Good morning, everyone, and welcome to the Sealed Air conference call discussing the company's fourth quarter and full-year 2011 results. This call is being recorded. Here in the call today, we have William V. Hickey, President and Chief Executive Officer; and Tod S. Christie, Treasurer and Interim Chief Financial Officer. [Operator Instructions] And now, at this time, I'd like to turn the call over to Amanda Butler, Director of Investor Relations. Please go ahead, Ms. Butler.

Thank you, and good morning, everyone. Before we begin our call today, I'd like to remind you that the statements made during this call states management's outlook or predictions for the future, are forward-looking statements. These statements are made solely on information that is now available to us. And we encourage you to review the information in the section entitled Forward-Looking Statements in our earnings release, which applies to this call as well. Additionally, our future performance may be different due to a number of factors, and many of these factors are listed in our most recent annual report on Form 10-K, which you can find on our website at sealedair.com. We also discuss financial measures which do not conform to U.S. GAAP. You may find important information on our use of these measures and the reconciliation to U.S. GAAP in the financial table that we have included in our earnings release. And now, I'll turn the call over to Bill Hickey, our CEO. Bill?

Thank you, Amanda, and good morning, everyone. During today's call, I will discuss our 2011 earnings and our sales performance results. Tod will then provide more detail on our financial results, liquidity measures, key balance sheet items, and then we will highlight our 2011-2014 Integration and Optimization Program, which we noted in our earnings release earlier today. I will then discuss our outlook for 2012, and we will follow with questions from both the phone lines and from our webcast participants, who are invited to text in their questions. As our release included a fair amount of data and color, including the use of a standard or conventional adjusted EPS metric along with a cash EPS metric, we will try to keep our prepared remarks brief and move to our Q&A session promptly. This morning, we recorded our legacy Sealed Air full year 2011 adjusted earnings per share of $1.70 per share, which represents a 6% increase over the $1.60 of adjusted EPS we achieved in 2010, and within our guidance range of $1.70 to $1.75 earnings per share. For the purposes of looking at the legacy Sealed Air results, we have excluded all of the impacts of the Diversey acquisition, which closed on October 3 of last year. Our legacy Sealed Air earnings per share results reflect solid performance in a challenging economic environment while we completed the Diversey acquisition and began the integration process in the fourth quarter. We attribute our legacy Sealed Air annual earnings growth to a number of factors, which include the steady focus we have maintained on our strategic growth programs, which held our volume performance above peer levels at a full-year volume growth rate of 2%, even as the global economic recovery slowed most notably in the second half of the year. Our…

Thanks, Bill, and good morning, everyone. I'll provide some additional details on our fourth quarter results, and I'll also address key details of the balance sheet free cash flow and liquidity items as well as our integration and optimization plan. As you've seen in our press release, our adjusted EBITDA was $245 million in the quarter, which was a $51 million increase over last year but less than we anticipated. Legacy Sealed Air's adjusted EBITDA was $198 million or 15.8% of net sales in the fourth quarter compared with $194 million or 16% last year. As we've indicated previously, raw material costs peaked in the second quarter. Our prior pricing actions and moderating raw material costs in the latter half of the year combined to yield a favorable price cost spread of approximately $18 million in the fourth quarter. And in fact, we were able to recover about 80% of the increased raw material and freight costs that we absorbed for the full year. Raw material costs for our Diversey segment are subject to different market factors and peaked in the third quarter, remaining there through the remainder of the year, resulting in negative price cost spread and lower adjusted EBITDA for the fourth quarter than we originally anticipated. We expect that the effect of our pricing -- prior pricing actions throughout our business will carry over into 2012 and provide us with additional benefits in the first quarter. Now I'll turn your attention to free cash flow and liquidity items. Our free cash flow was $354 million in 2011, above our target of $225 million to $275 million for the full year. Changes in accounts receivable, inventory and accounts payable resulted in a net use of cash of $42 million for the year, as increases from business growth were…

