liable would lapse upon expiration of the statute of limitation for assessment of the underlying taxes. Because of the conditional nature of these obligations and the unique facts and circumstances involved in each particular agreement, we are unable to reasonably estimate the potential maximum exposure associated with these items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• product warranties with respect to certain products sold to customers in the ordinary course of business. These warranties typically provide that products will conform to specifications. We generally do not establish a liability for product warranty based on a percentage of sales or other formula. We accrue a warranty liability on a transaction-specific basis depending on the individual facts and circumstances related to each sale. Both the liability and annual expense related to product warranties are immaterial to our consolidated financial position and results of operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• licenses of intellectual property by us to third parties in which we have agreed to indemnify the licensee against third-party infringement claims.

As of June 30, 2025, the Company has no reason to believe a loss exceeding amounts already recognized would be incurred.

***Other Matters***

We are also involved in various other legal actions incidental to our business. We believe, after consulting with counsel, that the disposition of these other legal proceedings and matters will not have a material effect on our consolidated financial condition or results of operations including potential impact to cash flows.

**Note 19 Stockholders' Equity**

***Repurchase of Common Stock***

On August 2, 2021, the Board of Directors approved a share repurchase program of $1.0 billion. This program has no expiration date and replaced all previous authorizations. It does not obligate us to repurchase any specified amount of shares and remains subject to the discretion of the Board of Directors. As of June 30, 2025, there was $536.5 million remaining under this program. Share repurchases made prior to August 2, 2021 were under the previous share repurchase authorizations approved by the Board of Directors.

During the three and six months ended June 30, 2025 and 2024, no shares were repurchased.

Repurchases are made under open market transactions, including through plans complying with Rule 10b5-1 of the Exchange Act, and pursuant to the share repurchase program referenced above.

***Dividends***

On February 18, 2025, our Board of Directors declared a quarterly cash dividend of $0.20 per common share, or $29.4 million, which was paid on March 28, 2025, to stockholders of record at the close of business on March 14, 2025.

On May 29, 2025, our Board of Directors declared a quarterly cash dividend of $0.20 per common share, or $29.4 million, which was paid on June 27, 2025, to stockholders of record at the close of business on June 13, 2025.

On July 16, 2025, our Board of Directors declared a quarterly cash dividend of $0.20 per common share, which will be paid on September 26, 2025, to stockholders of record at the close of business on September 12, 2025.

The dividends paid during the six months ended June 30, 2025 were recorded as a reduction to Cash and cash equivalents with an offset to Retained earnings on our Condensed Consolidated Balance Sheets. Our senior secured credit facility and our senior notes contain covenants that restrict our ability to declare or pay dividends and repurchase stock. However, we do not believe these covenants are likely to materially limit the future payment of quarterly cash dividends on our common stock. From time to time, we may consider other means of returning value to our stockholders based on our consolidated financial condition and results of operations. There is no guarantee that our Board of Directors will declare any future dividends.

***Share-based Compensation***

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In 2014, the Board of Directors adopted, and our stockholders approved, the 2014 Omnibus Incentive Plan ("Omnibus Incentive Plan"). Under the Omnibus Incentive Plan, the maximum number of shares of Common Stock authorized was 4,250,000, plus total shares available to be issued as of May 22, 2014 under the 2002 Directors Stock Plan and the 2005 Contingent Stock Plan (collectively, the "Predecessor Plans"). The Omnibus Incentive Plan replaced the Predecessor Plans and no further awards were granted under the Predecessor Plans. The Omnibus Incentive Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, performance share units known as "PSU" awards, other stock awards and cash awards to officers, non-employee directors, key employees, consultants and advisors.

In 2018, 2021 and 2024, the Board of Directors adopted, and our shareholders approved, amendments and restatements to the Omnibus Incentive Plan, adding 2,199,114; 2,999,054 and 1,138,896 shares of common stock to the share pool previously available under the Omnibus Incentive Plan, respectively.

We record share-based incentive compensation expense in Selling, general and administrative expenses and Cost of sales on our Condensed Consolidated Statements of Operations for both equity-classified and liability-classified awards. We record a corresponding credit to Additional paid-in capital within Stockholders' equity for equity-classified awards, and to either Other current liabilities or Other non-current liabilities for liability-classified awards based on the fair value of the share-based incentive compensation awards at the date of grant. Total expense for the liability-classified awards continues to be remeasured to fair value at the end of each reporting period. We recognize an expense or credit reflecting the straight-line recognition, net of estimated forfeitures, of the expected cost of the awards. The number of PSUs earned may equal, exceed, or be less than the targeted number of shares depending on whether the performance criteria are met, surpassed, or not met.

The table below shows our total share-based incentive compensation expense:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **2025** | **2024** | **2025** | **2024** |
| **Total share-based incentive compensation expense**<sup>(1)</sup> | $**10.7** | $**7.2** | $**22.6** | $**15.9** |

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<sup>(1)</sup> The amounts presented above do not include the expense related to our U.S. profit sharing contributions made in the form of our common stock. However, the amounts include the expense related to share-based awards that are settled in cash.

*<u>Performance Share Units ("PSU") Awards</u>*

During the first 90 days of each year, the People and Compensation Committee (or "P&C Committee") of our Board of Directors approves PSU awards for our executive officers and other selected employees, which include for each participant a target number of shares of common stock and the performance goals and measures that will determine the percentage of the target award that is earned. Following the end of the performance period, in addition to shares earned, participants will also receive a cash payment in the amount of the dividends (without interest) that would have been paid during the performance period on the number of shares that they have earned. Each PSU is subject to forfeiture if the recipient terminates employment with the Company prior to the end of the award performance period for any reason other than death, disability or retirement. In the event of death, disability or retirement, a participant will receive a prorated payment based on such participant's number of days of service during the award performance period, further adjusted based on the achievement of the performance goals during the award performance period. PSUs are classified as equity in the Condensed Consolidated Balance Sheets, with the exception of awards that are required by local laws or regulations to be settled in cash. These are classified as either Other current liabilities or Other non-current liabilities in the Condensed Consolidated Balance Sheets.

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*<u>2025 Three-year PSU Awards</u>*

During the first quarter of 2025, the P&C Committee approved awards with a three-year performance period beginning January 1, 2025 and ending December 31, 2027 for executive officers and other selected employees. The P&C Committee established performance goals, which are (i) the weighting of each year's diluted earnings per share compared to a target established using the prior year's performance adjusted for a predetermined growth percentage ("Adjusted EPS Growth") weighted at 50%, and (ii) Return on Invested Capital ("ROIC") weighted at 50%. Calculation of final achievement on each performance metric is subject to an upward or downward adjustment of up to 25% based on the results of a relative total shareholder return ("TSR") modifier. The comparator group for the relative TSR modifier is comprised of a custom peer group as of the beginning of the performance period. Shareholder return in the top quartile of the comparator group increases overall achievement of performance metrics by 25%, while shareholder return in the bottom quartile of the comparator group decreases overall achievement of the performance metrics by 25%. The total number of shares to be issued for these awards, including the modifier, can range from zero to 250% of the target number of shares.

During the first quarter of 2025, subsequent to the initial grants, a PSU award was granted to one additional executive. The performance period and performance goals for the PSU awards are identical to those described above.

The target number of PSUs granted and the grant date fair value of the PSUs are shown in the following table:

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| | | |
|:---|:---|:---|
| | **Adjusted EPS Growth** | **ROIC** |
| *February 18, 2025 grant date* |  |  |
| &nbsp;&nbsp;Number of units granted | 80477 | 80477 |
| &nbsp;&nbsp;Fair value on grant date (per unit) | $35.83 | $35.83 |
| *March 3, 2025 grant date* |  |  |
| &nbsp;&nbsp;Number of units granted | 19084 | 19084 |
| &nbsp;&nbsp;Fair value on grant date (per unit) | $34.82 | $34.82 |
| *March 31, 2025 grant date* |  |  |
| &nbsp;&nbsp;Number of units granted | 5544 | 5544 |
| &nbsp;&nbsp;Fair value on grant date (per unit) | $29.74 | $29.74 |

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The assumptions used to calculate the grant date fair value of the PSUs are shown in the following table:

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| | | |
|:---|:---|:---|
| | **Expected price volatility** | **Risk-free interest rate** |
| *February 18, 2025 grant date* | 32.3% | 4.3% |
| *March 3, 2025 grant date* | 32.7% | 3.9% |
| *March 31, 2025 grant date* | 32.5% | 3.9% |

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*<u>2022 Three-year PSU Awards</u>*

In February 2025, the P&C Committee reviewed the performance results for the 2022-2024 PSUs. Performance goals for these PSUs were based on Adjusted EBITDA CAGR, ROIC, and the Company's TSR ranking relative to S&P 500 component companies over the performance period. Based on overall performance for the 2022-2024 PSUs, these awards paid out at 75% of target or 40,752 units. Of this, 13,339 units were withheld to cover employee tax withholding and 361 units were designated as cash-settled awards, resulting in net share issuances of 27,052.

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**Note 20 Accumulated Other Comprehensive Loss**

The following table provides details of comprehensive income (loss) for the six months ended June 30, 2025 and 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **Unrecognized<br>Pension Items** | **Cumulative**<br>**Translation**<br>**Adjustment**<sup>(1)</sup> | **Unrecognized <br>Losses on Derivative<br>Instruments for <br>net investment<br>hedge** | **Unrecognized <br>Gains (Losses)<br>on Derivative<br>Instruments<br>for cash flow hedge** | **Accumulated Other<br>Comprehensive<br>Loss, Net of <br>Taxes** |
| Balance at December 31, 2024 | $(141.8) | $(917.1) | $(20.7) | $3.7 | $(1075.9) |
| Other comprehensive income (loss) before reclassifications |  | 190.7 | (45.7) | (3.9) | 141.1 |
| Less: amounts reclassified from accumulated other comprehensive loss | 1.7 |  |  | (0.3) | 1.4 |
| Net current period other comprehensive income (loss) | 1.7 | 190.7 | (45.7) | (4.2) | 142.5 |
| **Balance at June 30, 2025** | $**(140.1)** | $**(726.4)** | $**(66.4)** | $**(0.5)** | $**(933.4)** |
| Balance at December 31, 2023 | $(146.4) | $(770.6) | $(38.1) | $(0.4) | $(955.5) |
| Other comprehensive (loss) income before reclassifications | (0.1) | (70.4) | 12.0 | 2.3 | (56.2) |
| Less: amounts reclassified from accumulated other comprehensive loss | 2.0 |  |  | (0.7) | 1.3 |
| Net current period other comprehensive income (loss) | 1.9 | (70.4) | 12.0 | 1.6 | (54.9) |
| **Balance at June 30, 2024** | $**(144.5)** | $**(841.0)** | $**(26.1)** | $**1.2** | $**(1010.4)** |

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<sup>(1)</sup> Includes gains and losses on intra-entity foreign currency transactions. The intra-entity currency translation adjustment was $43.8 million and $11.8 million for the six months ended June 30, 2025 and 2024, respectively.

The following table provides detail of amounts reclassified from AOCL:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | |
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **2025** | **2024** | **2025** | **2024** | **Location of Amount<br>Reclassified from AOCL** |
| Defined benefit pension plans and other post-employment benefits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net settlement income | $— | $— | $0.1 | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prior service cost | 0.1 | 0.2 | 0.1 | 0.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actuarial losses, net | (1.2) | (1.4) | (2.4) | (2.8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total pre-tax amount | (1.1) | (1.2) | (2.2) | (2.6) | Other expense, net |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax benefit | 0.2 | 0.3 | 0.5 | 0.6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net of tax | (0.9) | (0.9) | (1.7) | (2.0) |  |
| Net (losses) gains on cash flow hedging derivatives:<sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | (3.3) | 1.0 | 0.3 | 0.8 | Cost of sales |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury locks | 0.1 | 0.1 | 0.1 | 0.1 | Interest expense, net |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total pre-tax amount | (3.2) | 1.1 | 0.4 | 0.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax benefit (expense) | 1.0 | (0.3) | (0.1) | (0.2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net of tax | (2.2) | 0.8 | 0.3 | 0.7 |  |
| **Total reclassifications for the period** | $**(3.1)** | $**(0.1)** | $**(1.4)** | $**(1.3)** |  |

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<sup>(1)</sup> These accumulated other comprehensive components are included in our derivative and hedging activities. See Note 14, "Derivatives and Hedging Activities," for additional details.

