UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the fiscal year ended: December 31, 2000
OR
[_] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from __________ to __________
Commission file number 1-12139
A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
Sealed Air Corporation Thrift and Tax-Deferred Savings Plan
B. Name of the issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Sealed Air Corporation
Park 80 East
Saddle Brook, NJ 07663-5291
REQUIRED INFORMATION
Financial Statements:
4. In lieu of requirements of Items 1-3, audited financial statements and
schedules prepared in accordance with the financial reporting requirements
of the Employee Retirement Income Security Act of 1974 for the plan's
fiscal year ended December 31, 2000 are presented herein.
Exhibits:
23. Consent of KPMG LLP, independent auditors
SEALED AIR CORPORATION THRIFT AND
TAX-DEFERRED SAVINGS PLAN
Financial Statements
December 31, 2000 and 1999
(With Independent Auditors' Report Thereon)
SEALED AIR CORPORATION THRIFT AND
TAX-DEFERRED SAVINGS PLAN
INDEX
PAGE
Independent Auditors' Report 1
Statements of Net Assets Available for Benefits - December 31, 2000 and 1999 3
Statements of Changes in Net Assets Available for Benefits - Years ended
December 31, 2000 and 1999 4
Notes to Financial Statements 5
INDEPENDENT AUDITORS' REPORT
The Retirement Committee
Sealed Air Corporation Thrift and
Tax-Deferred Savings Plan:
We have audited the accompanying statements of net assets available for benefits
of the Sealed Air Corporation Thrift and Tax-Deferred Savings Plan as of
December 31, 2000 and 1999, and the related statements of changes in net assets
available for benefits for the years then ended. These financial statements are
the responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
Except as explained in the following paragraph, we conducted our audits in
accordance with auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
As permitted by 29 CFR 2520.103-8 of the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974, investment assets held by Bankers Trust Company (who acted
as trustee for the period from January 1, 1999 to January 31, 1999) and Fidelity
Management Trust Company (who acted as trustee for the period from February 1,
1999 to December 31, 1999), the trustees of the Plan, and transactions in those
assets were excluded from the scope of our audit of the Plan's 1999 financial
statements, except for comparing the information provided by the trustees, which
is summarized in note 1, with the related information included in the financial
statements.
Because of the significance of the information that we did not audit, we are
unable to, and do not, express an opinion on the Plan's financial statements as
of December 31, 1999. The form and content of the information included in the
1999 financial statements, other than that derived from the information
certified by the trustees, have been audited by us and, in our opinion, are
presented in compliance with the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974.
In our opinion, the financial statements, referred to above of the Sealed Air
Corporation Thrift and Tax-Deferred Savings Plan as of December 31, 2000 and for
the year then ended, present fairly, in all material respects, the net assets
available for benefits of the Sealed Air Corporation Thrift and Tax-Deferred
Savings Plan as of December 31, 2000, and changes in net assets available for
benefits for the year then ended in conformity with accounting principles
generally accepted in the United States of America.
/s/ KPMG LLP
June 21, 2001
Short Hills, New Jersey
2
SEALED AIR CORPORATION THRIFT AND
TAX-DEFERRED SAVINGS PLAN
Statements of Net Assets Available for Benefits
December 31, 2000 and 1999
2000 1999
----------- -----------
Investment in Master Trust, at fair value $ 321,570,705 $343,419,322
----------- ------------
Receivables:
Employer contributions 591,521 521,867
Participant contributions 1,628,994 1,519,766
----------- ------------
Total receivables 2,220,515 2,041,633
----------- ------------
Net assets available for benefits $ 323,791,220 $345,460,955
=========== ============
See accompanying notes to financial statements.
3
SEALED AIR CORPORATION THRIFT AND
TAX-DEFERRED SAVINGS PLAN
Statements of Changes in Net Assets Available for Benefits
Years ended December 31, 2000 and 1999
2000 1999
------------ ------------
Additions to net assets attributed to:
Contributions:
Employer $ 7,148,076 $ 6,447,451
Participants 20,109,904 26,509,157
------------ ------------
Total contributions 27,257,980 32,956,608
Net investment (loss)/income from the Master Trust (18,255,763) 29,624,174
Assets transferred from Sealed Air Corporation
Thrift Plan for Cryovac Employees -- 232,704,429
------------ ------------
Total net additions 9,002,217 295,285,211
------------ ------------
Deductions from net assets attributed to - distributions
to participants 30,671,952 19,460,453
------------ ------------
Total net deductions 30,671,952 19,460,453
------------ ------------
Net (decrease)/increase in net assets available
for benefits (21,669,735) 275,824,758
Net assets available for benefits:
Beginning of year 345,460,955 69,636,197
------------ ------------
End of year $ 323,791,220 $345,460,955
============ ============
See accompanying notes to financial statements.