Thanks, Tod. Let's look ahead to 2012. The coming year, our management team and employees are focused on 3 key objectives for the year: one, achieving successful integration of Diversey to maximize our synergies and long-term value creation for all of our stakeholders; two, manage our own [ph] business to maximize cash flow and reduce our debt; and three, continue to grow our business by serving customers globally with innovative solutions and expanding our reach in developing regions. As you saw in our press release earlier today, we have provided EPS guidance to you in both a conventional adjusted EPS metric, which only excludes restructuring and onetime special items. In addition, we have provided an adjusted cash EPS metric, which we introduced in December. This metric additionally excludes the amortization of all intangibles, non-cash interest expense and non-cash taxes. We believe these 2 metrics present our financial results quite clearly and convey the strength of our operational performance and the strong cash-generating profile of our business, necessary metrics to measure our achievements to our key objectives. We believe the successful execution of our objectives in 2012 will generate a conventional adjusted earnings per share of $1.50 to $1.60 per share, or to put those numbers on an adjusted cash EPS basis, of $2.10 to $2.20 per share. Based on the level of detail we have provided in our earnings release, I will not repeat each guidance point on this call, but we would like to highlight that we're anticipating approximately 4% to 5% constant dollar sales growth in 2012 from a pro forma 2011 sales baseline of $8.1 billion. We also are expecting approximately 2 percentage points of unfavorable foreign currency translation, which results in approximately something less than a $200 million reduction in our top line. As a result,…

[Operator Instructions] Your first question comes from the line of George Staphos from Bank of America.

My 2 questions, Bill, Tod, is it possible at this juncture to broadly bracket the amount of cash outlay you expect around restructuring related to Diversey? And then the second question I had, guys, is as you look at how the year concluded and some of the risks, especially obviously, in Europe, how comfortable are you with the low end of your guidance and your ability, as you mentioned earlier, to bring in contingency plans to adjust if conditions warrant?

George, this is Tod. I'll take the first question. So we recorded a $53 million charge for restructuring in the fourth quarter. We paid, in the quarter, $29 million of that so you can assume that the balance gets paid this year. And then we're also targeting additional payments this year as we record additional restructuring charges. So I would, just as kind of a broad estimate, I would say somewhere about $100 million this year in cash payments.

And George, go back to part 2 of your question or your second question. I'm still hopeful on Europe. I mean, we've been waiting for the Greek deal to happen any day, and any day is always tomorrow. But I've been to Europe twice now in the last 8 weeks. And there's a commitment on the part of the Europeans to pull this together. It's in everybody's interest to keep the euro whole, whether Greece stays in it or not. So I do think they will muddle their way through. And our contingency plans are basically to manage our cost and headcount very, very carefully.

So you remain comfortable then on the $1.40, even with Europe doing what it's doing?

I think we said $1.50.

Excuse me, $1.50. Pardon me.

Yes. I mean, there's always that macro risk. As I said in my comments, we're pretty comfortable with the risk we can control and the ones we can't, we'll watch carefully. And George, thanks for your comments on the mess. I mean, we're trying to feed all of you as much information as we can. So hopefully, we'll be able use it.

Your next question is Ghansham Panjabi from Robert W. Baird. Ghansham Panjabi - Robert W. Baird & Co. Incorporated, Research Division: Just to clarify, Bill, the $4.50 to $4.75 free cash flow. That excludes any cash restructuring charges?

That's right, Ghansham, that's our usual free cash flow calculation. So if you take out the $100 million I just mentioned in my response to George, that's really what we're looking at as the starting point for paying dividends and paying down debt. Ghansham Panjabi - Robert W. Baird & Co. Incorporated, Research Division: Got you. And just to sort of clarify and establish a baseline for '12 also. What was the pro forma EBITDA for both legacy Sealed and Diversey in '11?

Got that. Yes. So you're looking for the pieces? Ghansham Panjabi - Robert W. Baird & Co. Incorporated, Research Division: Yes.

While Tod is getting the pieces too, here, together. Just let me go back to Tod's earlier comment. If you take that cash flow number, and I think we were looking at, Tod said about $100 million to pay cash restructuring costs and about another $100 million in dividends. So that's how you get to the debt repayment number.

Yes. I mean, the total on a pro forma basis for 2011 is sort of in the $1.60 billion, $1.70 billion range. The legacy Sealed Air is probably 70% of that. Ghansham Panjabi - Robert W. Baird & Co. Incorporated, Research Division: Okay. And using all the -- I mean, it was great you guys gave us a lot parameters for '12. We get to about $1.16 billion at the midpoint. Does that seem reasonable for '12?