**Note 21 Other Expense, net**

The following table provides details of Other expense, net:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **2025** | **2024** | **2025** | **2024** |
| Net foreign exchange transaction (loss) gain | $(0.8) | $2.2 | $(0.2) | $3.4 |
| Bank fee expense | (1.1) | (1.4) | (0.3) | (2.4) |
| Pension cost other than service cost | (0.8) | (1.4) | (1.5) | (3.2) |
| Foreign currency exchange loss due to highly inflationary economies | (4.3) | (0.6) | (6.0) | (5.5) |
| Loss on debt redemption and refinancing activities | (5.1) | (6.8) | (5.1) | (6.8) |
| Other income | 9.6 | 2.5 | 12.2 | 9.1 |
| Other expense | (8.8) | (1.3) | (9.9) | (2.2) |
| **Other expense, net** | $**(11.3)** | $**(6.8)** | $**(10.8)** | $**(7.6)** |

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**Note 22 Net Earnings Per Common Share**

The following table shows the calculation of basic and diluted net earnings per common share:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| &nbsp;&nbsp;&nbsp;***(In millions, except per share amounts)*** | **2025** | **2024** | **2025** | **2024** |
| *Basic Net Earnings Per Common Share:* |  |  |  |  |
| Numerator: |  |  |  |  |
| Net earnings | $93.1 | $98.3 | $206.6 | $180.3 |
| Distributed and allocated undistributed net earnings to unvested restricted stockholders |  |  |  |  |
| **Net earnings available to common stockholders** | $**93.1** | $**98.3** | $**206.6** | $**180.3** |
| Denominator: |  |  |  |  |
| Weighted average number of common shares outstanding - basic | 147.1 | 145.7 | 146.7 | 145.3 |
| Basic net earnings per common share: |  |  |  |  |
| **Basic net earnings per common share** | $**0.63** | $**0.67** | $**1.41** | $**1.24** |
| *Diluted Net Earnings Per Common Share:* |  |  |  |  |
| Numerator: |  |  |  |  |
| **Net earnings available to common stockholders** | $**93.1** | $**98.3** | $**206.6** | $**180.3** |
| Denominator: |  |  |  |  |
| Weighted average number of common shares outstanding - basic | 147.1 | 145.7 | 146.7 | 145.3 |
| Effect of dilutive stock shares and units | 0.3 | 0.3 | 0.4 | 0.4 |
| **Weighted average number of common shares outstanding - diluted under treasury stock** | **147.4** | **146.0** | **147.1** | **145.7** |
| **Diluted net earnings per common share** | $**0.63** | $**0.67** | $**1.40** | $**1.24** |

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| | |
|:---|:---|
| **Item 2.** | **Management's Discussion and Analysis of Financial Condition and Results** |
| | **of Operations** |

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The information in our Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") should be read together with our Condensed Consolidated Financial Statements and related notes set forth in Item 1 of Part I of this Quarterly Report on Form 10-Q, our MD&A set forth in Item 7 of Part II of our 2024 Form 10-K and our Consolidated Financial Statements and related notes set forth in Item 8 of Part II of our 2024 Form 10-K. See "Cautionary Notice Regarding Forward-Looking Statements" above, and the information referenced therein, for a description of risks that we face and important factors that we believe could cause actual results to differ materially from those in our forward-looking statements. All amounts and percentages are approximate due to rounding and all dollars are in millions, except per share amounts or where otherwise noted. When we cross-reference to a "Note," we are referring to our "Notes to Condensed Consolidated Financial Statements," unless the context indicates otherwise.

**Recent Events and Trends**

**Market Trends**

Food segment sales on an organic basis through the first half of 2025 compared to 2024 were slightly favorable driven by pricing actions and formula pass throughs, partially offset with marginal volume decline. Protective segment sales on an organic basis declined in the first half of 2025 compared to 2024 as a result of volume declines, primarily in North America within our fulfillment portfolio, and unfavorable pricing. The Company is experiencing shifts in consumer spending in our end markets given on-going economic uncertainties, primarily in North America, and the beginning stages of US cattle herd rebuilding, which lowers harvest. Based on these factors, we are currently expecting slightly lower volumes on a full year total Company basis compared to our previous assumptions. These headwinds are expected to be offset by favorable foreign exchange impact and slightly favorable pricing trends compared to 2024.

**Non-GAAP Information**

In this report, we include certain non-GAAP financial measures, including Net Debt, Adjusted Net Earnings and Adjusted EPS, net sales on an "organic" and a "constant currency" basis, Free Cash Flow, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Tax Rate. Management uses non-GAAP financial measures to assess operating and financial performance, set budgets, provide guidance and compare with peers' performance. We believe such non-GAAP financial measures are useful to investors. Non-GAAP financial measures should not be considered in isolation from or as a substitute for GAAP information.

The non-GAAP financial metrics exclude certain specified items ("Special Items"), including restructuring charges and restructuring associated costs, amortization of intangible assets related to the acquisition of Liquibox, adjustments in the valuation of our debt or equity investments, other charges related to acquisitions and divestitures, gains and losses related to acquisitions and divestitures, special tax items or tax benefits (collectively, "Tax Special Items") and certain other items. We evaluate unusual or special items on an individual basis. Our evaluation of whether to exclude an unusual or special item for purposes of determining our non-GAAP financial measures considers both the quantitative and qualitative aspects of the item, including among other things (i) its nature, (ii) whether or not it relates to our ongoing business operations, and (iii) whether or not we expect it to occur as part of our normal business on a regular basis.

See information below for reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures. Information reconciling forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures is not presented because it is not available without unreasonable effort. The reconciling information that is not available includes forward-looking ranges of certain Special Items with high variability, complexity and low visibility. We are unable to address the probable significance of such unavailable information, which could have a potential significant impact on our future GAAP financial results.

 *Adjusted EBITDA and Adjusted EBITDA Margin*

Adjusted EBITDA is defined as Earnings before Interest Expense, Taxes, Depreciation and Amortization, adjusted to exclude the impact of Special Items. Management uses Adjusted EBITDA as one of many measures to assess the performance of the business. Adjusted EBITDA is also a metric used to determine performance under the Company's Annual Incentive Plan. We do not believe there are estimates underlying the calculation of Adjusted EBITDA, other than those inherent in our GAAP

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results of operations, which would render the use and presentation of Adjusted EBITDA misleading. While the nature and amount of individual Special Items vary from period to period, we believe our calculation of Adjusted EBITDA is applied consistently to all periods and, in conjunction with other GAAP and non-GAAP financial measures, Adjusted EBITDA provides a useful and consistent comparison of our Company's performance to other periods.

The following table shows a reconciliation of GAAP Net earnings from continuing operations to non-GAAP Consolidated Adjusted EBITDA from continuing operations:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **2025** | **2024** | **2025** | **2024** |
| **Net earnings from continuing operations** | $94.2 | $97.8 | $211.1 | $181.2 |
| Interest expense, net | 55.7 | 63.3 | 112.5 | 128.4 |
| Income tax provision | 37.1 | 37.7 | 47.3 | 73.4 |
| Depreciation and amortization, net of adjustments<sup>(1)</sup> | 62.4 | 60.1 | 121.1 | 121.0 |
| *Special Items:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Liquibox intangible amortization | 7.6 | 7.7 | 15.2 | 15.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges | 2.8 | 2.5 | 5.4 | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other restructuring associated costs | 6.4 | 6.4 | 12.3 | 13.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange loss due to highly inflationary economies | 4.3 | 0.6 | 6.0 | 5.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt redemption and refinancing activities | 5.1 | 6.8 | 5.1 | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract terminations | 3.0 |  | 3.0 | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Charges related to acquisition and divestiture activity | 1.0 | 1.0 | 1.1 | (0.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;CEO severance and separation costs |  |  | 7.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accelerated share-based compensation expense<sup>(1)</sup> |  |  | 5.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Special Items<sup>(2)</sup> | 12.9 | 1.6 | 16.3 | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-tax impact of Special Items | 43.1 | 26.6 | 76.8 | 59.8 |
| **Non-GAAP Consolidated Adjusted EBITDA from continuing operations** | $**292.5** | $**285.5** | $**568.8** | $**563.8** |

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<sup>(1)</sup> Net of Liquibox intangible amortization of $7.6 million and $15.2 million for the three and six months ended June 30, 2025, respectively, and $7.7 million and $15.2 million for the three and six months ended June 30, 2024, respectively, and accelerated share-based compensation expense of $5.0 million for the six months ended June 30, 2025, which are included under Special Items. The accelerated share-based compensation expense for the six months ended June 30, 2025 primarily relates to the vesting of certain equity awards for our prior CEO upon his departure.

<sup>(2)</sup> Other Special Items for the three and six months ended June 30, 2025 primarily include fees related to professional services and other charges directly associated with Special Items or events that are considered one-time or infrequent.

The Company may also assess performance using Adjusted EBITDA Margin. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by net sales. We believe that Adjusted EBITDA Margin is a useful measure to assess the profitability of sales made to third parties and the efficiency of our core operations.

*Adjusted Net Earnings and Adjusted Earnings Per Share*

Adjusted Net Earnings and Adjusted Earnings Per Share ("Adjusted EPS") are also used by the Company to measure total company performance. Adjusted Net Earnings is defined as GAAP net earnings from continuing operations excluding the impact of Special Items. Adjusted EPS is defined as our Adjusted Net Earnings divided by the number of diluted shares outstanding. We believe that Adjusted Net Earnings and Adjusted EPS are useful measurements of Company performance, along with other GAAP and non-GAAP financial measures, because they incorporate non-cash items of depreciation and amortization, including share-based compensation, which impact the overall performance and net earnings of our business. Additionally, Adjusted Net Earnings and Adjusted EPS reflect the impact of our Adjusted Tax Rate and interest expense on a net and per share basis. While the nature and amount of individual Special Items vary from period to period, we believe our calculation of Adjusted Net Earnings and Adjusted EPS is applied consistently to all periods and, in conjunction with other

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GAAP and non-GAAP financial measures, Adjusted Net Earnings and Adjusted EPS provide a useful and consistent comparison of our Company's performance to other periods.

The following table shows a reconciliation of GAAP Net earnings and Diluted earnings per share from continuing operations to non-GAAP Adjusted net earnings and Adjusted EPS from continuing operations.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| &nbsp;&nbsp;***(In millions, except per share data)*** | **Net Earnings** | **Diluted EPS** | **Net Earnings** | **Diluted EPS** | **Net Earnings** | **Diluted EPS** | **Net Earnings** | **Diluted EPS** |
| **GAAP Net earnings and diluted EPS from continuing operations** | $**94.2** | $**0.64** | $**97.8** | $**0.67** | $**211.1** | $**1.43** | $**181.2** | $**1.24** |
| Special Items<sup>(1)</sup> | 37.7 | 0.26 | 22.9 | 0.16 | 40.3 | 0.27 | 52.3 | 0.36 |
| **Non-GAAP Adjusted net earnings and adjusted diluted EPS from continuing operations**<sup>(2)</sup> | $**131.9** | $**0.89** | $**120.7** | $**0.83** | $**251.4** | $**1.71** | $**233.5** | $**1.60** |
| **Weighted average number of common shares outstanding - Diluted** |  | **147.4** |  | **146.0** |  | **147.1** |  | **145.7** |

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<sup>(1)</sup> Includes pre-tax Special Items, plus/less Tax Special Items and the tax impact of Special Items as seen in the following calculation of non-GAAP Adjusted income tax rate.

<sup>(2)</sup> Adjusted diluted earnings per share for the three and six months ended June 30, 2025 does not sum due to rounding.

*Adjusted Tax Rate*

We also present our adjusted income tax rate ("Adjusted Tax Rate"). The Adjusted Tax Rate is a measure of our GAAP effective tax rate, adjusted to exclude the tax impact from the Special Items that are excluded from our Adjusted Net Earnings and Adjusted EPS metrics as well as expense or benefit from any special taxes or Tax Special Items. The Adjusted Tax Rate is an indicator of the taxes on our core business. The tax circumstances and effective tax rate in the specific countries where the Special Items occur will determine the impact (positive or negative) to the Adjusted Tax Rate. While the nature and amount of Tax Special Items vary from period to period, we believe our calculation of the Adjusted Tax Rate is applied consistently to all periods and, in conjunction with our GAAP effective income tax rate, the Adjusted Tax Rate provides a useful and consistent comparison of the impact that tax expense has on our Company's performance.

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The following table shows our calculation of the non-GAAP Adjusted income tax rate:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| &nbsp;&nbsp;***(In millions)*** | **2025** | **2024** | **2025** | **2024** |
| GAAP Earnings before income tax provision from continuing operations | $131.3 | $135.5 | $258.4 | $254.6 |
| Pre-tax impact of Special Items | 43.1 | 26.6 | 76.8 | 59.8 |
| **Non-GAAP Adjusted Earnings before income tax provision from continuing operations** | $**174.4** | $**162.1** | $**335.2** | $**314.4** |
| GAAP Income tax provision from continuing operations | $37.1 | $37.7 | $47.3 | $73.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax Special Items<sup>(1)</sup> | (2.8) | (2.7) | 20.8 | (6.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax impact of Special Items<sup>(2)</sup> | 8.2 | 6.4 | 15.7 | 14.3 |
| **Non-GAAP Adjusted Income tax provision from continuing operations** | $**42.5** | $**41.4** | $**83.8** | $**80.9** |
| GAAP Effective income tax rate | 28.3% | 27.8% | 18.3% | 28.8% |
| Non-GAAP Adjusted income tax rate | 24.4% | 25.5% | 25.0% | 25.7% |

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<sup>(1)</sup> For the three months ended June 30, 2025, Tax Special Items reflect interest accruals for uncertain tax positions. For the six months ended June 30, 2025, Tax Special Items reflect the resolution of certain previous years' international tax matters, partially offset by interest accruals for uncertain tax positions. For the three and six months ended June 30, 2024, Tax Special Items reflect accruals for uncertain tax positions.

<sup>(2)</sup> The tax rate used to calculate the tax impact of Special Items is based on the jurisdiction in which the item was recorded.

*Organic and Constant Currency Measures*

In our "Net Sales by Segment," and in some of the discussions and tables that follow, we exclude the impact of foreign currency translation when presenting net sales information, which we define as "constant currency", and we exclude acquisitions in the first year after closing, divestiture activity from the time of sale, and the impact of foreign currency translation when presenting net sales information, which we define as "organic." Changes in net sales excluding the impact of foreign currency translation and/or acquisition and divestiture activity are non-GAAP financial measures. As a worldwide business, it is important that we consider the effects of foreign currency translation when we view our results and plan our strategies. Nonetheless, we cannot control changes in foreign currency exchange rates. Consequently, when our management analyzes our financial results including performance metrics such as sales, cost of sales or selling, general and administrative expense, to measure the core performance of our business, we may exclude the impact of foreign currency translation by translating our current period results at prior period foreign currency exchange rates and then make adjustments for other items affecting comparability. We also may exclude the impact of foreign currency translation when making incentive compensation determinations. As a result, our management believes that these presentations are useful internally and may be useful to investors.

Refer to these specific tables presented later in our MD&A for reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures.

*Free Cash Flow*

In addition to net cash provided by operating activities, we use free cash flow as a useful measure of performance and an indication of the strength and ability of our operations to generate cash. We define free cash flow as cash provided by operating activities less capital expenditures (which is classified as an investing activity). Free cash flow is not defined under GAAP. Therefore, free cash flow should not be considered a substitute for net income or cash flow data prepared in accordance with GAAP and may not be comparable to similarly titled measures used by other companies. Free cash flow does not represent residual cash available for discretionary expenditures, as certain debt servicing requirements or other non-discretionary expenditures are not deducted from this measure.