4
SEALED AIR CORPORATION THRIFT AND
TAX-DEFERRED SAVINGS PLAN
Notes to Financial Statements
December 31, 2000 and 1999
(1) DESCRIPTION OF PLAN
The following description of the Sealed Air Corporation Thrift and
Tax-Deferred Savings Plan (the Plan) provides only general information.
Participants should refer to the plan document for a more complete
description of the Plan's provisions.
GENERAL
The Plan is a participant-directed, defined contribution plan in which
eligible employees, as defined, of Sealed Air Corporation (the Corporation)
and certain participating subsidiaries may participate generally after
completing six months of continuous employment, as defined. Eligible
employees include, all such full-time employees and such part-time
employees who work at least 1,000 hours per year, except those who are
covered by certain collective bargaining agreements that do not provide for
their participation in the Plan, employees working at specific divisions,
departments or other business units, which may include acquired operations,
to which the Plan has not been extended and certain nonresident aliens. The
Plan is subject to the provisions of the Employee Retirement Income
Security Act of 1974 (ERISA).
Effective February 1, 1999, the Sealed Air Corporation Thrift Plan for
Cryovac Employees (the Cryovac Thrift Plan), with net assets totaling
approximately $233,000,000, merged into the Plan.
On April 13, 2000, the Organization and Compensation Committee of the
Corporation's Board of Directors delegated to the Retirement Committee the
authority to amend the Plan to eliminate the W.R. Grace & Co. common stock
fund as an investment option. On November 20, 2000, the Retirement
Committee approved the termination of the W.R. Grace & Co. common stock
fund effective December 31, 2001 and employees were given until
December 31, 2001 to move their money out of this fund and into one of the
other funds offered under the Plan. This includes the limited opportunity
to transfer all or part of such money directly into the Sealed Air Common
Stock Fund, which otherwise does not accept transfers.
EMPLOYEE CONTRIBUTIONS
Subject to limitations imposed by law, eligible employees may contribute to
the Plan, through voluntary payroll deductions, amounts ranging from 2% to
10% of their compensation, as defined. Subject to certain limitations
imposed by law and the terms of the Plan, participants' contributions,
except for participants covered by certain collective bargaining
agreements, may be made on a before-tax basis by salary reduction pursuant
to Section 401(k) of the Internal Revenue Code (the Code), as amended, on
an after-tax basis, or using a combination thereof. All employee
contributions (and matching contributions) are participant-directed as to
investments.
5
(Continued)
SEALED AIR CORPORATION THRIFT AND
TAX-DEFERRED SAVINGS PLAN
Notes to Financial Statements
December 31, 2000 and 1999
EMPLOYER CONTRIBUTIONS
The Corporation makes matching cash contributions to the Plan in an amount
equal to 50% of each participant's contributions, except for participants
covered by certain collective bargaining agreements, to a maximum matching
contribution of 3% of each participant's compensation, as defined.
VESTING PROVISIONS
All employee contributions and income or loss thereon are fully vested at
all times. Matching contributions and income or loss thereon become fully
vested upon the employee's attainment of age 60, disability, death, or
completion of 24 months of service, as defined, except for former
participants of the Sealed Air Corporation Thrift Plan for Cryovac
Employees whose prior credited service is used in determining the vested
portion of such matching contributions.
WITHDRAWALS
Participants may withdraw their employee contributions and vested matching
contributions (and related amounts on such contributions) subject to plan
limitations and restrictions. Before-tax employee contributions may be
withdrawn only in the event of certain financial hardships, as defined, or
after reaching age 59-1/2. Matching contributions that have been held by
the Plan for less than 24 months may not be withdrawn except for a
financial hardship or after age 59-1/2. As provided by law and under
circumstances provided for in the Plan, such withdrawals may result in
suspension from eligibility to make employee contributions to the Plan for
various periods of time.