I think that's probably a little on the low side.

Yes. Probably a little on the low side.

Your next question comes from line of Philip Ng from Jefferies & Company. Philip Ng - Jefferies & Company, Inc., Research Division: The synergy number that you guys provided, it's more than double what you initially planned. Just want get some thoughts, what are some of the puts and takes, I guess, more on the positive side? And does that number include some of these opportunities you guys have talked about in the past, in terms of SKU rationalization, supply chain optimization?

Yes, Phil, this is Tod. The initial targets that we put out there were based on what we knew in the early days. And now that we've had integration teams working on the opportunities and working together for several months, they've been able to uncover a number of additional opportunities. The initial guidance was based really just on SG&A and back-office type of costs. And as we've developed the model, we are now identifying cost in cost of goods, so things like supply chain optimization, which is new. So it's more in SG&A plus the addition of the manufacturing network. Philip Ng - Jefferies & Company, Inc., Research Division: But some of the stuff you guys have highlighted in the past about Diversey, how they wanted to reduce their SKU and supply chain optimization. Is that separate or is that now included with that $100-plus million number?

No, Philip, I think we said it in the press release, I think we said that the integration optimization program does not include the individual programs that Diversey had prior to the transaction. So that was their EPC and their SKU rationalization. Those are still standalone, as they were, that we told you about back in the summer. Philip Ng - Jefferies & Company, Inc., Research Division: And that's what I thought. I just wanted to verify that. And then the European Principal program, how should we think about the optioning going forward? I mean, I think it's mostly coming from the tax line, but just wanted some thoughts now for 2013.

Right. It's mostly the tax line. It's mostly the tax line, and it's about $30 million. Wait, Tod has a...

Yes. We had talked about $30 million, probably back in the spring, and the project is still on target to go live in the second quarter of this year. So this year, we will be continuing to incur some costs to go live, which will begin to be offset by the benefits. That'll be a net cost this year, and that's contemplated in our guidance. For 2013, we're still expecting benefits but we expect them to be somewhat lower than we originally anticipated, in part because that $30 million number reflected an old euro to dollar exchange rate. And in part because European profitability is somewhat less than what it was back when we were talking about it in June. Philip Ng - Jefferies & Company, Inc., Research Division: So with kind of tax rate should we be thinking about for 2013, I mean, at this juncture?

Overall company core tax rate should be 30% and trending lower over time as we're able to implement additional tax planning strategies.

Your next question comes from the line of Chip Dillon from Vertical Research Partners.

You were giving some, Bill, some net debt numbers that, of course, include the W.R. Grace liability. But I believe, and just correct me, they do not though include the tax benefit that would come back to you once you make that payment.

Right. The net number we use, the $5.155 billion, is short-term debt, long-term debt, W.R. Grace settlement less cash. That's the $5.155 billion.

Got you. So we should really think of the tax benefit coming back the other way is about $300 million, $400 million, right?

Yes. That'll be a boost to cash flow when it happens.

Okay. And then the quick follow-up would be, you gave the adjusted cash EPS of $2.10 to $2.20. But just so I'm sure, if you also added in the impact of the interest you're incurring on the W.R. Grace monies that you don't pay out, then you would add $0.13 to that. In other words, that $2.10 to $2.20 does not include the $0.13 eventual benefit you get when W.R. Grace settled.

No. We'll get the benefit in our conventional adjusted EPS. But the way the calculation works, because we add back non-cash interest in the adjusted cash EPS, so there's no bump to that number when we fund Grace.

Got you. It's already in there.

Your next question comes from the line of Rosemarie Morbelli from Gabelli & Company. Rosemarie J. Morbelli - Gabelli & Company, Inc.: Bill, could you give us a feel, or Tod, on the order pattern on the Protective Packaging side during the quarter, and then since the end of the quarter? And linked to that, could you also give us a feel for how much you were helped by the strong e-commerce during the holidays?