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Refer to the specific table presented later in our MD&A under *Analysis of Historical Cash Flow* for reconciliation of this non-GAAP financial measure to its most directly comparable GAAP measure.

*Net Debt*

In addition to total debt, we use Net Debt, which we define as total debt less cash and cash equivalents, as a useful measure of our total debt exposure. Net Debt is not defined under GAAP. Therefore, Net Debt should not be considered a substitute for amounts owed to creditors or other balance sheet information prepared in accordance with GAAP, and it may not be comparable to similarly titled measures used by other companies.

Refer to the specific table presented later in our MD&A under *Outstanding Indebtedness* for reconciliation of this non-GAAP financial measure to its most directly comparable GAAP measure.

**Highlights of Financial Performance**

Below are the highlights of our financial performance for the three and six months ended June 30, 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **%** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **%** |
| &nbsp;&nbsp;&nbsp;***(In millions, except per share amounts)*** | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| Net sales | $1335.0 | $1345.1 | (0.8)% | $2607.5 | $2674.7 | (2.5)% |
| Gross profit | $406.2 | $416.0 | (2.4)% | $797.9 | $816.8 | (2.3)% |
| *As a % of net sales* | *30.4 %* | *30.9 %* |  | *30.6 %* | *30.5 %* |  |
| Operating profit | $198.3 | $205.6 | (3.6)% | $381.7 | $390.6 | (2.3)% |
| *As a % of net sales* | *14.9 %* | *15.3 %* |  | *14.6 %* | *14.6 %* |  |
| Net earnings from continuing operations | $94.2 | $97.8 | (3.7)% | $211.1 | $181.2 | 16.5% |
| Loss on sale of discontinued operations, net of tax | (1.1) | 0.5 | # | (4.5) | (0.9) | # |
| **Net earnings** | $**93.1** | $**98.3** | (5.3)% | $**206.6** | $**180.3** | 14.6% |
| Basic: |  |  |  |  |  |  |
| Continuing operations | $0.64 | $0.67 | (4.5)% | $1.44 | $1.25 | 15.2% |
| Discontinued operations | (0.01) |  | # | (0.03) | (0.01) | # |
| **Net earnings per common share - basic** | $**0.63** | $**0.67** | (6.0)% | $**1.41** | $**1.24** | 13.7% |
| Diluted: |  |  |  |  |  |  |
| Continuing operations | $0.64 | $0.67 | (4.5)% | $1.43 | $1.24 | 15.3% |
| Discontinued operations | (0.01) |  | # | (0.03) |  | # |
| **Net earnings per common share - diluted** | $**0.63** | $**0.67** | (6.0)% | $**1.40** | $**1.24** | 12.9% |
| Weighted average number of common shares outstanding: |  |  |  |  |  |  |
| Basic | 147.1 | 145.7 |  | 146.7 | 145.3 |  |
| Diluted | 147.4 | 146.0 |  | 147.1 | 145.7 |  |
| Non-GAAP Consolidated Adjusted EBITDA from continuing operations<sup>(1)</sup> | $292.5 | $285.5 | 2.5% | $568.8 | $563.8 | 0.9% |
| Non-GAAP Adjusted EPS from continuing operations<sup>(2)</sup> | $0.89 | $0.83 | 7.2% | $1.71 | $1.60 | 6.9% |

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# Denotes where percentage change is not meaningful.

<sup>(1)</sup> See "Non-GAAP Information" for a reconciliation of GAAP Net earnings from continuing operations to non-GAAP Consolidated Adjusted EBITDA from continuing operations.

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<sup>(2)</sup> See "Non-GAAP Information" for a reconciliation of GAAP Net earnings and diluted earnings per share from continuing operations to non-GAAP Adjusted Net Earnings and Adjusted EPS from continuing operations.

**Foreign Currency Translation Impact on Condensed Consolidated Financial Results**

Since we are a U.S. domiciled company, we translate our foreign currency-denominated financial results into U.S. dollars. Due to the changes in the value of foreign currencies relative to the U.S. dollar, translating our financial results from foreign currencies to U.S. dollars may result in a favorable or unfavorable impact. Historically, the most significant currencies that have impacted the translation of our condensed consolidated financial results are the euro, the Australian dollar, the Mexican peso, the Canadian dollar, the British pound, the Chinese renminbi, the Brazilian real, the New Zealand dollar and the Argentine peso.

The following table presents the approximate favorable or (unfavorable) impact that foreign currency translation had on certain components of our condensed consolidated financial results:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;***(In millions)*** | **Three Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| Net sales | $6.9 | $(23.0) |
| Cost of sales | (5.7) | 14.7 |
| Gross profit | 1.2 | (8.3) |
| Selling, general and administrative expenses | (1.3) | 1.6 |
| Non-GAAP Adjusted EBITDA | (2.6) | (10.8) |

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**Net Sales by Segment**

The following table presents the components of change in net sales by reportable segment for the three and six months ended June 30, 2025 compared with 2024.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| &nbsp;&nbsp;***(In millions)*** | **Food** | **Food** | **Protective** | **Protective** | **Total Company** | **Total Company** |
| 2024 Net sales | $893.8 | *66.4 %* | $451.3 | *33.6 %* | $1345.1 | *100.0 %* |
| Price | 14.4 | 1.7% | (8.0) | (1.8)% | 6.4 | 0.5% |
| Volume<sup>(1)</sup> | (13.1) | (1.5)% | (10.3) | (2.3)% | (23.4) | (1.8)% |
| Total constant currency change (non-GAAP) | 1.3 | 0.2% | (18.3) | (4.1)% | (17.0) | (1.3)% |
| Foreign currency translation | 1.0 | 0.1% | 5.9 | 1.4% | 6.9 | 0.5% |
| **Total change (GAAP)** | **2.3** | **0.3%** | **(12.4)** | **(2.7)%** | **(10.1)** | **(0.8)%** |
| **2025 Net sales** | $**896.1** | *67.1 %* | $**438.9** | *32.9 %* | $**1335.0** | *100.0 %* |
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| &nbsp;&nbsp;***(In millions)*** | **Food** | **Food** | **Protective** | **Protective** | **Total Company** | **Total Company** |
| 2024 Net Sales | $1762.2 | *65.9 %* | $912.5 | *34.1 %* | $2674.7 | *100.0 %* |
| Price | 19.8 | 1.1% | (14.5) | (1.6)% | 5.3 | 0.2% |
| Volume<sup>(1)</sup> | (10.6) | (0.6)% | (38.9) | (4.3)% | (49.5) | (1.9)% |
| Total constant currency change (non-GAAP) | 9.2 | 0.5% | (53.4) | (5.9)% | (44.2) | (1.7)% |
| Foreign currency translation | (23.2) | (1.3)% | 0.2 | 0.1% | (23.0) | (0.8)% |
| **Total change (GAAP)** | **(14.0)** | **(0.8)%** | **(53.2)** | **(5.8)%** | **(67.2)** | **(2.5)%** |
| **2025 Net Sales** | $**1748.2** | *67.0 %* | $**859.3** | *33.0 %* | $**2607.5** | *100.0 %* |

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<sup>(1)</sup> Our volume reported above includes the net impact of changes in unit volume as well as the period-to-period change in the mix of products sold.

The following net sales discussion is on a reported and constant currency basis.

***Food***

*Three Months Ended June 30, 2025 Compared with the Same Period in 2024*

As reported, net sales increased by $2 million, or less than 1%, in 2025 compared with 2024. Foreign currency had a favorable impact of $1 million or less than 1%. On a constant currency basis, net sales increased by $1 million, or less than 1%, in 2025 compared with 2024, primarily due to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• favorable price of $14 million, primarily due to contract-formula pricing and U.S. dollar-based pricing in Latin America.

This increase was partially offset by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lower volume of $13 million, primarily resulting from softness in the North American market.

*Six Months Ended June 30, 2025 Compared with the Same Period in 2024*

As reported, net sales decreased by $14 million, or 1%, in 2025 compared to 2024. Foreign currency had an unfavorable impact of $23 million, or 1%. On a constant currency basis, net sales increased by $9 million, or less than 1%, in 2025 compared with 2024, primarily due to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• favorable price of $20 million, primarily due to contract-formula pricing and U.S. dollar-based pricing in Latin America.

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This increase was partially offset by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lower volume of $11 million, primarily resulting from softness in the North American market.

***Protective***

*Three Months Ended June 30, 2025 Compared with the Same Period in 2024*

As reported, net sales decreased by $12 million, or 3%, in 2025 compared to 2024. Foreign currency had a favorable impact of $6 million or 1%. On a constant currency basis, net sales decreased by $18 million, or 4%, in 2025 compared with 2024, primarily due to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lower volume of $10 million, primarily in North America, resulting from prior year customer churn in our fulfillment portfolio; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unfavorable price of $8 million, primarily in North America.

*Six Months Ended June 30, 2025 Compared with the Same Period in 2024*

As reported, net sales decreased $53 million, or 6%, in 2025 compared to 2024. Foreign currency had an immaterial impact. On a constant currency basis, net sales decreased by $53 million, or 6%, in 2025 compared with 2024, primarily due to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lower volume of $39 million, primarily in North America, resulting from prior year customer churn in our fulfillment portfolio; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unfavorable price of $15 million, primarily in North America.

**Cost of Sales**

Cost of sales for the three and six months ended June 30, 2025 and 2024 were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **%** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **%** |
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| Cost of sales | $928.8 | $929.1 | —% | $1809.6 | $1857.9 | (2.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;As a % of net sales | 69.6% | 69.1% |  | 69.4% | 69.5% |  |

---

*Three Months Ended June 30, 2025 Compared with the Same Period in 2024*

As reported, cost of sales decreased less than $1 million, or less than 1%, in 2025 compared to 2024. Cost of sales was impacted by unfavorable foreign currency translation of $6 million. As a percentage of net sales, cost of sales increased 50 basis points, from 69.1% to 69.6% partly driven by higher inventory obsolescence expense across both Food and Protective segments.

*Six Months Ended June 30, 2025 Compared with the Same Period in 2024*

As reported, cost of sales decreased by $48 million, or 3%, in 2025 as compared to 2024. Cost of sales was impacted by favorable foreign currency translation of $15 million. As a percentage of net sales, cost of sales decreased by 10 basis points, from 69.5% to 69.4%.

**Gross Profit**

The Company evaluates performance of the reportable segments based on the results of each segment. The performance metric most closely aligned with our consolidated financial statements used by the Company's chief operating decision maker to evaluate performance of our reportable segments is Gross Profit.

The table below sets forth the Segment Gross Profit for the three and six months ended June 30, 2025 and 2024.

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **%** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **%** |
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| Food | $279.7 | $278.6 | 0.4% | $547.8 | $538.1 | 1.8% |
| Protective | 128.2 | 137.5 | (6.8)% | 252.3 | 278.8 | (9.5)% |
| Other | (1.7) | (0.1) | # | (2.2) | (0.1) | # |
| Consolidated Gross Profit | $406.2 | $416.0 | (2.4)% | $797.9 | $816.8 | (2.3)% |

---

# Denotes where percentage change is not meaningful.

***Food***

*Three Months Ended June 30, 2025 Compared with the Same Period in 2024*

Segment Gross Profit increased $1 million in 2025 as compared to 2024. Segment Gross Profit was impacted by unfavorable foreign currency translation of less than $1 million. On a constant currency basis, Segment Gross Profit increased $1 million, or less than 1%, in 2025 as compared to 2024 due to lower operating costs including productivity benefits and favorable net price realization, partially offset by lower volume.

*Six Months Ended June 30, 2025 Compared with the Same Period in 2024*

Segment Gross Profit increased $10 million in 2025 as compared to 2024. Segment Gross Profit was impacted by unfavorable foreign currency translation of $8 million. On a constant currency basis, Segment Gross Profit increased $18 million, or 3%, in 2025 as compared to 2024 due to lower operating costs including productivity benefits, partially offset by lower volume and unfavorable net price realization.

***Protective***

*Three Months Ended June 30, 2025 Compared with the Same Period in 2024*

Segment Gross Profit decreased $9 million in 2025 as compared to 2024. Segment Gross Profit was impacted by favorable foreign currency translation of $2 million. On a constant currency basis, Segment Gross Profit decreased $11 million, or 8%, in 2025 as compared to 2024 primarily due to unfavorable net price realization and lower volume, partially offset by lower operating costs including productivity benefits.

*Six Months Ended June 30, 2025 Compared with the Same Period in 2024*

Segment Gross Profit decreased $26 million in 2025 as compared to 2024. Foreign currency translation had an immaterial impact on Segment Gross Profit. On a constant currency basis, Segment Gross Profit decreased $26 million, or 9%, in 2025 as compared to 2024 primarily due to unfavorable net price realization and lower volume, partially offset by lower operating costs including productivity benefits.

**Selling, General and Administrative Expenses**

Selling, general and administrative expenses ("SG&A") for the three and six months ended June 30, 2025 and 2024 were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **%** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **%** |
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| Selling, general and administrative expenses | $184.2 | $190.3 | (3.2)% | $370.8 | $376.7 | (1.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;As a % of net sales | 13.8% | 14.1% |  | 14.2% | 14.1% |  |

---

*Three Months Ended June 30, 2025 Compared with the Same Period in 2024&nbsp;&nbsp;&nbsp;&nbsp;*

As reported, SG&A expenses decreased by $6 million, or 3%, in 2025 compared to 2024. SG&A expenses were impacted by unfavorable foreign currency translation of $1 million. On a constant currency basis, SG&A expenses decreased by $8 million,

------

or 4%. The decrease in SG&A expense was primarily due to cost reductions and productivity benefits, including those resulting from the CTO2Grow Program, partially offset by higher share-based incentive compensation expense.

*Six Months Ended June 30, 2025 Compared with the Same Period in 2024*

As reported, SG&A expenses decreased by $6 million, or 2%, in 2025 compared to 2024. SG&A expenses were impacted by favorable foreign currency translation of approximately $2 million. On a constant currency basis, SG&A expenses decreased by $4 million, or 1%. The decrease in SG&A expense was primarily due to cost reductions and productivity benefits, including the CTO2Grow Program, partially offset by higher share-based incentive compensation expense.

