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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 September 30, 2022
Or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number: 1-12139
SEALED AIR CORPORATION
(Exact name of registrant as specified in its charter)
 
Delaware 65-0654331
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer
Identification Number)
2415 Cascade Pointe Boulevard 
CharlotteNorth Carolina28208
(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:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, par value $0.10 per shareSEENew 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.    Yes  ☒    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).    Yes  ☒    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).    Yes  ☐    No  ý
There were 144,657,522 shares of the registrant’s common stock, par value $0.10 per share, issued and outstanding as of October 28, 2022.


SEALED AIR CORPORATION AND SUBSIDIARIES
Table of Contents
 Page
PART I. FINANCIAL INFORMATION 
Financial statements
PART II.  OTHER INFORMATION 



2



Cautionary Notice Regarding Forward-Looking Statements
This report contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 concerning our business, consolidated financial condition, results of operations or cash flows. The Securities and Exchange Commission (“SEC”) encourages companies to disclose forward-looking statements so that investors can better understand a company’s future prospects and make informed investment decisions. Forward-looking statements are subject to risks and uncertainties, many of which are outside our control, which could cause actual results to differ materially from these statements. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements can be identified by such words as “anticipate,” “believe,” “plan,” “assume,” “could,” “should,” “estimate,” “expect,” “intend,” “potential,” “seek,” “predict,” “may,” “will” and similar references to future periods. All statements other than statements of historical facts included in this report regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding expected future operating results, expectations regarding the results of restructuring and other programs, anticipated levels of capital expenditures and expectations of the effect on our financial condition of claims, litigation, environmental costs, contingent liabilities and governmental and regulatory investigations and proceedings.
The following are important factors that we believe could cause actual results to differ materially from those in our forward-looking statements: global economic and political conditions, currency translation and devaluation effects, changes in raw material pricing and availability, competitive conditions, the success of new product offerings, consumer preferences, the effects of animal and food-related health issues, the effects of epidemics or pandemics, including the Coronavirus Disease 2019, negative impacts related to the ongoing conflicts between Russia and Ukraine and related sanctions, export restrictions and other counteractions thereto, 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, the tax benefit associated with the Settlement agreement (as defined in Note 18 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this report), regulatory actions and legal matters, and the other information referenced in Part I, Item 1A, "Risk Factors", of our Annual Report on Form 10-K for the year ended December 31, 2021 as filed with the SEC, and in any of our subsequent SEC filings. Any forward-looking statement made by us in this report is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
3

SEALED AIR CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets 
(Unaudited)
(In USD millions, except share and per share data)September 30, 2022December 31, 2021
Assets  
Current assets:  
Cash and cash equivalents$248.8 $561.0 
Trade receivables, net of allowance for credit losses of $12.0 in 2022 and $11.1 in 2021
637.3 620.3 
Income tax receivables20.8 28.8 
Other receivables95.8 83.7 
Inventories, net of inventory reserves of $28.8 in 2022 and $24.1 in 2021 (Note 7)
962.4 725.7 
Prepaid expenses and other current assets66.1 50.1 
Total current assets2,031.2 2,069.6 
Property and equipment, net (Note 8)
1,231.0 1,232.0 
Goodwill (Note 9)
2,157.1 2,189.4 
Identifiable intangible assets, net (Note 9)
140.6 152.6 
Deferred taxes117.1 138.4 
Non-current assets held for sale— 1.5 
Operating lease right-of-use-assets (Note 4)
70.1 63.8 
Other non-current assets328.0 382.0 
Total assets$6,075.1 $6,229.3 
Liabilities and Stockholders' Equity  
Current liabilities:  
Short-term borrowings (Note 13)
$2.4 $1.3 
Current portion of long-term debt (Note 13)
401.0 487.2 
Current portion of operating lease liabilities (Note 4)
22.4 21.2 
Accounts payable912.5 959.9 
Accrued restructuring costs (Note 12)
8.5 10.2 
Income tax payable26.0 22.7 
Other current liabilities504.2 504.8 
Total current liabilities1,877.0 2,007.3 
Long-term debt, less current portion (Note 13)
3,235.7 3,219.6 
Long-term operating lease liabilities, less current portion (Note 4)
51.9 44.5 
Deferred taxes51.9 46.7 
Non-current liabilities held for sale— 0.9 
Other non-current liabilities640.4 661.6 
Total liabilities5,856.9 5,980.6 
Commitments and contingencies (Note 18)
Stockholders’ equity:  
Preferred stock, $0.10 par value per share, 50,000,000 shares authorized; no shares issued in 2022 and 2021
— — 
Common stock, $0.10 par value per share, 400,000,000 shares authorized; shares issued: 233,215,334 in 2022 and 232,483,281 in 2021; shares outstanding: 144,653,991 in 2022 and 148,099,157 in 2021
23.3 23.2 
Additional paid-in capital2,145.2 2,123.4 
Retained earnings3,098.3 2,790.7 
Common stock in treasury, 88,561,343 shares in 2022 and 84,384,124 shares in 2021
(4,019.1)(3,754.7)
Accumulated other comprehensive loss, net of taxes (Note 20)
(1,029.5)(933.9)
Total stockholders’ equity218.2 248.7 
Total liabilities and stockholders’ equity$6,075.1 $6,229.3 
 