I think I'll start with it and say that the trend for orders has been pretty consistent. I'll say Europe was a little softer at the end of the fourth quarter. But overall, Protective on a global basis was reasonably consistent and continuing into the first quarter, again, with continued -- a little bit, softness in Europe. The e-commerce was a real big boost in the fourth quarter. I would just, without mentioning the name of a large e-commerce company, but we were shipping 5 truckloads to them at one point just before the holidays. Rosemarie J. Morbelli - Gabelli & Company, Inc.: And you have seen that, obviously, substantially declined at this particular stage, right?

Well, I call it seasonal. Rosemary, I guess I refer to -- if you look at our trends, just the seasonality of our business, the fourth quarter is 26% of the business and the first quarter is like 22%, 23%. So it's not really a decline, it's a seasonal adjustment. Rosemarie J. Morbelli - Gabelli & Company, Inc.: Okay, so that was my first question. And could you give us a feel for what is in the capital expenditure level that you have given us for 2012?

Yes, Rosemary, the total is about 180 to 190. That includes about 20 related to the restructuring and integration programs. And the balance is kind of normal maintenance plus growth projects. So just kind of typical things that we see in our business all the time. The Diversey piece of that is relatively small because their business tends to have lower capital requirements than the legacy Sealed Air business.

Your next question comes from the line of Mark Wilde from Deutsche Bank.

Bill, I think you gave us some color when you talked about these increased synergy targets and you talked about stuff in the Diversey side that you excluded from this. Do you do the same thing with the legacy Sealed Air? I mean, you have to have some ongoing sort of efficiency cost takeout programs on both sides of the business as just sort of an ongoing way to kind of tread water in a competitive market. Have you excluded that same kind of stuff on the Sealed Air side?

Yes. What we basically have communicated to investors prior to the end of the fourth quarter in terms of programs that either Sealed Air was doing or Diversey was doing, those remained separate. In fact, within Sealed Air we've actually set up an IMO, an integration management office, which is going to be tracking -- in fact, it's already started, tracking the new integration and optimization program as a separate component from the existing cost-reduction and savings programs of the legacy companies.

Okay, that's very helpful. And just as a follow-on, you talked about having a lot of joint sales teams out on the road. Have you had any significant wins at this point? If you couldn't identify the wins, could you give us like the size of any wins that you might have had?

Yes. I think you heard me, but I probably said end of the fourth quarter. We've already closed, I think it was 4 or 5 accounts. It's less than $10 million so far. Well, actually, I feel pretty good about one we got yesterday. We got a water account through the GE partnership which we took in Latin America, which was really our first win on the water treatment side.

Your next question comes from the line of Alex Ovshey with Goldman Sachs.

A couple of questions for you. First of all, when you reported the third quarter, you talked about an adjusted EBITDA number for the fourth quarter of $335 million to $345 million. And then today's number was lower than that. Is that an apples-to-apples comparison, what you reported today, relative to what you provided as your outlook for the fourth quarter when you had the third quarter call?

Tod's got the reconciliation, I'll let him handle that.

Yes. So Alex, it's not an apples-to-apples comparison. And we broached that subject first when we filed our 8-K/A in December. So there were a couple of changes that we made on the Diversey side relative to dosing and dispensing equipment where we aligned their policy for accounting for that with ours, as well as the cash-settled SARS, or stock appreciation rights. So with that adjustment, that brought down the Diversey portion of the target. Staying on the Diversey side, there was some impact during the quarter from lower sales volumes. And we mentioned, in some of our prepared remarks, that the raw material inflation was higher than originally anticipated during the quarter. So those were the factors on the Sealed Air side. On the Diversey side -- I'm sorry, I got them flip-flopped -- on the Sealed Air side of the business, it was a combination of lower volumes and mix that led to slightly lower EBITDA for the quarter. And then the third element was the foreign exchange losses related to the Diversey transaction that were about $19 million in the quarter. So a combination of change in accounting definition, some lower volumes and higher costs and the onetime non-cash FX losses.

Okay, that's helpful, Tod. And the other question I had, on the restructuring cost, you've talked about $100 million in '12. Do you have a sense of what you expect those to run beyond 2012?