**Amortization Expense of Intangible Assets**

Amortization expense of intangible assets for the three and six months ended June 30, 2025 and 2024 were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **%** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **%** |
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| Amortization expense of intangible assets | $14.9 | $16.3 | (8.6)% | $30.1 | $31.1 | (3.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;As a % of net sales | 1.1% | 1.2% |  | 1.2% | 1.2% |  |

---

*Three and Six Months Ended June 30, 2025 Compared with the Same Periods in 2024*

The decrease in amortization expense of intangible assets was $1 million in the three months ended June 30, 2025, compared to 2024. The decrease was primarily due to lower amortization of capitalized software.

The decrease in amortization expense of intangible assets was $1 million in the six months ended June 30, 2025, compared to 2024. The decrease was primarily due to lower amortization of capitalized software.

**CTO2Grow Program**

See Note 12, "Restructuring Activities," for additional details regarding the Company's restructuring programs.

In August 2023, the Sealed Air Board of Directors approved the 3-year CTO2Grow Program. The CTO2Grow Program seeks to improve the efficiency and effectiveness of our solutions-focused go-to-market organization, optimize our portfolio, streamline our supply chain footprint and drive SG&A productivity. We expect the CTO2Grow Program to achieve full annualized savings of $160 million by the end of 2025.

For the three and six months ended June 30, 2025, the Company incurred cash expense associated with the CTO2Grow Program including $3 million and $5 million of restructuring charges related to headcount reductions, respectively, $5 million and $11 million of other associated costs, respectively, and $3 million associated with contract terminations. For the three and six months ended June 30, 2025, the Company incurred non-cash expense of approximately $1 million and $2 million, respectively, of other associated costs associated with the CTO2Grow Program.

For the three and six months ended June 30, 2024, the Company incurred cash expense including $3 million and $18 million of restructuring charges related to headcount reductions, respectively, and $6 million and $13 million of other associated costs, respectively, in connection with the CTO2Grow Program.

For the six months ended June 30, 2025, the CTO2Grow Program generated incremental cost benefits of $33 million related to reductions in operating costs. For the full year 2025, we expect the CTO2Grow Program to generate incremental cost benefits of approximately $65 million.

For the six months ended June 30, 2025, cash outlay for restructuring and restructuring related activities for the CTO2Grow Program was $35 million. For the full year 2025, we expect cash outlay for the CTO2Grow Program to be approximately $85 million.

------

The actual timing of future costs and cash payments related to the CTO2Grow Program described above are subject to change due to a variety of factors that may cause a portion of the costs, spending and benefits to occur later than expected. In addition, changes in foreign exchange rates may impact future costs, spending, benefits and cost synergies.

**Interest Expense, net**

Interest expense, net includes the interest expense on our outstanding debt, as well as the net impact of capitalized interest, interest income, the effects of terminated interest rate swaps and the amortization of capitalized senior debt issuance costs and credit facility fees, bond discounts, and terminated treasury locks.

Interest expense, net for the three and six months ended June 30, 2025 and 2024 were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | |
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| Interest expense on our various debt instruments: |  |  |  |  |  |  |
| Term Loan A due March 2027 | $7.1 | $8.8 | $(1.7) | $14.4 | $17.8 | $(3.4) |
| Term Loan A2 due March 2027 |  | 10.2 | (10.2) | 4.7 | 21.2 | (16.5) |
| Revolving credit facility due March 2027 | 3.6 | 0.3 | 3.3 | 3.9 | 0.5 | 3.4 |
| 5.500% Senior Notes due September 2025<sup>(1)</sup> |  | 5.5 | (5.5) |  | 11.1 | (11.1) |
| 1.573% Senior Secured Notes due October 2026 | 2.7 | 2.6 | 0.1 | 5.3 | 5.2 | 0.1 |
| 4.000% Senior Notes due December 2027 | 4.4 | 4.4 |  | 8.8 | 8.8 |  |
| 6.125% Senior Notes due February 2028 | 12.4 | 12.4 |  | 24.9 | 24.8 | 0.1 |
| 5.000% Senior Notes due April 2029 | 5.4 | 5.5 | (0.1) | 10.9 | 10.9 |  |
| 7.250% Senior Notes due February 2031 | 7.9 | 7.8 | 0.1 | 15.7 | 15.6 | 0.1 |
| 6.500% Senior Notes due July 2032<sup>(1)</sup> | 6.6 | 0.2 | 6.4 | 13.2 | 0.2 | 13.0 |
| 6.875% Senior Notes due July 2033 | 7.8 | 7.8 |  | 15.6 | 15.6 |  |
| Other interest expense<sup>(2)</sup> | 11.6 | 10.2 | 1.4 | 22.5 | 21.2 | 1.3 |
| Less: capitalized interest | (2.6) | (2.7) | 0.1 | (5.5) | (6.0) | 0.5 |
| Less: interest income | (11.2) | (9.7) | (1.5) | (21.9) | (18.5) | (3.4) |
| **Total** | $**55.7** | $**63.3** | $**(7.6)** | $**112.5** | $**128.4** | $**(15.9)** |

---

<sup>(1)</sup> On June 28, 2024, the Company issued $400 million of 6.500% senior notes due July 2032. The proceeds were used to repurchase the Company's 5.500% senior notes due September 2025. See Note 13, "Debt and Credit Facilities," for further details.

<sup>(2)</sup> Other includes expense associated with borrowings under our U.S. and European accounts receivable securitization programs, accounts receivable factoring agreements, and borrowings under various lines of credit.

**Other Expense, net**

*Income from lease termination*

During the second quarter of 2025, we terminated a lease with a tenant. As a result, Sealed Air will receive a termination fee of $7 million, which we recognized as other income during the quarter ended June 30, 2025.

*Gain on Liquibox final purchase price settlement*

In March of 2024, we finalized the Liquibox purchase price settlement with the seller subsequent to the end of the measurement period. The final purchase price settlement resulted in the recognition of pre-tax income of approximately $3 million during the six months ended June 30, 2024.

*Loss on debt redemption and refinancing activities*

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Sealed Air recognized a pre-tax loss on debt redemption and refinancing activities of $5 million and $7 million during the three and six months ended June 30, 2025 and 2024, respectively. The loss incurred during 2025 relates to the write-off of capitalized debt issuances costs associated with the incremental term loan A, which was paid off during the second quarter of 2025. See Note 13, "Debt and Credit Facilities," for further details.

See Note 21, "Other Expense, net," for the remaining components of Other expense, net.

**Income Taxes**

Our effective income tax rate for the three and six months ended June 30, 2025 was 28% and 18%, respectively. The three month period ended June 30, 2025 was unfavorably impacted by interest accruals for uncertain tax positions. The six month period ended June 30, 2025 was favorably impacted by the reversal of accruals for uncertain tax positions as a result of the resolution of certain previous years' international tax matters, partially offset by interest accruals for other uncertain tax positions.

Our effective income tax rate for the three and six months ended June 30, 2024 was 28% and 29%, respectively. The three and six month periods were unfavorably impacted by accruals for uncertain tax positions.

The actual annual effective tax rate could vary as a result of many factors, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The actual mix of earnings by jurisdiction, which could fluctuate from the Company's projection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The tax effects of other discrete items, including accruals related to tax contingencies, the resolution of worldwide tax matters, tax audit settlements, statute of limitations expirations and changes in tax regulations, which are reflected in the period in which they occur; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any future legislative changes, and any related additional tax optimization to address these changes.

Our effective income tax rate depends upon the realization of our net deferred tax assets. We have deferred tax assets related to non-deductible interest, capitalized expenses, accruals not yet deductible for tax purposes, state and foreign net operating loss carryforwards and tax credits, employee benefit items, intangible assets and other items.

There were no significant changes in our valuation allowances for the three and six months ended June 30, 2025 and 2024.

Net increases/(decreases) in unrecognized tax positions were $5 million and $(40) million for the three and six months ended June 30, 2025, respectively, and $2 million and $7 million for the three and six months ended June 30, 2024, respectively. The six month period ended June 30, 2025 decreased as a result of the resolution of certain previous years' international tax matters, partially offset by interest accruals on existing uncertain tax positions, and the six month period ended June 30, 2024 increase was primarily related to interest accruals on existing uncertain tax positions. We are not currently able to reasonably estimate the amount by which the liability for unrecognized tax positions may increase or decrease during the next 12 months as a result of current and future tax examination activity or resolution. Interest and penalties on tax assessments are included in Income tax provision on our Condensed Consolidated Statements of Operations.

**Net Earnings from Continuing Operations**

Net earnings from continuing operations for the three and six months ended June 30, 2025 and 2024 are included in the table below.

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **%** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **%** |
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| Net earnings from continuing operations | $94.2 | $97.8 | (3.7)% | $211.1 | $181.2 | 16.5% |

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*Three Months Ended June 30, 2025 Compared with the Same Period in 2024*

Net earnings in the three months ended June 30, 2025 were unfavorably impacted by $38 million of Special Items, primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restructuring, other restructuring associated costs and contract terminations of $12 million ($10 million, net of taxes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Liquibox intangible amortization of $8 million ($6 million, net of taxes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss on debt redemption and refinancing activities of $5 million ($4 million, net of taxes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• foreign currency loss on highly inflationary economies of $4 million ($4 million, net of taxes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tax Special Items of $3 million, due to accruals for uncertain tax positions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other special items of $13 million ($10 million, net of taxes), including fees related to professional services and other charges directly associated with Special Items or events that are considered one-time or infrequent.

Net earnings in the three months ended June 30, 2024 were unfavorably impacted by $23 million of Special Items, primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restructuring and other restructuring associated costs of $9 million ($7 million, net of taxes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Liquibox intangible amortization of $8 million ($6 million, net of taxes); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss on debt redemption and refinancing activities of $7 million ($5 million, net of taxes).

*Six Months Ended June 30, 2025 Compared with the Same Period in 2024*

Net earnings in the six months ended June 30, 2025 were unfavorably impacted by $40 million of Special Items, primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restructuring, other restructuring associated costs and contract terminations of $21 million ($17 million, net of taxes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Liquibox intangible amortization of $15 million ($12 million, net of taxes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CEO severance and separation costs of $7 million ($6 million, net of taxes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• foreign currency loss on highly inflationary economies of $6 million ($6 million, net of taxes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accelerated share-based compensation expense of $5 million ($4 million, net of taxes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss on debt redemption and refinancing activities of $5 million ($4 million, net of taxes); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other special items of $16 million ($12 million, net of taxes), including fees related to professional services and other charges directly associated with Special Items or events that are considered one-time or infrequent.

These expenses were partially offset by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tax Special Items of $21 million reflect the resolution of certain previous years' international tax matters, partially offset by interest accruals for uncertain tax positions.

Net earnings in the six months ended June 30, 2024 were unfavorably impacted by $52 million of Special Items, primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restructuring and other restructuring associated costs of $31 million ($23 million, net of taxes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Liquibox intangible amortization of $15 million ($11 million, net of taxes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss on debt redemption and refinancing activities of $7 million ($5 million, net of taxes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $7 million of Tax Special Items, due to accruals for uncertain tax positions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• foreign currency loss on highly inflationary economies of $6 million ($6 million, net of taxes).

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**Adjusted EBITDA by Segment**

The Company evaluates performance of the reportable segments based on the results of each segment. One of the performance metrics used by the Company's chief operating decision maker to evaluate the performance of our reportable segments is Segment Adjusted EBITDA. We allocate and disclose depreciation and amortization expense to our segments, although depreciation and amortization are not included in Segment Adjusted EBITDA. We also allocate and disclose restructuring and other charges and impairment of goodwill and other intangible assets by segment, although these items are not included in Segment Adjusted EBITDA since restructuring and other charges and impairment of goodwill and other intangible assets are categorized as Special Items. The accounting policies of the reportable segments and Corporate are the same as those applied to the Condensed Consolidated Financial Statements.

See "Non-GAAP Information" for a reconciliation of GAAP net earnings from continuing operations to non-GAAP Consolidated Adjusted EBITDA from continuing operations.

The table below sets forth the Segment Adjusted EBITDA for the three and six months ended June 30, 2025 and 2024.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **%** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **%** |
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| **Food** | $209.9 | $204.6 | 2.6% | $412.6 | $394.2 | 4.7% |
| &nbsp;&nbsp;*Adjusted EBITDA Margin* | *23.4 %* | *22.9 %* |  | *23.6 %* | *22.4 %* |  |
| **Protective** | 78.0 | 81.8 | (4.6)% | 151.9 | 171.3 | (11.3)% |
| &nbsp;&nbsp;*Adjusted EBITDA Margin* | *17.8 %* | *18.1 %* |  | *17.7 %* | *18.8 %* |  |
| **Corporate** | 4.6 | (0.9) | # | 4.3 | (1.7) | # |
| **Non-GAAP Consolidated Adjusted EBITDA** | $**292.5** | $**285.5** | **2.5%** | $**568.8** | $**563.8** | **0.9%** |
| &nbsp;&nbsp;*Adjusted EBITDA Margin* | 21.9% | 21.2% |  | 21.8% | 21.1% |  |

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# Denotes where percentage change is not meaningful.

The following is a discussion of the factors that contributed to the change in Segment Adjusted EBITDA during the three and six months ended June 30, 2025, as compared to the same period in 2024.

***Food***

*Three Months Ended June 30, 2025 Compared with the Same Period in 2024*

On a reported currency basis, Segment Adjusted EBITDA increased by $5 million in 2025 compared to 2024. Segment Adjusted EBITDA was impacted by unfavorable foreign currency translation of less than $1 million. On a constant currency basis, Segment Adjusted EBITDA increased by $6 million, or 3% in 2025 compared to 2024, primarily due to lower operating costs, driven by productivity benefits including the CTO2Grow Program, and favorable net price realization. These increases were partially offset by lower volume.