BENEFIT PAYMENTS
Upon termination of employment, as defined, or at certain later times
provided for in the Plan, a participant's vested interest in the Plan is
distributed in the form of a fixed term annuity contract or one or more
cash payments as elected by the participant. Participants with an account
balance in an investment fund that invests in securities issued by the
Corporation or W.R. Grace & Co. (described later in this note 1) may elect
to have that balance paid in the form of securities in which the fund is
primarily invested, if the participant is paid by a lump sum. Participants
may directly transfer to another eligible retirement plan the amount of any
lump-sum distribution that is qualified to be held in such a plan.
LOANS
Effective February 1, 1999, the Sealed Air Corporation Thrift Plan for
Cryovac Employees merged into the Plan. Prior to February 1, 1999, the
Plan's loan provision was not activated. Upon the merger, loans in the
aggregate amount of approximately $5,100,000 were transferred into the Plan
and the loan provision was activated. The loan provision allows plan
participants to borrow up to 50% of their vested account balance. This
amount may be reduced if the participant has recently repaid an existing
plan loan. Loans under $500 or over $50,000 are not permitted.
6
(Continued)
SEALED AIR CORPORATION THRIFT AND
TAX-DEFERRED SAVINGS PLAN
Notes to Financial Statements
December 31, 2000 and 1999
The participant loans have a fixed rate of interest, 2% above the prime
interest rate at the origination of the loan. Participant loans granted
during 2000 carried an interest rate of between 10.5% and 11.5%.
FORFEITURES
A participant's non-vested matching contributions are forfeited following
termination of employment. The forfeited amounts are used to reduce future
employer contributions. Total forfeitures were $43,668 and $33,248 for the
years ended December 31, 2000 and 1999, respectively.
PARTICIPANT ACCOUNTS
Each participant's account is credited with the participant's
contributions, the Corporation's matching contributions and an allocation
of earnings and losses on investments held by the Plan.
The benefit to which a participant is entitled is the benefit that can be
provided from the participant's vested account.
TRUST FUNDS
Effective July 1, 1992, the former Sealed Air Corporation, now a subsidiary
of the Corporation named Sealed Air Corporation (US), and Bankers Trust
Company (Bankers Trust), as trustee (the Former Trustee), entered into a
Master Savings Plan Trust Agreement dated June 30, 1992 (the Bankers Trust
Master Trust Agreement). The Sealed Air Corporation Master Trust (Bankers
Trust Master Trust) was created for the purpose of investing pooled assets
for the Plan and the Profit-Sharing Plan of Sealed Air Corporation (the
Profit-Sharing Plan).
Effective April 1, 1998, the Corporation and Fidelity Management Trust
Company, as trustee (the Trustee), entered into a trust agreement created
for the purpose of investing the assets of the Cryovac Thrift Plan, a
defined contribution plan. Also on that date, the Corporation became the
sponsor of the Plan. During the merger of the Cryovac Thrift Plan into the
Plan, such trust agreement was amended to include the assets of the Plan
and the Profit-Sharing Plan in the form of a master trust (Fidelity Master
Trust). Also during the merger, all of the assets within the Bankers Trust
Master Trust, with the exception of approximately $36 million of assets
held in the Stable Value Government Fund, were transferred to the Fidelity
Master Trust. Due to contractual obligations, Bankers Trust remained the
fund manager with respect to the assets remaining in the Stable Value
Government Fund. New contributions cannot be invested in the Stable Value
Government Fund and account balances cannot be transferred into the fund.
Bankers Trust provides the Trustee with a daily asset accounting for the
funds they continue to manage. The Bankers Trust Master Trust and the
Fidelity Master Trust are collectively referred to as "the Master Trust."
As of December 31, 2000 and 1999, $38 million and $36 million,
respectively, were held by Bankers Trust in the Stable Value Government
Fund.
7
(Continued)
SEALED AIR CORPORATION THRIFT AND
TAX-DEFERRED SAVINGS PLAN
Notes to Financial Statements
December 31, 2000 and 1999
The following is a brief description of the investment choices that were
available to participants under the Plan and held in the Fidelity Master
Trust. The Fidelity Master Trust is further described in note 6.