Yes. The $100 million was our rough estimate of the cash out this year. And the total cost that we've identified is about $165 million to $185 million. So that's the P&L cost, of which $53 million we recorded in the fourth quarter. The bulk of the rest of it, we expect to record this year, and then there'll be some trailing cost beyond that.

Your next question comes from line of Chris Manuel from Wells Fargo.

A couple of questions for you. First, and Bill, I appreciate the color along the way. I'm just a little confused with one part. As I'm comparing your 10/21 to 11/31, so October, November where you were with kind of you finished the year. It would appear as though Food Solutions, Protective Packaging, Diversey, each must have fell off pretty sharply in December. In other words, Protective Packaging, you're up 6% through those first 2 to 3 months and then finished at 4%. Diversey, you were flat to up 1%, you were thinking. You finished down. I guess what I'm trying to understand is, was December appreciably different in some of those businesses? And then what is your assumption -- I'll let that be my second part, to get to an assumption as to how we move forward. So the business trajectory, December versus what you saw earlier in the quarter.

Right. I'm looking, if I look at the ones you mentioned, Food Solutions was plus 7%, then plus 4%, so it was down 3%. And if you look at it, really, North America, Europe were really plus 5% of those numbers. And they came in at plus 2%. So most of the shortfall in Food Solutions was North America and Europe, primarily in Europe, where I think we really saw the southern part of Europe drop off pretty well in terms of Food. Interestingly enough, I was talking to the head of one of the supermarket chains who has been in business for 28 years. He said it's the first time year-over-year there's been a decline in food sales, which is a really remarkable statistic in Europe, and most of that happened at the end of the year. The other is there wasn't a real holiday season. There wasn't a lot of enthusiasm in Europe coming December. And remember, we were still -- Europe was really -- particularly in the South, the Italians, the Spanish, the Greeks, and we even saw France. France is very likely in a recession or just tipped over into it. So Europe is pretty much the culprit for both Food Solutions and Protective in the month of December, at the end of the quarter.

Okay. And I guess where I'm kind of thinking about this is I realize we get changes between -- as we're looking at a constant dollar and as we're looking at the price/mix component. But from Tod's earlier comments that you had recovered about 80% of the inflation components, I'm assuming that you'll get the other 20% next year. So if we take price/mix out of the equation, what does this imply? What have you embedded into your assumptions for these different businesses, for just a volume basis for 2012? So in other words, Food Packaging Solutions, Protective, Diversey. What are you anticipating your core volume levels to be for '12?

Okay. What we are assuming, in terms of the core volume levels for '12, I think what we said in my comments that I said earlier, reasonably in line with 2011 full-year actuals -- which overall is in the 2 percentage range in terms of volume, yes.

Your next question comes from the line of Al Kabili from Credit Suisse.

I guess the first question would be on Diversey, if you could quantify the price cost headwind in the fourth quarter. And it also sounds like it's a bit of a steeper headwind than you'd originally anticipated, and if you could give us detail around that, what you're seeing there, and if you're caught up.

Okay. I just do have just a -- just looking at Diversey's kind of fourth quarter is what you're looking at, Al? Are you looking at the full year?

I'm looking at the fourth quarter. It seems like there may have been a pretty decent size price cost headwind in the fourth quarter of '11. And I just wanted to see if you could quantify maybe what that was for us, one. And two, I think versus your earlier expectations, it sounds like this headwind, this price cost, is certainly worse than your initial expectations. And why is that? Is it tougher in terms of getting the pricing through? Is it the raw materials that are higher than you thought? And at this stage, are you caught up to it right now as you're in the first quarter?

Yes, okay. Let me just say that the raw material cost in the fourth quarter in Diversey was up around $21 million. And if you look at the net of what they've been able to recover with the composite cost and mix, it ends up being about $13 million behind, exiting the fourth quarter. We really thought we'd be closer to catching up at the exit rate. It's a term the Diversey people use in terms of how they manage their price/mix. Their exit rate for the fourth quarter was planned to be 0. It actually came in at a minus 13. And I think that we will recover the 13. There are early signs of its coming back again in 2012. But if I look at Diversey's sort of overall top line performance for the fourth quarter, their sales were down about 1%. That represented kind of a volume impact of about minus 3 and a price impact of plus 2 -- plus 2.4, as it actually turned out to be. So there's recovery in price, but not enough to recover all of the cost. And a lot of their pricing is on a contract basis, and so they really have to go through the contract price adjustments.