See accompanying Notes to Condensed Consolidated Financial Statements.
 
4

SEALED AIR CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations
(Unaudited)
 
Three Months Ended September 30,Nine Months Ended September 30,
(In USD millions, except per share data)2022202120222021
Net sales$1,400.4 $1,406.7 $4,236.0 $4,002.3 
Cost of sales966.8 1,003.0 2,887.1 2,796.8 
Gross profit433.6 403.7 1,348.9 1,205.5 
Selling, general and administrative expenses196.3 190.3 600.5 571.2 
Amortization expense of intangible assets8.7 9.7 27.0 29.1 
Restructuring charges (Note 12)
0.6 2.4 4.6 4.5 
Operating profit228.0 201.3 716.8 600.7 
Interest expense, net(40.9)(42.4)(119.3)(127.6)
Other expense, net (Note 21)
(3.1)(4.5)(47.4)(3.9)
Earnings before income tax provision184.0 154.4 550.1 469.2 
Income tax provision (Note 17)
51.4 46.6 153.5 147.0 
Net earnings from continuing operations132.6 107.8 396.6 322.2 
Gain (Loss) on sale of discontinued operations, net of tax1.6 (0.1)0.7 3.7 
Net earnings$134.2 $107.7 $397.3 $325.9 
Basic:    
Continuing operations$0.91 $0.72 $2.71 $2.12 
Discontinued operations0.01 — 0.01 0.03 
Net earnings per common share - basic (Note 22)
$0.92 $0.72 $2.72 $2.15 
Diluted:
Continuing operations$0.91 $0.71 $2.68 $2.10 
Discontinued operations0.01 — 0.01 0.03 
Net earnings per common share - diluted (Note 22)
$0.92 $0.71 $2.69 $2.13 
Weighted average number of common shares outstanding: (Note 22)
Basic145.2 149.9 146.3 151.8 
    Diluted146.6 151.4 147.8 153.2 
 
See accompanying Notes to Condensed Consolidated Financial Statements.


5

SEALED AIR CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(In USD millions)GrossTaxesNetGrossTaxesNetGrossTaxesNetGrossTaxesNet
Net earnings$134.2 $107.7 $397.3 $325.9 
Other comprehensive income (loss):    
Recognition of pension items$1.2 $(0.3)0.9 $2.3 $(0.6)1.7 $4.0 $(1.0)3.0 $5.7 $(2.5)3.2 
Unrealized gains on derivative instruments for net investment hedge25.2 (6.3)18.9 11.9 (3.0)8.9 60.5 (15.1)45.4 28.0 (7.0)21.0 
Unrealized gains on derivative instruments for cash flow hedge4.3 (1.1)3.2 2.8 (0.8)2.0 6.8 (1.8)5.0 7.1 (2.0)5.1 
Foreign currency translation adjustments(90.2)— (90.2)(35.4)— (35.4)(149.0)— (149.0)(33.4)— (33.4)
Other comprehensive (loss) income$(59.5)$(7.7)(67.2)$(18.4)$(4.4)(22.8)$(77.7)$(17.9)(95.6)$7.4 $(11.5)(4.1)
Comprehensive income, net of taxes$67.0 $84.9 $301.7 $321.8 
 