FIDELITY GROWTH & INCOME FUND
The Fidelity Growth & Income Fund, which is managed by the Trustee, is
invested in shares of a pooled investment portfolio in which other
trusts participate, the assets of which are primarily invested in
common stocks paying current dividends and that show potential for
capital appreciation as well as potentially investing in bonds,
including lower-quality debt securities as well as stocks that are not
currently paying dividends, but offer prospects for future income or
capital appreciation. Such investments are made at the discretion of
the Trustee.
FIDELITY SPARTAN U.S. EQUITY INDEX FUND
The Fidelity Spartan U.S. Equity Index Fund, which is managed by the
Trustee, is invested in shares of a pooled investment portfolio in
which other trusts participate. Approximately 80% of this fund's assets
are in common stocks included in the S&P 500, which broadly represents
the performance of common stocks publicly traded in the United States.
Such investments are made at the discretion of the Trustee.
FIDELITY BLUE CHIP GROWTH FUND
The Fidelity Blue Chip Growth Fund, which is managed by the Trustee, is
invested in shares of a pooled investment portfolio in which other
trusts participate, the assets of which are primarily invested in
common stocks of well-known and established domestic and foreign
companies. At least 65% of total assets of this fund are invested in
blue chip companies (those with a market capitalization of at least
$200 million, if the company's stock is included in the S&P 500 or the
Dow Jones Industrial Average, or $1 billion if not included in either
index). Such investments are made at the discretion of the Trustee.
FIDELITY VALUE FUND
The Fidelity Value Fund, which is managed by the Trustee, is invested
in shares of a pooled investment portfolio in which other trusts
participate, the assets of which are primarily invested in common
stocks of companies that possess valuable fixed assets or that the
Trustee believes are undervalued in the marketplace in relation to
factors such as the issuing company's assets, earnings, or growth
potential. Such investments are made at the discretion of the Trustee.
8
(Continued)
SEALED AIR CORPORATION THRIFT AND
TAX-DEFERRED SAVINGS PLAN
Notes to Financial Statements
December 31, 2000 and 1999
FIDELITY DIVERSIFIED INTERNATIONAL FUND
The Fidelity Diversified International Fund, which is managed by the
Trustee, is invested in shares of a pooled investment portfolio in
which other trusts participate, the assets of which are primarily
invested in foreign securities, primarily common stocks. Such
investments are made at the discretion of the Trustee.
UAM FMA SMALL COMPANY FUND
The UAM FMA Small Company Fund, the investment advisor of which is
Fiduciary Management Associates, an affiliate of United Asset
Management Corporation, is invested in shares of a pooled investment
portfolio in which other trusts participate, the assets of which are
primarily invested in common stocks issued by U.S. companies with
market capitalizations of $50 million to $1 billion. Such investments
are made at the discretion of the fund's investment advisor.
PIMCO LONG-TERM U.S. GOVERNMENT FUND - ADMINISTRATIVE SHARES
The PIMCO Long-term U.S. Government Fund - Administrative Shares, which
is managed by the Pacific Investment Management Company, is invested in
shares of a pooled investment portfolio in which other trusts
participate, the assets of which are primarily invested in U.S.
Government securities, maintaining a minimum portfolio duration of
eight years. The fund seeks total return consistent with preservation
of capital and prudent investment management. Such investments are made
at the discretion of the fund manager.
JANUS BALANCED FUND
The Janus Balanced Fund, which is managed by the Janus Capital
Corporation, is invested in shares of a pooled investment portfolio in
which other trusts participate, the assets of which are primarily
invested in both equity and debt securities. The fund seeks long-term
growth of capital, consistent with capital preservation and balanced by
current income. Such investments are made at the discretion of the fund
manager.
FIXED INCOME FUND
The Fixed Income Fund, which is managed by the Trustee, is primarily
invested in investment contracts offered by major insurance companies
and other approved financial institutions and in certain types of
fixed-income securities. A small portion of the fund is invested in a
money market fund to provide daily liquidity. The fund seeks to
preserve principal investment while earning interest income. Such
investments are made at the discretion of the Trustee.