*Six Months Ended June 30, 2025 Compared with the Same Period in 2024*

On a reported currency basis, Segment Adjusted EBITDA increased by $18 million in 2025 compared to 2024. Segment Adjusted EBITDA was impacted by unfavorable foreign currency translation of $7 million. On a constant currency basis, Segment Adjusted EBITDA increased by $25 million, or 6%, in 2025 compared to 2024, primarily due to lower operating costs, partly driven by productivity benefits and cost reduction initiatives including the CTO2Grow Program. These increases were partially offset by unfavorable net price realization and lower volume.

***Protective***

*Three Months Ended June 30, 2025 Compared with the Same Period in 2024*

On a reported currency basis, Segment Adjusted EBITDA decreased by $4 million in 2025 compared to 2024. Segment Adjusted EBITDA was impacted by favorable foreign currency translation of $1 million. On a constant currency basis, Segment Adjusted EBITDA decreased by $5 million, or 6%, in 2025 compared to 2024, primarily due to unfavorable net price

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realization and lower volume. These decreases were partially offset by lower operating costs, primarily driven by productivity benefits including the CTO2Grow Program.

*Six Months Ended June 30, 2025 Compared with the Same Period in 2024*

On a reported currency basis, Segment Adjusted EBITDA decreased by $19 million in 2025 compared to 2024. Foreign currency translation had an immaterial impact on Segment Adjusted EBITDA. On a constant currency basis, Segment Adjusted EBITDA decreased primarily as a result of unfavorable net price realization and lower volume. These decreases were partially offset by lower operating costs, primarily driven by productivity benefits including the CTO2Grow Program.

***Corporate***

*Three Months Ended June 30, 2025 Compared with the Same Period in 2024*

On a reported currency basis, Corporate Adjusted EBITDA increased by $6 million in 2025 compared to 2024, primarily due to income associated with a lease termination fee, partially offset by foreign currency losses in 2025 compared to foreign currency gains in 2024.

*Six Months Ended June 30, 2025 Compared with the Same Period in 2024*

On a reported currency basis, Corporate Adjusted EBITDA increased by $6 million in 2025 compared to 2024, primarily due to income associated with a lease termination fee, partially offset by foreign currency losses in 2025 compared to foreign currency gains in 2024.

**Liquidity and Capital Resources**

**Principal Sources of Liquidity**

Our primary sources of cash are the collection of trade receivables generated from the sales of our products and services to our customers and amounts available under our existing lines of credit, including our senior secured credit facility, our accounts receivable securitization programs and access to the capital markets. Our primary uses of cash are payments for operating expenses, investments in working capital, capital expenditures, interest, taxes, stock repurchases, dividends, debt obligations, restructuring expenses and other long-term liabilities. We believe that our current liquidity position and future cash flows from operations will enable us to fund our operations, including all of the items mentioned above, in the next twelve months. We may seek to access the capital markets as we deem appropriate, market conditions permitting.

As of June 30, 2025, we had cash and cash equivalents of $354 million, of which approximately $313 million, or 88%, was located outside of the U.S. We believe our U.S. cash balances and committed liquidity facilities available to U.S. borrowers are sufficient to fund our U.S. operating requirements and capital expenditures, current debt obligations and dividends. The Company does not expect that, in the near term, cash located outside of the U.S. will be needed to satisfy our obligations, dividends and other demands for cash in the U.S. Of the cash balances located outside of the U.S., approximately $22 million are in the Company's subsidiaries in Russia and Ukraine. We have no other material cash balances deemed to be trapped as of June 30, 2025.

***Cash and Cash Equivalents***

The following table summarizes our accumulated cash and cash equivalents:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **June 30, 2025** | **December 31, 2024** |
| Cash and cash equivalents | $354.4 | $371.8 |

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See "Analysis of Historical Cash Flow" below.

***Accounts Receivable Securitization Programs***

At June 30, 2025, we had total availability of $144 million and total outstanding borrowings of $143 million under our U.S. and European accounts receivable securitization programs. At December 31, 2024, we had $133 million available to us and $133 million outstanding borrowings under the programs.

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Our trade receivable securitization programs represent borrowings secured by outstanding customer receivables. Therefore, the use and repayment of borrowings under such programs are classified as financing activities in our Condensed Consolidated Statements of Cash Flows. We do not recognize the cash flow within operating activities until the underlying invoices have been paid by our customer. The trade receivables that serve as collateral for these borrowings are reclassified from Trade receivables, net to Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. See Note 9, "Accounts Receivable Securitization Programs," for further details.

***Accounts Receivable Factoring Agreements***

We account for our participation in our customers' supply chain financing arrangements and our trade receivable factoring program in accordance with ASC Topic 860, which allows the ownership transfer of accounts receivable to qualify for true-sale treatment when the appropriate criteria are met. As such, the Company excludes the balances sold under such programs from Trade receivables, net on the Condensed Consolidated Balance Sheets. We recognize cash flow from operating activities at the point the receivables are sold under such programs. See Note 10, "Accounts Receivable Factoring Agreements," for further details.

Gross amounts received under these programs for the six months ended June 30, 2025 were $328 million, of which $179 million was received in the second quarter. Gross amounts received under these programs for the six months ended June 30, 2024 were $358 million, of which approximately $179 million was received in the second quarter. If these programs had not been in effect for the six months ended June 30, 2025, we would have been required to collect the invoice amounts directly from the relevant customers in accordance with the agreed payment terms. Approximately $126 million in incremental trade receivables would have been outstanding at June 30, 2025 if collection on such invoice amounts were made directly from our customers on the invoice due date and not through our customers' supply chain financing arrangements or our factoring program.

***Lines of Credit***

At June 30, 2025 and December 31, 2024, we had a $1.0 billion revolving credit facility, with $829 million available at June 30, 2025 and $1.0 billion available at December 31, 2024, as part of our senior secured credit facility. We had $171 million borrowings under the facility at June 30, 2025 and no outstanding borrowings under the facility at December 31, 2024. There was $4 million and $8 million outstanding under various lines of credit extended to our subsidiaries at June 30, 2025 and December 31, 2024, respectively. See Note 13, "Debt and Credit Facilities," for further details.

***Covenants***

At June 30, 2025, we were in compliance with our financial covenants and limitations, as discussed in "Covenants" within Note 13, "Debt and Credit Facilities," which require us, among other things, to maintain a maximum leverage ratio of debt to EBITDA of 4.50 to 1.00. At June 30, 2025, as calculated under the covenant, our leverage ratio was 3.11 to 1.00. We expect to be in continued compliance with our debt covenants, including the covenant leverage ratio, over the next 12 months.

***Supply Chain Financing Program***

As part of our ongoing efforts to manage our working capital and improve our cash flow, we work with suppliers to optimize our purchasing terms and conditions, including extending payment terms. We also facilitate a voluntary supply chain financing program to provide some of our suppliers with the opportunity to sell receivables due from us (our accounts payables) to participating financial institutions at the sole discretion of both the suppliers and the financial institutions.

At June 30, 2025 and December 31, 2024, our accounts payable balances included $153 million and $161 million, respectively, related to invoices from suppliers participating in the program. The cumulative amounts settled through the supply chain financing program for the six months ended June 30, 2025 were $220 million, compared to $224 million for the six months ended June 30, 2024. See Note 11, "Supply Chain Financing Program," for further details.

***Debt Ratings***

Our cost of capital and ability to obtain external financing may be affected by our debt ratings, which the credit rating agencies review periodically. Below is a table that details our credit ratings by the various types of debt by rating agency.

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| | | |
|:---|:---|:---|
| | **Moody's Investors<br>Service** | **Standard<br>& Poor's** |
| Corporate Rating | Ba1 | BB+ |
| Senior Unsecured Rating | Ba2 | BB+ |
| Senior Secured Rating | Baa2 | BBB- |
| Outlook | Stable | Stable |

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These credit ratings are considered to be below investment grade (with the exception of the Baa2 and BBB- Senior Secured Rating from Moody's Investors Service and Standard & Poor's, respectively, which are classified as investment grade). A credit rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by the rating organization. Each rating should be evaluated independently of any other rating.

***Outstanding Indebtedness***

At June 30, 2025 and December 31, 2024, our total debt outstanding and our non-GAAP net debt consisted of the amounts set forth in the following table.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **June 30, 2025** | **December 31, 2024** |
| Short-term borrowings | $317.6 | $140.5 |
| Current portion of long-term debt | 42.1 | 64.6 |
| Total current debt | 359.7 | 205.1 |
| Total long-term debt, less current portion<sup>(1)</sup> | 3982.4 | 4198.8 |
| **Total debt** | **4342.1** | **4403.9** |
| Less: Cash and cash equivalents | (354.4) | (371.8) |
| **Non-GAAP net debt** | $**3987.7** | $**4032.1** |

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<sup>(1)</sup> Amounts are net of unamortized discounts and debt issuance costs of $23 million and $32 million at June 30, 2025 and December 31, 2024, respectively. See Note 13, "Debt and Credit Facilities," for further details.

***Analysis of Historical Cash Flow***

The following table shows the changes in our Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024.

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| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | |
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **2025** | **2024** | **Change** |
| Net cash provided by operating activities | $168.5 | $313.3 | $(144.8) |
| Net cash used in investing activities | (80.1) | (97.9) | 17.8 |
| Net cash used in financing activities | (158.4) | (155.7) | (2.7) |
| Effect of foreign currency exchange rate changes on cash and cash equivalents | 52.6 | (17.2) | 69.8 |

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In addition to net cash from operating activities, we use free cash flow as a useful measure of performance and an indication of the strength and ability of our operations to generate cash. We define free cash flow as cash provided by operating activities less capital expenditures (which is classified as an investing activity). Free cash flow is not defined under GAAP. Therefore, free cash flow should not be considered a substitute for net income or cash flow data prepared in accordance with GAAP and may not be comparable to similarly titled measures used by other companies. Free cash flow does not represent residual cash available for discretionary expenditures, as certain debt servicing requirements or other non-discretionary expenditures are not deducted from this measure. We historically have generated the majority of our annual free cash flow in the second half of the year. Below are the details of non-GAAP free cash flow for the six months ended June 30, 2025 and 2024.

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| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | |
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **2025** | **2024** | **Change** |
| Cash flow provided by operating activities | $168.5 | $313.3 | $(144.8) |
| Capital expenditures | (87.3) | (105.8) | 18.5 |
| **Non-GAAP free cash flow** | $**81.2** | $**207.5** | $**(126.3)** |

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***Operating Activities***

*Six Months Ended June 30, 2025 Compared with the Same Period in 2024*

Net cash provided by operating activities was $168 million in the six months ended June 30, 2025, compared to $313 million in 2024.

The decrease in cash flow from operating activities was driven by Other assets and liabilities which unfavorably impacted cash flow by $64 million compared to 2024 largely due to the impact of incentive compensation, including higher cash payments made during 2025, coupled with a slightly lower accrual as of June 30, 2025, as compared to the prior year.

Working capital accounts (inventories, trade receivables and accounts payable) were $55 million unfavorable in 2025 compared to 2024. Accounts payable was unfavorable by $68 million compared to 2024, due to raw material price deflation and lower volume purchased. There was a higher use of cash for inventory of $11 million compared to 2024. This was partially offset by the impact of trade receivables on cash flow from operating activities which was $24 million favorable compared to 2024.

***Investing Activities***

*Six Months Ended June 30, 2025 Compared with the Same Period in 2024*

Net cash used in investing activities was $80 million in the six months ended June 30, 2025, compared to $98 million in 2024.

The decrease in net cash used for investing activities was primarily due to a lower use of cash for capital expenditures of $19 million in 2025 compared to 2024.

***Financing Activities***

*Six Months Ended June 30, 2025 Compared with the Same Period in 2024*

Net cash used in financing activities was $158 million in the six months ended June 30, 2025, compared to $156 million in 2024.

There was a net use of cash of $85 million for debt related activities in 2025 compared to $84 million in 2024. During the second quarter of 2025, we utilized availability under our revolving credit facility to payoff the remaining $253 million of debt related to the incremental term loan A.

The Company paid dividends of $60 million through the first six months of 2025 and 2024.

***Changes in Working Capital***

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***(In millions)*** | **June 30, 2025** | **December 31, 2024** | **Change** |
| Working capital (current assets less current liabilities) | $329.2 | $256.3 | $72.9 |
| Current ratio (current assets divided by current liabilities) | 1.2x | 1.2x |  |
| Quick ratio (current assets, less inventories divided by current liabilities) | 0.7x | 0.7x |  |

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The $73 million, or 28%, increase in working capital during the six months ended June 30, 2025 was primarily due the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase in inventories, net of $102 million, due to the rebuild of inventory after the seasonal year-end reductions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decrease in other current liabilities of $80 million, primarily due to the payment of performance-based compensation and profit sharing in the first quarter 2025, offset by current year accruals, decrease in uncertain tax positions due to the resolution of certain previous years' international tax matters and lower customer rebate accruals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase in trade receivables, net of $45 million, primarily due to the timing of collections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decrease in income tax payable of $30 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase of prepaid expenses and other current assets of $22 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decrease in accrued restructuring costs of $17 million, primarily due to cash payments associated with the CTO2Grow Program, net of accruals.

The increases in working capital were partially offset by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase in short-term borrowings of $177 million, primarily due to utilizing our revolving credit facility to payoff the remaining debt related to the incremental term loan A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase in accounts payable of $35 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decrease in cash and cash equivalents of $17 million.

***Changes in Stockholders' Equity***

The $329 million, or 53%, increase in stockholders' equity in the six months ended June 30, 2025 was primarily due to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net earnings of $207 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cumulative translation adjustment gain of $191 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• stock issued for profit sharing contribution paid in stock of $26 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect of share-based incentive compensation of $13 million, including the impact of share-based compensation expense and netting of shares to cover the employee tax withholding amounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the recognition of pension items within AOCL of $2 million;

These increases were partially offset by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dividends paid on our common stock and dividend equivalent accruals related to unvested equity awards of $60 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unrealized losses on derivative instruments of $50 million.