See accompanying Notes to Condensed Consolidated Financial Statements.
6

SEALED AIR CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)
(In USD millions)Common StockAdditional
Paid-in Capital		Retained EarningsCommon
Stock in
Treasury		Accumulated Other
Comprehensive
Loss, Net of Taxes		Total
Stockholders’
Equity
Balance at June 30, 2022$23.3 $2,134.2 $2,993.6 $(3,989.1)$(962.3)$199.7 
Effect of share-based incentive compensation— 11.0 — — — 11.0 
Repurchases of common stock— — — (30.0)— (30.0)
Recognition of pension items, net of taxes— — — — 0.9 0.9 
Foreign currency translation adjustments— — — — (90.2)(90.2)
Unrealized gain on derivative instruments, net of taxes— — — — 22.1 22.1 
Net earnings— — 134.2 — — 134.2 
Dividends on common stock ($0.20 per share)
— — (29.5)— — (29.5)
Balance at September 30, 2022$23.3 $2,145.2 $3,098.3 $(4,019.1)$(1,029.5)$218.2 
Balance at December 31, 2021$23.2 $2,123.4 $2,790.7 $(3,754.7)$(933.9)$248.7 
Effect of share-based incentive compensation0.1 14.9 — — — 15.0 
Stock issued for profit sharing contribution paid in stock— 6.9 — 15.8 — 22.7 
Repurchases of common stock— — — (280.2)— (280.2)
Recognition of pension items, net of taxes— — — — 3.0 3.0 
Foreign currency translation adjustments— — — — (149.0)(149.0)
Unrealized gain on derivative instruments, net of taxes— — — — 50.4 50.4 
Net earnings— — 397.3 — — 397.3 
Dividends on common stock ($0.60 per share)
— — (89.7)— — (89.7)
Balance at September 30, 2022$23.3 $2,145.2 $3,098.3 $(4,019.1)$(1,029.5)$218.2 
Balance at June 30, 2021$23.2 $2,103.7 $2,562.8 $(3,651.1)$(944.8)$93.8 
Effect of share-based incentive compensation— 9.3 — — — 9.3 
Repurchase of common stock— — — (29.9)— (29.9)
Recognition of pension items, net of taxes— — — — 1.7 1.7 
Foreign currency translation adjustments— — — — (35.4)(35.4)
Unrealized gain on derivative instruments, net of taxes— — — — 10.9 10.9 
Net earnings— — 107.7 — — 107.7 
Dividends on common stock ($0.20 per share)
— — (30.4)— — (30.4)
Balance at September 30, 2021$23.2 $2,113.0 $2,640.1 $(3,681.0)$(967.6)$127.7 
Balance at December 31, 2020$23.2 $2,093.0 $2,400.7 $(3,380.9)$(963.5)$172.5 
Effect of share-based incentive compensation— 19.8 — — — 19.8 
Stock issued for profit sharing contribution paid in stock— 0.2 — 27.8 — 28.0 
Repurchases of common stock— — — (327.9)— (327.9)
Recognition of pension items, net of taxes— — — — 3.2 3.2 
Foreign currency translation adjustments— — — — (33.4)(33.4)
Unrealized gain on derivative instruments, net of taxes— — — — 26.1 26.1 
Net earnings— — 325.9 — — 325.9 
Dividends on common stock ($0.56 per share)
— — (86.5)— — (86.5)
Balance at September 30, 2021$23.2 $2,113.0 $2,640.1 $(3,681.0)$(967.6)$127.7 
See accompanying Notes to Condensed Consolidated Financial Statements.
7