9
(Continued)
SEALED AIR CORPORATION THRIFT AND
TAX-DEFERRED SAVINGS PLAN
Notes to Financial Statements
December 31, 2000 and 1999
In addition to the above funds, the Plan has three investment funds that
primarily hold Sealed Air Corporation common stock, Sealed Air Corporation
preferred stock and W.R. Grace & Co. common stock, respectively. These
funds allow former participants in the Cryovac Thrift Plan to maintain
their prior investments in these securities in the Thrift Plan. New
contributions cannot be invested in these funds, except as noted in note 1
to the financial statements, and account balances cannot be transferred
into them except as noted under "General" above. Participants may, however,
transfer all or a part of their investment in these securities into any of
the nine investment funds listed above. See note 6 below.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The accompanying financial statements of the Plan have been prepared on an
accrual basis of accounting. Purchases and sales of securities are recorded
on a trade-date basis. The financial statements present the net assets
available for benefits and changes in those net assets. Plan investments
are stated at fair value as determined by quoted valuations and market
prices reported by the trustees. Dividends are recorded on the ex-dividend
date.
For the 1999 Plan year, the plan administrator has obtained certifications
from the Trustee and the Former Trustee that the information with respect
to the Plan's investment in the Master Trust and related net investment
income is complete and accurate. In addition, the information presented in
note 6 with respect to the Master Trust was obtained from the certified
trust statements received from the trustees.
Certain plan asset information as presented in the statements of net assets
available for benefits was derived on the basis of an allocation to the
Master Trust of the proportionate activity of the individual funds within
the Plan.
USE OF ESTIMATES
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported
amounts of net assets available for benefits, disclosures of contingent net
assets available for benefits, reported amounts of additions and deductions
for the reporting period. Actual results could differ from those estimates.
10
(Continued)
SEALED AIR CORPORATION THRIFT AND
TAX-DEFERRED SAVINGS PLAN
Notes to Financial Statements
December 31, 2000 and 1999
RISKS AND UNCERTAINTIES
The assets of the Plan are primarily financial instruments which are
monetary in nature. Investments in funds are subject to risk conditions of
the individual fund objectives, stock market fluctuations, interest rate
changes, economic conditions and world affairs.
The fair value of financial instruments represents the estimated amounts at
which the asset or liability could be exchanged in a current transaction
between willing parties, other than in a forced liquidation sale. These
estimates are subjective in nature and involve uncertainties and matters of
judgment; therefore, they cannot be determined with precision. Changes in
assumptions could significantly affect the estimates.
ACCOUNTING PRONOUNCEMENTS
In September 1999, the American Institute of Certified Public Accountants
issued Statement of Position 99-3, "Accounting for and Reporting of Certain
Defined Contribution Plan Investments and Other Disclosure Matters" (SOP
99-3). SOP 99-3 simplifies the disclosure for certain investments and is
effective for plan years ending after December 15, 1999. The Plan adopted
SOP 99-3 during the plan year ending December 31, 1999.
On January 1, 2001, the Plan adopted Statement of Financial Accounting
Standards (SFAS) No. 133, "Accounting for Derivative Instruments and
Hedging Activities," as amended in June 1999 by SFAS No. 137, "Accounting
for Derivative Instruments and Hedging Activities - Deferral of the
Effective Date of SFAS No. 133," and in June 2000 by SFAS No. 138,
"Accounting for Certain Derivative Instruments and Certain Hedging
Activities" (collectively, SFAS No. 133). The adoption of the above
statements did not have a significant impact on the financial statements of
the Plan.
(3) FEDERAL INCOME TAXES
The Plan obtained a determination letter on November 21, 1997, in which the
Internal Revenue Service stated that the Plan, subject to adoption of
certain proposed amendments by the plan sponsor, was in compliance with the
applicable requirements of the Code. Since receiving the determination
letter, the Plan has been modified to incorporate the proposed amendments
and to make certain other changes. The Corporation believes that the Plan
is in compliance with all significant provisions of the Code and other
related legislation and that there will be no impact to the Plan's
financial statements as a result of noncompliance.