Okay. And I missed -- now so there's still a headwind the first quarter we should expect? I mean, when do you catch up to this?

Well, let's just say we are entering the first quarter $13 million behind. That's probably the best I can say right now.

Okay. And then secondly, on the cost savings, the $50 million this year. Can you help us with the ramp there? What's the run rate that you've realize thus far? How does this ramp throughout the year? Is it linear? Is it back end-loaded?

Tod may have a good answer on that. But subject to Tod jumping in here, I think what our integration group has come up with, there's about $20 million already saved, so to speak. That'll run for at least 11 months. It's already achieved, based on what we did in the fourth quarter of last year. I'll let Tod comment further on that.

Yes. We have, as Bill said, about $20 million already done and locked down. The balance will, I would say -- there'll be more benefits in the latter part of the year as we are ramping up from 50 this year to 100 next year. So I think you'll see sequential improvement over the course of the year.

Okay. And there's not going to be any offsetting cost? So the $20 million run rate, we should see all of that in the first quarter? There's not any extra cost in realizing any of that, that's hitting, are there?

Yes. I mean, there's some of the cost that we already recorded in the fourth quarter. And I expect we'll take additional charges this year. But no, it's not anything more than what's already been disclosed in the press release.

Your next question comes from the line of Joe Gazerano [ph] from Miznix [ph].

A couple of, I think, quick questions, the first being you provided -- for 2012, you provided percentages for cost of goods sold in SG&A. I just want to confirm that the restructuring charges that you've discussed are not included in those percentages.

Yes, that's right. So if you look at the -- let me just go to that page. Yes, that's right. That's just our normal expected run rate on those charges.

Okay. And then you spoke about a net debt target for 2013 of $4.5 billion. Does that include the Grace settlement, because you had mentioned that there should be some cash benefit. So if we look at the $4.5 billion, should we then assume that it's "if" and when the Grace settles, then it could potentially be lower?

It actually doesn't have a really significant impact on the net debt target because we expect to use mostly cash to fund the settlement. And if you look at our balance sheet at the end of the year, we had $723 million of cash. And I believe the Grace liability, with the accrued interest, was something like $830 million. So there will be some incremental borrowing that we would need to do on a short-term basis to assist with the funding. And so to the extent that we increase borrowing to do that, then we would likewise decrease it with the proceeds from the cash tax benefits. So the $4.5 billion is a target that we have without the Grace settlement, and there might be some incremental benefit to that but it wouldn't be huge.

Okay. And then the last question is, you've just mentioned that Diversey is mostly a contractual business and that the pricing was up 2% in the fourth quarter. But as those contracts reprice, shall we expect declining prices throughout 2012?

No. We're looking at increasing prices in 2012.

Operator, let me take some of the text questions that have come before we go back around and take the second round from people on the phone. First question that came in on the webcast was, "Would you please give us the split between Europe, Mideast, Africa, between Diversey and legacy businesses?" If I look at what we classify as EMA, about 55% of that business represents the legacy Diversey business -- 58% the legacy Diversey business; about 13% of it represents the core Sealed Air Protective Packaging business; and about 13% of it represents the core Food Packaging business; and 12% represents the core Food Solutions business; and there's about 4% Other, which is primarily our medical business. So I hope that was what you were looking for in terms of how the EMA mix splits up among the company. The second question on the webcast, "Tax refund expected in 2013 if W.R. Grace is settled this year. Still plan to use the proceeds to repay bonds that come due in 2013?" If Grace is settled this year and Sealed Air makes the payment to the trust funds as required in the settlement agreement in 2012, we should expect to get the tax refund in 2013, in which case, we would use that to repay debt. I think that answers that question. The third question is, "Please detail charges, operating income and EBITDA for Diversey in Q4 and for 2012." I'll let Tod handle that part of it. I know he's got part of it right here in front of him. Tod?

Yes. I'm just pulling out -- so Diversey EBITDA in the fourth quarter, on an adjusted basis, was in the sort of $65 million to $70 million range. And then the operating income would be slightly below that, taking out the P&A [ph] . 2012, we haven't separately provided guidance for Diversey on either of those metrics.