SEALED AIR CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended September 30,
(In USD millions)20222021
Net earnings$397.3 $325.9 
Adjustments to reconcile net earnings to net cash provided by operating activities  
Depreciation and amortization137.8 135.9 
Share-based incentive compensation39.9 33.1 
Profit sharing expense20.5 17.0 
Loss on debt redemption and refinancing activities11.2 14.7 
Provision for allowance for credit losses on trade receivables6.5 1.3 
Provisions for inventory obsolescence13.6 7.9 
Deferred taxes, net(1.0)4.6 
Net gain on sale of business(1.1)(1.6)
Impairment loss/fair value (gain) on equity investments31.6 (6.6)
Other non-cash items5.7 9.0 
Changes in operating assets and liabilities:  
Trade receivables, net(65.7)(117.2)
Inventories, net(289.0)(168.8)
Accounts payable4.8 173.6 
Customer advance payments7.0 7.6 
Income tax receivable/payable12.9 44.4 
Other assets and liabilities(11.2)(103.3)
Net cash provided by operating activities$320.8 $377.5 
Cash flows from investing activities:  
Capital expenditures(183.5)(154.8)
Proceeds related to sale of business and property and equipment, net9.2 1.1 
Business acquired in purchase transactions, net of cash acquired(9.7)(0.1)
Payments associated with debt, equity and equity method investments
(2.6)(16.0)
Settlement of foreign currency forward contracts2.8 7.8 
Proceeds of corporate owned life insurance— 7.7 
Net cash used in investing activities$(183.8)$(154.3)
Cash flows from financing activities:  
Net proceeds (payments) of short-term borrowings1.5 (6.7)
Proceeds from long-term debt423.2 601.5 
Payments of long-term debt(425.0)(522.6)
Payments of debt modification/extinguishment costs(15.1)(13.3)
Dividends paid on common stock(89.5)(86.0)
Impact of tax withholding on share-based compensation(26.2)(14.8)
Repurchases of common stock(280.2)(329.5)
Principal payments related to financing leases(7.7)(7.8)
Net cash used in financing activities$(419.0)$(379.2)
Effect of foreign currency exchange rate changes on cash and cash equivalents$(30.2)$1.5 
Cash Reconciliation:
Cash and cash equivalents561.0 548.7 
Restricted cash and cash equivalents— — 
Balance, beginning of period$561.0 $548.7 
Net change during the period(312.2)(154.5)
Cash and cash equivalents (includes $0.5 in 2021 of cash classified as held for sale)
248.8 394.2 
Restricted cash and cash equivalents— — 
Balance, end of period$248.8 $394.2 
Supplemental Cash Flow Information:  
Interest payments, net of amounts capitalized$128.7 $137.8 
Income tax payments, net of cash refunds$133.6 $75.0 
Restructuring payments including associated costs$19.1 $16.4 
Non-cash items:
Transfers of shares of common stock from treasury for profit-sharing contributions$22.7 $28.0 
See accompanying Notes to Condensed Consolidated Financial Statements.
8

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 integrating high-performance materials, automation, equipment, and services. Sealed Air Corporation designs and delivers packaging solutions that protect goods, preserve food, automate packaging processes, and enable eCommerce and digital connectivity for packaged goods. Our packaging solutions help customers automate their operations to be increasingly touchless and more resilient, safer, less wasteful, and enhance brand engagement with consumers. We deliver our packaging solutions to an array of end markets including fresh proteins, foods, fluids, medical and healthcare, eCommerce, logistics and omnichannel fulfillment operations, and industrials.
Our portfolio of packaging solutions includes CRYOVAC® brand food packaging, SEALED AIR® brand protective packaging, AUTOBAG® brand automated packaging, BUBBLE WRAP® brand packaging, SEE Touchless Automation™ solutions and prismiq™ brand smart packaging and digital printing. We have established leading market positions through our differentiated packaging solutions, well-established customer relationships, iconic brands, and global scale and market access.
We conduct substantially all of our business through two wholly-owned subsidiaries, Cryovac, LLC and Sealed Air Corporation (US). Throughout this report, when we refer to “Sealed Air,” “SEE,” 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 September 30, 2022 and our Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 have been made. The results set forth in our Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and in our Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year. The Condensed Consolidated Balance Sheet as of December 31, 2021 was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. All amounts are in millions, except per share amounts, and 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 U.S. GAAP have been condensed or omitted. The preparation of Condensed Consolidated Financial Statements in conformity with U.S. 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, 2021 (“2021 Form 10-K”), which was filed with the SEC on February 22, 2022, 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 Issued Accounting Standards” of our audited consolidated financial statements and notes thereto included in our 2021 Form 10-K.
Impact of Highly Inflationary Economy
Argentina
9

