Organization and Basis of Presentation

9 Months Ended

Sep. 30, 2011

Organization and Basis of Presentation [Abstract]

Organization and Basis of Presentation

(1) Organization and Basis of Presentation

Organization

      We are the new global leader in food safety and security, facility hygiene and product protection. With widely recognized and inventive brands such as Bubble Wrap® brand cushioning, Cryovac® brand food packaging solutions and Diversey® brand cleaning and hygiene solutions, we offer efficient and sustainable solutions that create business value for customers, enhance the quality of life for consumers and provide a cleaner and healthier environment for future generations.

      On October 3, 2011, we completed the acquisition of Diversey Holdings, Inc. (“Diversey”). Before we completed the acquisition, we were a leading global innovator and manufacturer of packaging and performance-based materials and equipment systems that served an array of food, industrial, medical and consumer end markets. See Note 3, “Acquisition of Diversey Holdings, Inc.,” for further information about the acquisition and Note 4, “Segments,” for information about our announcement of the establishment of new business units and our segment reporting structure.

     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 presentation of our condensed consolidated balance sheet as of September 30, 2011 and our condensed consolidated statements of operations for the three and nine months ended September 30, 2011 and 2010 have been made. The results set forth in our condensed consolidated statements of operations for the three and nine months ended September 30, 2011 and in our condensed consolidated statements of cash flows for the nine months ended September 30, 2011 are not necessarily indicative of the results to be expected for the full year. All amounts are approximate due to rounding. Some prior period amounts have been reclassified to conform to the current year presentation. These reclassifications, individually and in the aggregate, had no impact on our consolidated financial condition, results of operations and cash flows.

     Our condensed consolidated financial statements were prepared following the interim reporting requirements of the Securities and Exchange Commission, or the SEC. As permitted under those rules, annual footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America, or 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 included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2010 and with the information contained in other publicly-available filings with the SEC.

      Our consolidated financial statements included in this report cover periods before the closing of the acquisition of Diversey and the consummation of other transactions related to the acquisition.