Okay. Can we go back, operator, and take a second round on the phone here?

Your next question comes from a follow-up of George Staphos from Bank of America.

Bill, Tod, looking back over time, when Sealed Air has had the need to further increase its free cash flow, it has shown a pretty good ability to pull down capital spending fairly quickly. And we also have the context, I think you said earlier at one point, during 2011, that one of your goals was to, I think you said, "Passionately pay down debt." And so I guess considering both of those points, if you agree with the premise of the prior one, what flexibility do you think you have to -- while achieving all your growth goals and objectives for Diversey and the business, perhaps pull down that capital spending from what you've already guided to. What's the flexibility you think you have there?

George, you know we're pretty capable of managing capital down. So that remains part of our contingency if we need to.

Okay. Would there be anything -- you mentioned there would be a contingency. If you could talk to it, what would perhaps not be spent behind from a capital standpoint? Well, I think [ph] you'd like to. If you needed to bring down the capital spending in 2012, what would be the first thing that perhaps might go?

I don't know, that's a tough call, George. There's no major investments in 2012. I say there is one. I think we mentioned to you last year, we acquired a new factory in Brazil, and building that out this year is part of that number. I mean, I think long-term interest of the business to build out that factory in Brazil is kind of the right thing to do. As a contingency, I'd probably continue forward with that project but cut back on some of the smaller ones.

Okay. The other question I had and I'll turn it over. We can pretty much back into your EBITDA guidance this year based on the guidance you gave overall for the business, and you provided earlier a debt pay-down target for us. Should we assume that these are the targets that you will see incentive compensation for the organization based around? Or could the targets vary from what we've seen provided in the release and results today?

Well, yes. I mean, George, one, I can't speak for the board, who has that on their agenda to address. But I can pretty confidently say it won't be any less than those.

You also have a follow-up question from Rosemarie Morbelli from Gabelli & Company. Rosemarie J. Morbelli - Gabelli & Company, Inc.: Bill, could you touch on the mix shift in Food Packaging? If you exclude the business that you had lost last year, and which I guess we have now anniversary-ed, is that a permanent shift outside of that particular item or do you think that, as the economy picks up, customers will go back to higher-margin, higher-price products?

Yes. I think, Rosemary, one of the shifts is the equipment side of our business was up quite a bit in 2011, which is always a good sign, especially in a challenging economy if customers are willing to invest in equipment. So our equipment sales are up. Our equipment sales are at very modest margins because we want to get the razor in the customers' hands so they can use the razor blades. So the equipment sales being up is an unfavorable mix for profitability, but does bode well for future sales. On the other side, some of the shrink bag sales are down, they're down a little bit. And that's due to some changes in customer use as well as an absolute decline in the number of animals processed. I think I commented earlier that meat production in the United States is down 1.1% for the full year 2011. So that's a factor. So you've got equipment going up at a lower margin and shrink bag sales going down at a higher margin. Rosemarie J. Morbelli - Gabelli & Company, Inc.: Okay, that is helpful. And if I may, could you give us a better feel for what those 2 small acquisitions are that you mentioned?

Yes. One was an automated packaging machine for meat. And the other one was a small medical one where we actually put a small medical plant in Costa Rica, to take advantage of a lot of our medical customers who have moved operations down there. And it's much more efficient and cost effective to serve them locally than to ship product down from the U.S. Rosemarie J. Morbelli - Gabelli & Company, Inc.: Do you see that medical business really growing going forward?

It's growing slowly, but it's growing. Rosemarie J. Morbelli - Gabelli & Company, Inc.: You're planning on keeping it?

We haven't made that decision yet. Haven't made any of those decisions yet, Rosemary. Rosemarie J. Morbelli - Gabelli & Company, Inc.: Okay. That would imply to the entire Other category unless something is about to kind of fly out the door?

Okay. All I can say is stay tuned. Well, we've got 3 questions up there, operator. Let's take those 3 and be done. So would you take the next one?

Your next question comes from line of Chris Manuel from Wells Fargo.