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 U.S. GAAP, and the U.S. dollar replaced the Argentine peso as the functional currency for our subsidiaries 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 $2.3 million and $6.0 million of remeasurement losses for the three and nine months ended September 30, 2022, respectively, and $0.9 million and $2.8 million of remeasurement losses for the three and nine months ended September 30, 2021, respectively related to our subsidiaries in Argentina.
Note 2 Recently Adopted and Issued Accounting Standards
Recently Adopted Accounting Standards
In July 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-05, Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments (“ASU 2021-05”). ASU 2021-05 requires a lessor to classify a lease with variable lease payments that do not depend on an index or rate as an operating lease at commencement if the lease would have been classified as a sales-type or direct financing lease and the lessor would have recognized a selling loss at lease commencement. The Company adopted ASU 2021-05 on January 1, 2022. The adoption did not have a material impact on the Company's Condensed Consolidated Financial Statements.
Recently Issued Accounting Standards
In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations ("ASU 2022-04"). ASU 2022-04 requires the buyer in a supplier finance program to disclose qualitative and quantitative information about the program. ASU 2022-04 is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years, except for the disclosure of rollforward information, which is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. We do not believe that the adoption of ASU 2022-04 will have an impact on the Company's Condensed Consolidated Financial Statements with the exception of revised annual disclosures.
In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance ("ASU 2021-10"). ASU 2021-10 requires business entities to disclose information about certain types of government assistance received in the notes to the financial statements. ASU 2021-10 is effective for annual periods beginning after December 15, 2021. We do not believe that the adoption of ASU 2021-10 will have an impact on the Company's Condensed Consolidated Financial Statements with the exception of new disclosures, if government assistance provided to the Company were to be material in the future.
In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"). The new guidance requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with Topic 606, Revenue from Contracts with Customers. The standard will not impact acquired contract assets or liabilities from business combinations occurring prior to the adoption date. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The impact of adoption on the Company's Condensed Consolidated Financial Statements will be prospective only and will depend on the magnitude of any future business acquisitions.
10

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 equipment and systems, products, and services to and/or through a large number of distributors, fabricators, converters, eCommerce and mail order fulfillment firms, and contract packaging firms as well as directly to end-users such as food processors, food service businesses, supermarket retailers, pharmaceutical companies, healthcare facilities, medical device manufacturers, and other manufacturers.
As discussed in Note 6, “Segments,” our reporting segments are Food and Protective. Our Food applications are largely sold directly to end customers, while our Protective products are sold through business supply distributors and directly to end customers.
Food:
Food solutions are sold to food processors in fresh red meat, smoked and processed meats, poultry, seafood, plant-based and dairy (solid and liquids) 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 enables customers to reduce costs and enhance their brands in the marketplace.
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® trademark and other highly recognized trade names including CRYOVAC® brand Barrier Bags, CRYOVAC® brand Form-Fill-Seal Films, and CRYOVAC® brand Auto Pouch System. Solutions serving the food retail market include products such as barrier bags, film, and trays, and are primarily marketed under the CRYOVAC® trademark and other highly recognized trade names including CRYOVAC® brand Grip & TearTM, CRYOVAC® brand Darfresh®, OptiDure™, Simple Steps®, and CRYOVAC® brand Barrier Bags.
Protective:
Protective packaging solutions are utilized across many global markets to protect goods during transit and are especially valuable to eCommerce, 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 eCommerce/fulfillment operations. Protective solutions are marketed under SEALED AIR® brand, BUBBLE WRAP® brand, AUTOBAG® brand and other highly recognized trade names and product families including BUBBLE WRAP® brand inflatable packaging, SEALED AIR® brand performance shrink films, AUTOBAG® brand bagging systems, Instapak® polyurethane foam packaging solutions and Korrvu® suspension and retention packaging. In addition, we provide temperature assurance packaging solutions under the KevothermalTM and TempGuardTM brands.
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 a reduction of $2.0 million and $1.8 million for the three and nine months ended September 30, 2022, respectively, and an increase of $0.9 million and $1.7 million for the three and nine months ended September 30, 2021, 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.
11

Disaggregated Revenue
For the three and nine months ended September 30, 2022 and 2021, revenues from contracts with customers summarized by Segment and Geography were as follows:
Three Months Ended
September 30, 2022		Nine Months Ended
September 30, 2022
(In millions)FoodProtectiveTotalFoodProtectiveTotal
Americas$547.9 $376.6 $924.5 $1,603.5 $1,187.5 $2,791.0 
EMEA165.0 109.9 274.9 499.9 353.6 853.5 
APAC110.9 82.3 193.2 321.8 246.3 568.1 
Topic 606 Segment Revenue823.8 568.8 1,392.6 2,425.2 1,787.4 4,212.6 
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)6.0 1.8 7.8 18.1 5.3 23.4 
Total$829.8 $570.6 $1,400.4 $