11
(Continued)
SEALED AIR CORPORATION THRIFT AND
TAX-DEFERRED SAVINGS PLAN
Notes to Financial Statements
December 31, 2000 and 1999
(4) PLAN TERMINATION
The Plan has no termination date, and the Corporation and the other
participating subsidiaries have not expressed an intent to discontinue its
contributions or terminate the Plan. The Corporation's Board of Directors,
however, may terminate, amend, modify or suspend the Plan at any time it
may deem advisable, subject to the provisions of ERISA. In addition, any
company affiliated with the Corporation that is a participating subsidiary
in the Plan has the right to terminate the Plan at any time with respect to
its own employees with the approval of its own Board of Directors and the
Board of Directors of the Corporation. On termination of the Plan, all of
the amounts credited to participants' accounts become immediately vested. A
participating employer's participation in the Plan may be terminated by its
own Board of Directors or by the Board of Directors of the Corporation.
(5) PLAN EXPENSES
Expenses incurred in connection with the Plan's asset management are
deducted against the net investment income from the Master Trust in the
accompanying statements of changes in net assets available for benefits.
All other expenses incurred in the administration of the Plan and Master
Trust are paid by the Corporation or its subsidiaries.
(6) THE MASTER TRUST
The Master Trust's assets are invested as directed by the participants of
the Plan and the Profit-Sharing Plan. The Plan's investment in the Master
Trust at December 31, 2000 and 1999 was approximately 70.5% and 67.5%,
respectively. The Plan's share of net investment loss/income from the
Master Trust was a net loss of $18,255,763 and net income of $29,624,174
for the years ended December 31, 2000 and 1999, respectively.
12
(Continued)
SEALED AIR CORPORATION THRIFT AND
TAX-DEFERRED SAVINGS PLAN
Notes to Financial Statements
December 31, 2000 and 1999
The following table presents the fair values of investments for the Master
Trust at December 31, 2000 and 1999:
2000 1999
------------- -------------
Investments at fair value:
Pooled investment contracts $ 122,841,313 $131,099,315
Pooled government
obligations 7,379,581 6,191,574
Pooled common stocks 216,635,090 201,878,929
Sealed Air Corporation common
and preferred stock 99,159,630 159,628,716
W.R. Grace common stock 243,900 1,291,318
Employee loans outstanding 9,800,764 8,710,719
------------- -------------
,
$ 456,060,278 $508,800,571
============= =============
The balance of employee loans outstanding is comprised solely of employee
loans taken from the Plan.
Net (decrease) increase in fair value by Master Trust investments is as
follows for the years ended December 31, 2000 and 1999:
2000 1999
------------- -------------
Pooled investment contracts $ (8,258,002) $ 97,398,044
Pooled government obligations 1,188,007 (1,273,430)
Pooled common stocks 14,756,161 131,788,091
Sealed Air Corporation common
and preferred stock (60,469,086) 51,973,538
W.R. Grace common stock (1,047,418) 1,291,318
Participant loans 1,090,045 8,710,719
------------- ------------
Net (decrease) increase in
fair value $ (52,740,293) $289,888,280
============= ============
The increase in fair value by Master Trust investments for 1999 includes
approximately $233,000,000 of net assets merged into the Plan on
February 1, 1999 from the Cryovac Thrift Plan.
13
(Continued)
SEALED AIR CORPORATION THRIFT AND
TAX-DEFERRED SAVINGS PLAN
Notes to Financial Statements
December 31, 2000 and 1999
The net investment income (loss) from the Master Trust as certified by the
Trustee and the Former Trustee for the years ended December 31, 2000 and
1999, respectively, was comprised of the following:
2000 1999
------------ ------------
Interest and dividends $ 20,125,944 $16,751,630
Income on pooled funds -- 169,711
Net realized and unrealized (loss) gain (84,922,364) 22,510,866
------------ -----------
Master Trust net invest-
ment (loss) income $(64,796,420) $39,432,207
============ ===========
14
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Plan's administrator has duly caused this annual report to be
signed on its behalf by the undersigned hereunto duly authorized.
Date: June 28, 2001 SEALED AIR CORPORATION
THRIFT AND TAX-DEFERRED
SAVINGS PLAN
By: Sealed Air Corporation,
Plan Administrator
By: /s/ Jeffrey S. Warren
----------------------------
Jeffrey S. Warren
Controller
(Authorized Executive Officer
and Chief Accounting Officer)
EXHIBIT INDEX
EXHIBIT NO. EXHIBIT DESCRIPTION
----------- -------------------
23 Consent of KPMG LLP