I guess I wanted to understand as well. I'm looking at your integration optimization update. So it looks like you had an extra $60 million to $75 million that you are anticipating in that '12, '13, '14 timeframe -- or mostly '13, '14 timeframe. When I look at the cost associated with that, the $165 million to $185 million for charges, and then incremental $40 million to $54 million for CapEx, I'm assuming that, on the restructuring side, those will all be cash charges?

Yes. They'll be substantially cash charges. Most of it is employee severance, and depending on the part of the world you're in, employee severance in Europe tends to be quite high and the U.S. tends to be more modest. So it ends up being an average of about 1.5-year payback.

Well, I guess where I'm going with this is, if I add these, and I think about the savings and I think about the total cost including the CapEx -- and I kind of get to that, if you have $60 million to $75 million of savings and the total op being in the low 2s that this is kind of 3- to 4-year payback for the whole project. Am I thinking about that the right way?

I'm not sure you're picking up all the savings, because we’re looking at total savings annualized by the end of the program of $110 million to $115 million.

I apologize, Tod. I was considering this is incremental, right? So the incremental part, the CapEx and the new charges associated, just attaching that to the incremental part. Is that maybe an incorrect assumption?

Well, there were charges associated with the first $50 million that we identified as well. So now it's all bundled together. So total program, $110 million to $115 million in benefits; $165 million to $185 million of P&L charges; and another $40 million to $50 million of CapEx.

Okay. I apologize, I was assuming that all of the new integration and optimization program was -- I was just assuming an increment fund [ph]. Okay, that's helpful.

And another follow-up question from the line of Al Kabili from Credit Suisse.

Just on the sales force of legacy Sealed Air and Diversey. I just wanted to get your thoughts on integration, if you keep them separate, how you're thinking about that?

Yes. But you remind me of something about which I did want to say, is that although we're going through this integration optimization process, we're not reducing the number of salespeople. We're actually putting additional salespeople in the field. And we will actually have -- I think you saw our earlier announcement, we'll have basically 3 sales forces. I mean, because we'll have 3 businesses, the core Protective Packaging business, which we organize now was as a business within Sealed Air. They will continue to call on the industrial packaging customers. You will have the legacy Diversey, excluding the food and beverage piece of it. They will call on the hotel, hospitality, lodging chains. They will still do that as they had before. The integration really comes in the food side, on the food and beverage component, where we're combining the Sealed Air food sales and technical service people with the Diversey food and beverage sales and service. That integration has occurred. They've had joint training. They've been cross-trained on each other's products. There's a couple of meetings coming up the next couple of weeks and they will call on customers collectively.

Okay. And how has been the initial customer feedback on this?

Well, I said, as Amanda said earlier, with only a couple of months behind us, we've got probably sales under $10 million, 4 or 5 accounts and a fair number in the pipeline.

Your last question comes from George Staphos from Bank of America.

On the one hand, if we look at the December trajectory, would it be fair to assume that thus far, first quarter volumes are negative or, at best, flat? And is that embedded in your guidance? And then the second question, Bill, bigger picture. Over the last month or so, there had been a couple of people added your board who bring a great amount of experience and very good background. How do you see them being helpful to Sealed Air and its development over the next couple of years?

Yes. Okay, let me say that our January numbers are slightly up. I would say slightly up, it's been a slower start to the year, which you would expect after December. But again, the first quarter tends to be our slowest quarter. And as far as our new directors, I mean, they're real quality people, good experience. One from a general industrial background and the other with specific knowledge of the packaging industry, have got good experience, good credentials and I think will be an asset to the Sealed Air board. So I look forward to working with them. Okay. With that operator, that's all the time we have, and I'd like to thank everyone for your participation in the call. I'd like to extend my thanks to the customers, employees, shareholders, and partners for helping us through a challenging but very exciting year, which ultimately transformed our organization with the addition of Diversey. I'm really proud of the hard work and achievements of our team in a very, very short period of time, our ability to stay focused on our customers’ needs and the exciting opportunities ahead. I believe our combined efforts will result in ongoing and continuous improvements, stronger cash flows, further reduction in debt, all of which will enhance our earnings and shareholder value. Thank you.

This concludes today's conference. Thank you for your participation. You may now disconnect. Have a great day.