**Derivative Financial Instruments**

*Interest Rate Swaps*

The information set forth in Part I, Item 1 of this Quarterly Report on Form 10-Q in Note 14, "Derivatives and Hedging Activities," under the caption "Interest Rate Swaps" is incorporated herein by reference.

*Net Investment Hedge*

The information set forth in Part I, Item 1 of this Quarterly Report on Form 10-Q in Note 14, "Derivatives and Hedging Activities," under the caption "Net Investment Hedge" is incorporated herein by reference.

*Other Derivative Instruments*

The information set forth in Part I, Item 1 of this Quarterly Report on Form 10-Q in Note 14, "Derivatives and Hedging Activities," under the caption "Other Derivative Instruments" is incorporated herein by reference.

*Foreign Currency Forward Contracts*

At June 30, 2025, we were party to foreign currency forward contracts, which did not have a significant impact on our liquidity.

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The information set forth in Part I, Item 1 of this Quarterly Report on Form 10-Q in Note 14, "Derivatives and Hedging Activities," under the caption "Foreign Currency Forward Contracts Designated as Cash Flow Hedges" and "Foreign Currency Forward Contracts Not Designated as Hedges" is incorporated herein by reference. For further discussion about these contracts and other financial instruments, see Part I, Item 3, "Quantitative and Qualitative Disclosures About Market Risk."

**Recently Issued Statements of Financial Accounting Standards, Accounting Guidance and Disclosure Requirements**

We are subject to recently issued statements of financial accounting standards, accounting guidance and disclosure requirements. Note 2, "Recently Issued Accounting Standards," which is contained in Part I, Item 1 of this Quarterly Report on Form 10-Q, describes these new accounting standards and is incorporated herein by reference.

**Critical Accounting Policies and Estimates**

There have been no material changes in our critical accounting policies and estimates from those disclosed in our 2024 Form 10-K. For a discussion of our critical accounting policies and estimates, refer to "Management's Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies and Estimates" in Part II, Item 7 of our 2024 Form 10-K.

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| | |
|:---|:---|
| **Item 3.** | **Quantitative and Qualitative Disclosures About Market Risk** |

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We are exposed to market risk from changes in the conditions in the global financial markets, interest rates, foreign currency exchange rates and commodity prices and the creditworthiness of our customers and suppliers, which may adversely affect our consolidated financial condition and results of operations. We seek to minimize these risks through regular operating and financing activities and, when deemed appropriate, through the use of derivative financial instruments. We do not purchase, hold or sell derivative financial instruments for trading purposes.

**Interest Rates**

From time to time, we may use interest rate swaps, collars or options to manage our exposure to fluctuations in interest rates. At June 30, 2025, we had no outstanding interest rate swaps, collars or options.

The information set forth in Part I, Item 1 of this Quarterly Report on Form 10-Q in Note 14, "Derivatives and Hedging Activities," under the caption "Interest Rate Swaps," is incorporated herein by reference.

See Note 15, "Fair Value Measurements, Equity Investments and Other Financial Instruments," for details of the methodology and inputs used to determine the fair value of our fixed rate debt. The fair value of our fixed rate debt varies with changes in interest rates. Generally, the fair value of fixed rate debt will increase as interest rates fall and decrease as interest rates rise. A hypothetical 10% increase in interest rates would result in a decrease of $69 million in the fair value of the total debt balance at June 30, 2025. These changes in the fair value of our fixed rate debt do not alter our obligations to repay the outstanding principal amount or any related interest of such debt.

**Foreign Exchange Rates**

***Operations***

As a large global organization, we face exposure to changes in foreign currency exchange rates. These exposures may change over time as business practices evolve and could materially impact our consolidated financial condition and results of operations in the future. See Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations," above for the impacts that foreign currency translation had on our operations.

***Argentina***

Economic and political events in Argentina have exposed us to heightened levels of foreign currency exchange risks and the fluctuations in foreign exchange rates on the Argentine peso continue to impact our financial results. As of July 1, 2018, Argentina was designated as a highly inflationary economy. We recognized a remeasurement loss of $4 million and $6 million in the three and six months ended June 30, 2025, respectively, and a remeasurement loss of less than $1 million and $6 million

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in the three and six months ended June 30, 2024, respectively, within Other expense, net on the Condensed Consolidated Statements of Operations, related to the designation of Argentina as a highly inflationary economy under GAAP. See Note 1, "Organization and Basis of Presentation," for additional information. For the three and six months ended June 30, 2025, approximately 1% of our consolidated net sales were derived from our products sold in Argentina. As of June 30, 2025, our net assets included $31 million of cash and cash equivalents domiciled in Argentina and our Argentina subsidiary had cumulative translation losses of $22 million.

***Russia***

Recent fluctuations of the ruble have exposed us to heightened levels of foreign currency exchange risks. For the three and six months ended June 30, 2025, approximately 1% of our consolidated net sales were derived from products sold in Russia. As of June 30, 2025, our net assets included $19 million of cash and cash equivalents domiciled in Russia and our Russia subsidiary had cumulative translation losses of $36 million.

**Foreign Currency Forward Contracts**

We use foreign currency forward contracts to fix the amounts payable or receivable on some transactions denominated in foreign currencies. A hypothetical 10% adverse change in foreign exchange rates at June 30, 2025 would have caused us to pay approximately $38 million to terminate these contracts. Based on our overall foreign exchange exposure, we estimate this change would not materially affect our financial position and liquidity. The effect on our results of operations would be substantially offset by the impact of the hedged items.

Our foreign currency forward contracts are described in Note 14, "Derivatives and Hedging Activities," which is incorporated herein by reference.

**Net Investment Hedge**

In February 2023, we repaid the €400 million 4.500% senior notes issued in June 2015, which were previously designated as a net investment hedge against the foreign currency exposure of a portion of our net investment in certain Euro-functional currency subsidiaries.

During the first quarter of 2023 and second quarter of 2025, we entered into a series of cross-currency swaps with a combined notional amount of $433 million and $452 million, respectively. Each of these cross-currency swaps were designated as net investment hedges of the Company's foreign currency exposure of its net investment in certain Euro-functional currency subsidiaries with Euro-denominated net assets, and the Company pays a fixed rate of Euro-based interest and receives a fixed rate of U.S. dollar interest. The Company has elected the spot method for assessing the effectiveness of these contracts. The maturity dates for the cross-currency swaps entered into in the first quarter of 2023 and second quarter of 2025 are February 1, 2028 and February 15, 2029, respectively. We recognized $2 million and $3 million of interest income for the three and six months ended June 30, 2025, respectively, and less than $1 million and $2 million of interest income for the three and six months ended June 30, 2024, respectively, related to these contracts, which is reflected within Interest expense, net on the Condensed Consolidated Statements of Operations.

For derivative instruments that are designated and qualify as hedges of net investments in foreign operations, settlements and changes in fair values of the derivative instruments are recognized in Unrealized gain or loss on net investment hedges, a component of AOCL, net of taxes, to offset the changes in the values of the net investments being hedged. Any portion of the net investment hedge that is determined to be ineffective is recorded in Other expense, net on the Condensed Consolidated Statements of Operations.

**Other Derivative Instruments**

We may use other derivative instruments from time to time to manage exposure to foreign exchange rates and to access international financing transactions. These instruments can potentially limit foreign exchange exposure by swapping borrowings denominated in one currency for borrowings denominated in another currency.

**Outstanding Debt**

Our outstanding debt is generally denominated in the functional currency of the borrower subsidiary based on the location of its operations. We believe that this enables us to better match operating cash flows with debt service requirements and to better

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match the currency of assets and liabilities. The U.S. dollar equivalent amount of outstanding debt denominated in a functional currency other than the U.S. dollar was $169 million and $145 million at June 30, 2025 and December 31, 2024, respectively.

**Customer Credit**

We are exposed to credit risk from our customers. In the normal course of business, we extend credit to our customers if they satisfy pre-defined credit criteria. We maintain an allowance for credit losses on trade receivables for estimated losses resulting from the failure of our customers to make required payments. An additional allowance may be required if the financial condition of our customers deteriorates. Our customers may default on their obligations to us due to bankruptcy, lack of liquidity, operational failure or other reasons.

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| | |
|:---|:---|
| **Item 4.** | **Controls and Procedures** |

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**Disclosure Controls and Procedures**

We maintain disclosure controls and procedures, as defined in Rule 13a-15 under the Securities Exchange Act of 1934, as amended, or the Exchange Act, that are designed to ensure that information required to be disclosed in our reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and that our employees accumulate this information and communicate it to our management, including our Chief Executive Officer (our principal executive officer) and our Interim Chief Financial Officer (our principal financial officer), as appropriate, to allow timely decisions regarding the required disclosure. In designing and evaluating the disclosure controls and procedures, our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only "reasonable assurance" of achieving the desired control objectives, and management necessarily must apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

**Evaluation of Disclosure Controls and Procedures**

As of the end of the period covered by this report, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures under Rule 13a-15. Our management, including our Chief Executive Officer and Interim Chief Financial Officer, supervised and participated in this evaluation. Based upon that evaluation and as of the end of the period covered by this report, our Chief Executive Officer and Interim Chief Financial Officer concluded that our disclosure controls and procedures were effective at the "reasonable assurance" level.

**Changes in Internal Control over Financial Reporting**

There have been no changes in our internal control over financial reporting during the quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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| | |
|:---|:---|
| **PART II.** | **OTHER INFORMATION** |

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| | |
|:---|:---|
| **Item 1.** | **Legal Proceedings** |

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The information set forth in Item 1 of Part I of this Quarterly Report on Form 10-Q in Note 18, "Commitments and Contingencies," is incorporated herein by reference. See also Part I, Item 3, "Legal Proceedings," of our 2024 Form 10-K.

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| | |
|:---|:---|
| **Item 1A.** | **Risk Factors** |

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Reference is made to Part I, Item 1A, "Risk Factors," in our 2024 Form 10-K for information concerning risks that may materially affect our business, financial condition or results of operations. There have been no significant changes to our risk factors since December 31, 2024.

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| | |
|:---|:---|
| **Item 2.** | **Unregistered Sales of Equity Securities and Use of Proceeds** |

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(a)&nbsp;&nbsp;&nbsp;&nbsp;In March 2025, we transferred 824,393 shares of our common stock, par value $0.10 per share, from treasury to our 401(K) and Profit Sharing Plan as part of our 2024 profit sharing contribution. The issuance of such shares to the plan was not registered under the Securities Act of 1933, as amended, because such transaction did not involve an "offer" or "sale" of securities under Section 2(a)(3) of the Securities Act.

(c) &nbsp;&nbsp;&nbsp;&nbsp;Issuer Purchases of Equity Securities

The table below sets forth the total number of shares of our common stock, par value $0.10 per share, that we repurchased in each month of the quarter ended June 30, 2025, the average price paid per share and the maximum approximate dollar value of shares that may yet be purchased under our publicly announced plans or programs.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Shares Purchased** <sup>(1)</sup> | **Average Price Paid Per Share** | **Total Number of<br>Shares Purchased as<br>Part of Announced<br>Plans or Programs** | **Maximum Approximate** <br>**Dollar Value of Shares** <br>**that May Yet be** <br>**Purchased Under the** <br>**Plans or Programs** <sup>(1)</sup> |
| Balance as of March 31, 2025 |  |  |  | $536509713 |
| April 1, 2025 through April 30, 2025 |  | $— |  | 536509713 |
| May 1, 2025 through May 31, 2025 |  | $— |  | 536509713 |
| June 1, 2025 through June 30, 2025 |  | $— |  | 536509713 |
| **Total** | **—** |  | **—** | $**536509713** |

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<sup>(1)</sup> On August 2, 2021, the Board of Directors approved a new share repurchase program of $1.0 billion. This program has no expiration and replaced the previous authorization. It does not obligate us to repurchase any specified amount of shares and remains subject to the discretion of the Board of Directors. As of June 30, 2025, there was $537 million remaining under the currently authorized repurchase program. From time to time we acquire shares by means of open-market transactions, including through plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and privately negotiated transactions, including accelerated share repurchase programs, or other methods, pursuant to our publicly announced program described above, subject to market or other conditions, covenants in our senior secured credit facility and applicable regulatory requirements.

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| | |
|:---|:---|
| **Item 5.** | **Other Information** |

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During the three months ended June 30, 2025, no director or officer (as defined in Rule 16a-1(f) of the Exchange Act) of the Company adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

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| | |
|:---|:---|
| **Item 6.** | **Exhibits** |

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---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 3.1 | <u>[Unofficial Composite Amended and Restated Certificate of Incorporation of the Company as currently in effect. (Exhibit 3.1 to the Company's Registration Statement on Form S-3, Registration No. 333-108544, is incorporated herein by reference.)](https://www.sec.gov/Archives/edgar/data/1012100/000095017203002760/sealcert.txt)</u> |
| 3.2 | <u>[Amended and Restated By-Laws of the Company as currently in effect. (Exhibit 3.1 to the Company's Current Report on Form 8-K, Date of Report October 19, 2023, File No. 1-12139, is incorporated herein by reference.)](https://www.sec.gov/Archives/edgar/data/1012100/000162828023035003/seebylawsex31.htm)</u> |
| 10.1 | <u>[Offer Letter, dated August 27, 2024, between Steve Flannery and Sealed Air Corporation.\*](aug2024offerletterex101.htm)</u> |
| 10.2 | <u>[Offer Letter Amendment, dated January 29, 2025, between Steve Flannery and Sealed Air Corporation.\*](jan2025amendmentex102.htm)</u> |
| 10.3 | <u>[Offer Letter Amendment, dated February 28, 2025, between Steve Flannery and Sealed Air Corporation.\*](feb2025amendmentex103.htm)</u> |
| 10.4 | <u>[Offer Letter, dated May 2, 2024, between Byron Racki and Sealed Air Corporation.\*](may2024offerletterex104.htm)</u> |
| 10.5 | <u>[Offer Letter, dated July 16, 2025, between Kristen Actis-Grande and Sealed Air Corporation. (Exhibit 10.1 to the Company's Current Report on Form 8-K, Date of Report July 29, 2025, File No. 1-12139, is incorporated herein by reference.)\*](https://www.sec.gov/Archives/edgar/data/1012100/000162828025037476/july 2025offerletterex101.htm)</u> |
| 31.1 | <u>[Certification of Dustin J. Semach pursuant to Rule 13a-14(a), dated August 5, 2025.](q22025ex311.htm)</u> |
| 31.2 | <u>[Certification of Veronika Johnson pursuant to Rule 13a-14(a), dated August 5, 2025.](q22025ex312.htm)</u> |
| 32 | <u>[Certification of Dustin J. Semach and Veronika Johnson pursuant to 18 U.S.C. § 1350, dated August 5, 2025.](q22025ex32.htm)</u> |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained within Exhibit 101) |

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\*&nbsp;&nbsp;&nbsp;&nbsp;Compensatory plan or arrangement of management.

