There are four possible states - visible, hidden, absent and none.
The value 'none' deactivate this feature and is the default for box, panel and section.
The (not-'none') states are explained using the following boxes.
The 'visible' state show the content of the box like you expected.
The 'hidden' state hide the content via CSS. You can see is still in the source code.
This also means that hidden content would be validated when submitted, e. g. a required input field.
The 'absent' state don't even render the content of the box.