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | |
|:---|:---|:---|
| | Sealed Air Corporation | Sealed Air Corporation |
| Date: August 5, 2025 | By: | /S/ Veronika Johnson |
|  |  | Veronika Johnson |
|  |  | Interim Chief Financial Officer, Chief Accounting Officer and Controller |
|  |  | (Duly Authorized Officer) |

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## Exhibit 10.1

**Exhibit 10.1**

![image_0c.jpg](image_0c.jpg)

August 27, 2024

Steve Flannery

Dear Steve,

On behalf of Sealed Air Corporation (the "Company," "we" or "us"), I am pleased to confirm with you the terms of our offer of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Start Date, Position and Duties</u>. Your start date will be September 30, 2024 or such earlier/later date as we may mutually agree. You will have the title of President, Food. In your position, you will report to the Chief Executive Officer of the Company and will perform such services for the Company and its subsidiaries as are customarily associated with such position and as may reasonably be assigned to you by the Chief Executive Officer.

The location of your position will be at the Company's headquarters in Charlotte, NC and you will be onboarded in Charlotte, NC as a U.S.-based employee. Immediately following your onboarding, you will be sent on a short-term secondment in the Netherlands, subject to the approval of your work authorization with local authorities and your execution of a Transfer Agreement and any other documentation required by the Company in relation thereto. While seconded, you will be expected to engage in business travel as needed. Your period of secondment will end upon your repatriation to the U.S. by no later than January 31, 2025, at which time, you will be expected to relocate to Charlotte, NC. For the purposes of this offer of employment, "relocate" is defined as either moving your primary residence to, or maintaining a physical address and consistent presence in, the Charlotte area sufficient to fulfill your work responsibilities and being available to work from the Charlotte office as required.

You are eligible to receive assignment benefits pursuant to the Company's Global Assignment Policy in connection with your repatriation to the U.S.. You will be required to sign an Assignment Repayment Agreement and any other assignment documentation or terms required by the Company. You must successfully repatriate to the U.S. by January 31, 2025 and relocate to Charlotte, NC within eighteen (18) months of your start date. Further, if you have not repatriated to the U.S. by January 31, 2025 and completed your relocation within eighteen (18) months of your start date, the Company may terminate your employment without cause with no obligation to pay severance under any Company plan or program, including the Executive Severance Plan.

During your employment, you will: (i) devote substantially all your working time and attention to the business and affairs of the Company (excluding any vacation and sick leave to which you are entitled), render such services to the best of your ability, and use your reasonable best efforts to promote the interests of the Company, (ii) not engage in any other employment, consulting or other business activity that would create a conflict of interest with your services to the Company, (iii) not assist any person or entity in competing with the Company or in preparing to compete with the Company and (iv) comply with the

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Company's policies and rules, as they may be in effect from time to time and provided to you. Notwithstanding the foregoing, you will be entitled to: (A) serve on the boards of organizations (both for profit or non-profit), subject to the prior consent of the Company's board of directors (the "Board"), not to be unreasonably withheld or delayed, (B) serve on civic or charitable boards or committees, (C) deliver lectures or fulfill speaking engagements, and (D) manage personal investments, so long as, in each such case, such activities do not (x) significantly interfere with the performance of your responsibilities as an employee of the Company, or (y) create a conflict of interest with your services to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Employment-at-Will</u>. Your employment with the Company will be at-will. This means either you and/or the Company will be free to terminate this employment relationship at any time, with or without cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Cash Sign-On Bonus and Initial Equity Award</u>. You will be eligible to receive the following awards in connection with your initial employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cash Sign-On Bonus*. A sign-on bonus in the gross amount of $400,000, contingent upon your successful repatriation to the U.S. by no later than January 31, 2025. The sign-on bonus shall be payable in a single cash payment (after required tax withholdings) on the first regular payroll date following your repatriation, and no later than February 28, 2025. You will be required to execute a Repayment Agreement prior to receipt of the sign-on bonus which requires repayment to the Company of the full amount of the sign- on bonus within thirty (30) days after your termination date, should you voluntarily resign your position prior to the first anniversary of your start date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial Equity Award. An initial equity award of time-vesting restricted stock units ("RSUs") under the Company's 2014 Omnibus Incentive Plan (as amended from time to time) with a grant date value equal to $2,400,000. The award will be granted on your start date (the "grant date"), with the number of underlying shares determined by dividing $2,400,000 by the closing price of our common stock on the grant date (rounded up to the next whole share). The RSUs will vest in three substantially equal annual installments starting on the first anniversary of the grant date and be subject to other standard terms and provisions, including treatment upon termination of employment, consistent with the terms and provision in our annual RSU awards to the executive leadership team. The award will be evidenced by a formal award agreement reflecting these terms, which will be the governing document for the award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Ongoing Compensation and Benefits</u>. We will provide you with the following compensation and benefits during your employment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Base Salary*. You will receive a base salary at the annual rate of $650,000, payable in accordance with the Company's regular payroll practices. At least annually, the People & Compensation Committee of the Board will consider whether, in its discretion, to increase, but not decrease, your rate of base salary, based on market trends, internal considerations, performance or such other factors as the People & Compensation Committee may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Annual Bonus*. Each year beginning with 2025, you will be eligible for an annual bonus in accordance with the Company's annual bonus program for senior executives as in effect from time to time. For 2025, the annual bonus will be in a target amount equal to

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80% of your base salary and a maximum amount of 200% of your target. The People & Compensation Committee will determine your actual bonus amount based on the achievement of corporate performance goals and its review of your performance, all in accordance with the Company's annual bonus program for senior executives as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Long-Term Incentives*. You will receive long-term incentives in accordance with the Company's long-term incentive program for senior executives as in effect from time to time as determined by the People & Compensation Committee in its discretion, taking into account factors such as market practice, cost, performance and such other factors as determined appropriate by the People & Compensation Committee. The awards granted to you, beginning in 2025, will have a target grant date value equal to 180% of your base salary, or such greater percentage as the People & Compensation Committee may determine. Consistent with recent practice, we expect to grant 50% of such awards as RSUs and 50% of such awards as performance-vesting stock units ("PSUs") under the Company's 2014 Omnibus Incentive Plan (as amended from time to time), consistent with the terms of awards for other senior executives as determined by the People & Compensation Committee for 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Benefits*. During your employment, you will be entitled to participate in all retirement, healthandwelfare, vacation andotherbenefit plans and arrangements generally available to other senior executives of the Company in accordance with the terms and provisions of such plans, including the Executive Severance Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Business Expenses*. We will reimburse you for reasonable and necessary travel and accommodation costs, entertainment and other business expenses incurred as a necessary part of discharging your duties hereunder, including during your period of secondment in the Netherlands, subject to our standard expense reimbursement policies. After your repatriation, any travel and commuting expenses incurred to and from your home location and your position location are not considered business expenses and will not be reimbursed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Covenants.</u> You will be required to enter into the standard Company agreement regarding protection of confidential information, ownership of trade secrets and inventions, and post- employment covenants attached hereto as <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Indemnification</u>. The Company will indemnify you and hold you harmless to the fullest extent permitted by law against and in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses (including advancement of reasonable attorney's fees), losses, and damages resulting from your good faith performance of your duties and obligations with the Company (but exclusive of any claims made by you or on your behalf). The Company will cover you under directors' and officers' liability insurance both during and, while potential liability exists, after employment in the same amount and to the same extent as the Company covers its other officers and directors. These obligations will survive the termination of your employment with the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Miscellaneous.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *No Conflicts; Background Check*. By signing this letter, you represent to the Company that your acceptance of this offer and agreement to accept employment with the Company undertheseterms will not conflict with, violate or constitute a breach of any employment or other agreement to which you are a party and that you are not required to obtain the consent of any person, firm, corporation or other entity in order to accept this offer of employment. You acknowledge and agree that this offer of employment is contingent upon your successful completion of a background check.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Successors and Assigns*. This letter shall inure to the benefit of and be binding upon (i) the Company and its successors and assigns and (ii) you and your heirs and legal representatives, except that your duties and responsibilities under this letter that are of a personal nature and will not be assignable or delegable in whole or in part without our prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Entire Agreement*. This letter sets forth the entire present agreement of the parties concerning the subjects covered herein. There are no promises, understandings, representations, or warranties of any kind concerning those subjects except as expressly set forth herein or therein. Any modification of this letter must be in writing and signed upon the express consent of all parties. Any attempt to modify this letter, orally, or in writing not executed by all parties, will be void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Enforceability*. If any provision of this letter, or its application to anyone or under any circumstances, is adjudicated to be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability will not affect any other provision or application of this letter which can be given effect without the invalid or unenforceable provision or application and will not invalidate or render unenforceable such provision or application in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Governing Law*. This letter shall be governed and interpreted in accordance with the laws of the State of North Carolina without regard to the State's conflict of laws provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Waivers*. No failure on the part of any party to enforce any provisions of this letter will act as a waiver of the right to enforce that provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Withholding*. All payments of compensation to you by the Company shall be net of any tax or other amounts required to be withheld by the Company under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Section 409A*. This letter is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the "Code") or an exemption thereto, and, to the extent necessary in order to avoid the imposition of an additional tax on you under Section 409A of the Code, payments may only be made under this letter upon an event and in a manner permitted by Section 409A of the Code. Any payments or benefits that are provided upon a termination of employment shall, to the extent necessary in order to avoid the imposition of any additional tax on you under Section 409A of the Code, not be provided unless such termination constitutes a "separation from service" within the meaning of Section 409A of the Code. Any payments that qualify for the "short term deferral" exception or another exception under Section 409A of the Code shall be paid under the applicable exception.

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Notwithstanding anything in this letter to the contrary, if you are considered a "specified employee" (as defined in Section 409A of the Code), any amounts paid or provided under this letter due to your separation from service shall, to the extent necessary in order to avoid the imposition of an additional tax on you under Section 409A of the Code, be delayed for six (6) months after your "separation from service" within the meaning of Section 409A of the Code, and the accumulated amounts shall be paid in a lump sum within ten (10) calendar days after the end of the six (6) month period. If you die during the six (6) month postponement period prior to the payment of benefits, the amounts the payment of which is deferred on account of Section 409A of the Code shall be paid to the personal representative of your estate within sixty (60) calendar days after the date of your death. For purposes of Section 409A of the Code, the right to a series of installment payments under this letter shall be treated as a right to a series of separate payments. In no event may you, directly or indirectly, designate the calendar year of a payment. All reimbursements and in kind benefits providedunder this letter shall be made or provided in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the period of time specified in this letter, (ii) the amount of expenses eligible for reimbursement, or in kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in kind benefits to be provided, in any other calendar year, (iii) the reimbursement of an eligible expense will be made no later than the last calendar day of the calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit. The Company makes no representations that the payments and benefits provided under this letter comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by you on account of noncompliance with Section 409A of the Code.

You acknowledge that you have received and read copies of the Company's Stock Ownership Guidelines for Executive Officers and Other Key Executives and the Company's Clawback Policy, and you will sign the required acknowledgement form for the Clawback Policy.

Steve, we are most enthusiastic about your joining the team. If these provisions are agreeable to you, please sign one copy of this letter and return it to me as soon possible.

Sincerely,

<u>/s/ Patrick Kivits</u>

Patrick Kivits

Chief Executive Officer

Accepted By:

<u>/s/ Steve Flannery</u>

Steve Flannery

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## Exhibit 10.2

**Exhibit 10.2**

![image_0.jpg](image_0.jpg)

January 29, 2025

Steve Flannery

Dear Steve,

This letter serves as an amendment to the letter, dated August 27, 2024, to you from Sealed Air related to the terms of your employment (the "Offer Letter"). All other terms and conditions of the Offer Letter are unchanged and remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Any and all references to a repatriation date of January 31, 2025 shall be replaced with a date of July 11 2025, at which time your temporary assignment will officially end and you are expected to repatriate to Charlotte, NC. You will be required to sign an updated assignment and transfer letter that contains these terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The terms of your cash sign-on bonus shall be modified as follows:

Your one-time sign-on bonus in the gross amount of $400,000 is contingent upon your successful repatriation to the U.S. by no later than July 11, 2025. The sign-on bonus shall be payable in a single cash payment (after required tax withholdings) on the first regular payroll date following your repatriation, and no later than Aug 15, 2025. You will be required to execute a Bonus Repayment Agreement prior to receipt of the sign-on bonus which requires repayment to the Company of the full amount of the sign-on bonus within thirty (30) days after your termination date, should you voluntarily resign your position prior to the first anniversary of your repatriation.

In conjunction with the above changes, you are required to sign an Amended Assignment Repayment Agreement ("Repayment Agreement"), a copy of which has been attached for reference. The Repayment Agreement modifies (1) the repayment period from 12 months post-Assignment End Date to 24 months post-Assignment End Date and (2) the repayment amount from 50% to 100% of any Assignment-related expenses (inclusive of Federal, State, or Local/Foreign taxes paid on your behalf) that Sealed Air otherwise would not have incurred but-for the Assignment, should you voluntarily resign from your position or are terminated for Cause (as defined in the agreement).

Steve, we continue to be most enthusiastic about your leadership role at Sealed Air. Please execute this letter and related Assignment Repayment Agreement within 7 days of receipt.

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Sincerely,

<u>/s/ Patrick Kivits</u>

Patrick Kivits

Chief Executive Officer

Sealed Air Corporation

Accepted By:

<u>/s/ Steve Flannery</u>

Steve Flannery

## Exhibit 10.3

**Exhibit 10.3**

![image_0.jpg](image_0.jpg)

February 28, 2025

Steve Flannery

Dear Steve,

This letter serves as an amendment to the letter dated August 27, 2024 from Sealed Air to you related to the terms of your employment (the "Original Offer Letter") and January 29, 2025 (the "Amended Offer Letter"). All other terms and conditions of the Original Offer Letter and Amended Offer Letter are unchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Any and all references to a repatriation date of January 31, 2025 shall be replaced with a date of July 11 2025, at which time your temporary assignment will officially end and you are expected to repatriate <u>back to United States</u>. Once you repatriate, your primary work location will be Charlotte, NC. You are expected to relocate to Charlotte within <u>18 months of your start date</u>, as specified in the Original Offer Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The terms of your cash sign-on bonus shall be as follows:

Your one-time sign-on bonus in the gross amount of $400,000 is contingent upon your successful repatriation to the U.S. by no later than July 11, 2025. The sign-on bonus shall be payable in a single cash payment (after required tax withholdings) on the first regular payroll date following your repatriation, and no later than Aug 15, 2025. You will be required to execute a Bonus Repayment Agreement prior to receipt of the sign-on bonus which requires repayment to the Company of the full amount of the sign-on bonus within thirty (30) days after your termination date, should you voluntarily resign your position prior to the <u>first anniversary of your Start Date</u>.

Steve, we continue to be most enthusiastic about your leadership role at Sealed Air. Please execute this letter within 7 days of receipt.

Sincerely,

<u>/s/ Dustin Semach</u>

Dustin Semach

President and Chief Executive Officer

Sealed Air Corporation

Accepted By:

<u>/s/ Steve Flannery</u>

Steve Flannery

## Exhibit 10.4

**Exhibit 10.4**

![image_0a.jpg](image_0a.jpg)

May 2, 2024

Byron Racki

Dear Byron,

On behalf of Sealed Air Corporation (the "Company," "we" or "us"), I am pleased to confirm with you the terms of our offer of employment.

&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Start</u> <u>Date,</u> <u>Position</u> <u>and</u> <u>Duties</u>. Your start date will be June 4, 2024, or such earlier/later date as we may mutually agree. You will initially have the title of President, Americas, which may change from time to time as described herein. In your initial position, you will report to the Chief Executive Officer of the Company and will perform such services for the Company and its subsidiaries as are customarily associated with such position and as may reasonably be assigned to you by the Chief Executive Officer. The Chief Executive Officer may change your position, duties and/or title, provided

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) your position remains a direct report to the Chief Executive Officer and a member of the Company's executive leadership team, and (ii) no such change shall constitute good reason as defined under any Company plan or program, including the Company's Executive Severance Plan.

The location of your position will be at the Company's headquarters in Charlotte, NC. You are eligible to receive relocation benefits pursuant to the Company's relocation policy. You will be required to sign a Relocation Repayment Agreement to receive your relocation benefits. If you have not completed your relocation within eighteen months of your start date, the Company may terminate your employment without cause with no obligation to pay severance under any Company plan or program, including the Company's Executive Severance Plan.

During your employment, you will: (i) devote substantially all your working time and attention to the business and affairs of the Company (excluding any vacation and sick leave to which you are entitled), render such services to the best of your ability, and use your reasonable best efforts to promote the interests of the Company, (ii) not engage in any other employment, consulting or other business activity that would create a conflict of interest with your services to the Company, (iii) not assist any person or entity in competing with the Company or in preparing to compete with the Company and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) comply with the Company's policies and rules, as they may be in effect from time to time and provided to you. Notwithstanding the foregoing, you will be entitled to: (A) serve on the boards of organizations (both for profit or non-profit), subject to the Board's prior consent, not to be unreasonably withheld or delayed, (B) serve on civic or charitable boards or committees, (C) deliver lectures or fulfill speaking engagements, and (D) manage personal investments, so long as, in each such case, such activities do not (x) significantly interfere with the performance of your responsibilities as an employee of the Company, or (y) create a conflict of interest with your services to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Employment-at-Will</u>. Your employment with the Company will be at-will. This means either you and/or the Company will be free to terminate this employment relationship at any time, with or without cause.

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&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Sign-On</u> <u>Bonus</u> <u>and</u> <u>Initial</u> <u>Equity</u> <u>Award</u>. You will receive the following awards effective on your start date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will receive a sign-on bonus in the gross amount of $60,000, payable in a single cash payment (after required tax withholdings) on the first regular payroll date following your start date. Should you voluntarily resign your position prior to the first anniversary of your start date, you will be required to repay the Company in full the sign-on bonus within 30 days after your termination date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will receive initial equity awards with an aggregate grant date value equal to an annualized value of $900,000 (i.e., the target value of your annual long-term incentive awards as described below), which will be prorated based on your start date (i.e., a July 1st start date would equal a value of $450,000). Half of the award value will be granted as time-vesting restricted stock units ("RSUs") and half as performance-vesting stock units ("PSUs") granted under the Company's Omnibus Incentive Plan. The awards will be granted on the first business day following the start date, with the number of underlying shares determined by dividing the applicable dollar amount by the closing price of our common stock on the grant date (rounded up to the next whole share). The RSUs will vest in three substantially equal annual installments starting on the first anniversary of the grant date, and the PSUs will vest based on the same performance goals included in the PSUs granted to the executive leadership team in February 2024 (i.e., for the 2024-2026 performance period). The awards will include other standard terms and provisions, including treatment upon termination of employment, consistent with the terms and provision in our annual RSU and PSU awards to the executive leadership team. Each award will be evidenced by a formal award agreement reflecting these terms, which in each case will be the governing document for the award.

&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Ongoing</u> <u>Compensation</u> <u>and</u> <u>Benefits</u>. We will provide you with the following compensation and benefits during your employment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Base Salary*. You will receive a base salary at the annual rate of $600,000, payable in accordance with the Company's regular payroll practices. At least annually, the People & Compensation Committee of the Company's Board of Directors will consider whether, in its discretion, to increase, but not decrease, your rate of base salary, based on market trends, internal considerations, performance or such other factors as the People & Compensation Committee may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Annual Bonus*. Each year beginning with 2024, you will be eligible for an annual bonus in accordance with the Company's annual bonus program for senior executives as in effect from time to time. For 2024, the annual bonus will be in a target amount equal to 70% of your base salary and a maximum amount of 200% of your target and prorated based on your start date. The People & Compensation Committee will determine your actual bonus amount based on the achievement of corporate performance goals and its review of your performance, all in accordance with the Company's annual bonus program for senior executives as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Long-Term Incentives*. You will receive long-term incentives in accordance with the Company's long-term incentive program for senior executives as in effect from time to time as determined by the People & Compensation Committee in its discretion, taking into account factors such as market practice, cost, performance and such other factors as determined appropriate by the People & Compensation Committee. The awards granted to you, beginning in 2025, will have a target grant date value of 150% of your base salary, or such greater percentage as the People & Compensation Committee may determine. Consistent with recent practice, we expect to grant such awards in a mix of time-based and performance-based awards under the Company's Omnibus Incentive Plan, consistent

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with the terms of awards for other senior executives as determined by the People & Compensation Committee for 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Benefits*. During the Term, you will be entitled to participate in all retirement, health and welfare, vacation and other benefit plans and arrangements generally available to other senior executives of the Company in accordance with the terms and provisions of such plans, including the Sealed Air Corporation Executive Severance Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Business Expenses*. We will reimburse you for reasonable and necessary travel and accommodation costs, entertainment and other business expenses incurred as a necessary part of discharging your duties hereunder, subject to our standard expense reimbursement policies. Any travel expenses from employee's home to employment location are not business expenses and will not be reimbursed.

&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Covenants.</u> You will enter into the standard Company agreement regarding protection of confidential information, ownership of trade secrets and inventions, and post-employment covenants attached hereto as <u>Exhibit</u> <u>A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Indemnification</u>. The Company will indemnify you and hold you harmless to the fullest extent permitted by law against and in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses (including advancement of reasonable attorney's fees), losses, and damages resulting from your good faith performance of your duties and obligations with the Company (but exclusive of any claims made by you or on your behalf). The Company will cover you under directors' and officers' liability insurance both during and, while potential liability exists, after employment in the same amount and to the same extent as the Company covers its other officers and directors. These obligations will survive the termination of your employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Miscellaneous.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *No Conflicts*. By signing this letter, you represent to the Company that your acceptance of this offer and agreement to accept employment with the Company under these terms will not conflict with, violate or constitute a breach of any employment or other agreement to which you are a party and that you are not required to obtain the consent of any person, firm, corporation or other entity in order to accept this offer of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Successors and Assigns*. This letter shall inure to the benefit of and be binding upon (i) the Company and its successors and assigns and (ii) you and your heirs and legal representatives, except that your duties and responsibilities under this letter that are of a personal nature and will not be assignable or delegable in whole or in part without our prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Entire Agreement*. This letter sets forth the entire present agreement of the parties concerning the subjects covered herein. There are no promises, understandings, representations, or warranties of any kind concerning those subjects except as expressly set forth herein or therein. Any modification of this letter must be in writing and signed upon the express consent of all

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parties. Any attempt to modify this letter, orally, or in writing not executed by all parties, will be void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Enforceability*. If any provision of this letter, or its application to anyone or under any circumstances, is adjudicated to be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability will not affect any other provision or application of this letter which can be given effect without the invalid or unenforceable provision or application and will not invalidate or render unenforceable such provision or application in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Governing Law*. This letter shall be governed and interpreted in accordance with the laws of the State of North Carolina without regard to the State's conflict of laws provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Waivers*. No failure on the part of any party to enforce any provisions of this letter will act as a waiver of the right to enforce that provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Withholding*. All payments of compensation to you by the Company shall be net of any tax or other amounts required to be withheld by the Company under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Section 409A*. This letter is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the "Code') or an exemption thereto, and, to the extent necessary in order to avoid the imposition of an additional tax on you under Section 409A of the Code, payments may only be made under this letter upon an event and in a manner permitted by Section 409A of the Code. Any payments or benefits that are provided upon a termination of employment shall, to the extent necessary in order to avoid the imposition of any additional tax on you under Section 409A of the Code, not be provided unless such termination constitutes a "separation from service" within the meaning of Section 409A of the Code. Any payments that qualify for the "short term deferral" exception or another exception under Section 409A of the Code shall be paid under the applicable exception. Notwithstanding anything in this letter to the contrary, if you are considered a "specified employee" (as defined in Section 409A of the Code), any amounts paid or provided under this letter due to your separation from service shall, to the extent necessary in order to avoid the imposition of an additional tax on you under Section 409A of the Code, be delayed for six months after your "separation from service" within the meaning of Section 409A of the Code, and the accumulated amounts shall be paid in a lump sum within 10 calendar days after the end of the 6-month period. If you die during the 6-month postponement period prior to the payment of benefits, the amounts the payment of which is deferred on account of Section 409A of the Code shall be paid to the personal representative of your estate within 60 calendar days after the date of your death. For purposes of Section 409A of the Code, the right to a series of installment payments under this letter shall be treated as a right to a series of separate payments. In no event may you, directly or indirectly, designate the calendar year of a payment. All reimbursements and in kind benefits provided under this letter shall be made or provided in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the period of time specified in this letter, (ii) the amount of expenses eligible for reimbursement, or in kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in kind benefits to be provided, in any other calendar year, (iii) the reimbursement of an eligible expense will be made no later than the last calendar day of the calendar year following the year in which the expense is incurred, and (iv) the right to

4

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reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit. The Company makes no representations that the payments and benefits provided under this letter comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by you on account of noncompliance with Section 409A of the Code.

You acknowledge that you have received and read copies of the Company's Stock Ownership Guidelines for Executive Officers and Other Key Executives and the Company's Clawback Policy, and you will sign the required acknowledgement form for the Clawback Policy.

Byron, we are most enthusiastic about your joining the team. If these provisions are agreeable to you, please sign one copy of this letter and return it to me as soon possible.

Sincerely,

<u>/s/ Emile</u> <u>Z.</u> <u>Chammas</u>

Emile Z. Chammas

Interim Co-President and Co-CEO and Chief Operating Officer

<u>/s/ Byron Racki</u>

Byron Racki

5

## Exhibit 31.1

**Exhibit 31.1** 

**CERTIFICATIONS** 

I, Dustin J. Semach, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Sealed Air Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| |
|:---|
| /S/ DUSTIN J. SEMACH |
| Dustin J. Semach |
| *President and Chief Executive Officer* |

---

Date: August 5, 2025

## Exhibit 31.2

**Exhibit 31.2** 

**CERTIFICATIONS** 

I, Veronika Johnson, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Sealed Air Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| |
|:---|
| /S/ VERONIKA JOHNSON |
| Veronika Johnson |
| *Interim Chief Financial Officer, Chief Accounting Officer and Controller* |

---

Date: August 5, 2025

## Ex-32

**Exhibit 32**

**Certification Pursuant to** 

**18 U.S.C. Section 1350,** 

**as Adopted Pursuant to** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

In connection with the Quarterly Report on Form 10-Q of Sealed Air Corporation (the "Company") for the quarterly period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Dustin J. Semach, as President and Chief Executive Officer of the Company, and Veronika Johnson, as Interim Chief Financial Officer, Chief Accounting Officer and Controller of the Company, each hereby certifies pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his or her knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
| By: | /S/ DUSTIN J. SEMACH |
|  | Dustin J. Semach |
|  | *President and Chief Executive Officer* |
| Date: August 5, 2025 |  |
| By: | /S/ VERONIKA JOHNSON |
|  | Veronika Johnson |
|  | *Interim Chief Financial Officer, Chief Accounting Officer and Controller* |
| Date: August 5, 2025 |  |

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