XML 35 R21.htm IDEA: XBRL DOCUMENT
v3.22.4

Restructuring Activities | 12 Months Ended
--- | ---
Dec. 31, 2022
Restructuring and Related Activities [Abstract] |
Restructuring Activities | Restructuring Activities For the year ended December 31, 2022, the Company incurred $12.1 million of restructuring charges and $9.3 million of other related costs associated with restructuring activities. These charges were incurred in connection with the Company’s Reinvent SEE business transformation. In December 2018, the Board of Directors approved our Reinvent SEE business transformation, which included the related restructuring program (“Program”). Spend associated with our previously existing restructuring programs at the time of Reinvent SEE’s approval was substantially completed as of December 31, 2020 and is not included in the restructuring program totals below. The Board of Directors originally approved the Program with a cumulative restructuring spend up to $220 million and a three-year term. The Board of Directors later extended the Program to the end of calendar year 2022, and it is now concluded. Restructuring spend has been incurred as follows:
(In millions) |  |  |  | Total Restructuring Program |  | Total Program Spend |  |
Costs of reduction in headcount as a result of reorganization |  |  |  | $ | 85 |  |  | $ | 87 |  |  |  |  |
Other expenses associated with the Program |  |  |  | 115 |  |  | 112 |  |  |  |  |
Total expense |  |  |  | 200 |  |  | 199 |  |  |  |  |
Capital expenditures |  |  |  | 20 |  |  | 20 |  |  |  |  |
Total estimated cash cost(1) |  |  |  | $ | 220 |  |  | $ | 219 |  |  |  |  |
(1) Total estimated cash cost excludes the impact of proceeds from the sale of property and equipment and foreign currency impact. The Company incurred nominal, none, and $1.7 million of expenses related to a restructuring program associated with our 2019 acquisition of Automated Packaging Systems during the years ended December 31, 2022, 2021 and 2020, respectively. See Note 5, "Acquisition and Divestiture Activity," of the Notes for additional information related to our acquisitions. The following table details our aggregate restructuring activities incurred under the Company's Program or prior restructuring programs at the time the expense was recorded as reflected in the Consolidated Statements of Operations:
|  | Year Ended December 31,
(In millions) |  | 2022 |  | 2021 |  | 2020
Other associated costs |  | $ | 9.3 |  |  | $ | 16.5 |  |  | $ | 19.6 |
Restructuring charges |  | 12.1 |  |  | 14.5 |  |  | 11.0 |
Total charges |  | $ | 21.4 |  |  | $ | 31.0 |  |  | $ | 30.6 |
Capital expenditures |  | $ | 9.7 |  |  | $ | 8.2 |  |  | $ | 0.4 |
The aggregate restructuring accrual, spending and other activity for the years ended December 31, 2022, 2021 and 2020 and the accrual balance remaining at those year-ends were as follows:
(In millions) |
Restructuring accrual at December 31, 2019 | $ | 31.5 |
Accrual and accrual adjustments | 11.0 |
Cash payments during 2020 | (28.0) |
Effect of changes in foreign currency exchange rates | (0.2) |
Restructuring accrual at December 31, 2020 | $ | 14.3 |
Accrual and accrual adjustments | 14.5 |
Cash payments during 2021 | (16.9) |
Effect of changes in foreign currency exchange rates | (0.6) |
Restructuring accrual at December 31, 2021 | $ | 11.3 |
Accrual and accrual adjustments | 12.1 |
Cash payments during 2022 | (8.6) |
Effect of changes in foreign currency exchange rates | (0.1) |
Restructuring accrual at December 31, 2022 | $ | 14.7 |
We expect to pay the remaining December 31, 2022 accrual balance of $14.7 million within the next twelve months. This amount is included in Accrued restructuring costs on the Consolidated Balance Sheets at December 31, 2022. One of the components of the Reinvent SEE business transformation was to enhance the operational efficiency of the Company by acting as "One SEE". The Program was approved by our Board of Directors as a consolidated program benefiting both Food and Protective. Of the total remaining restructuring accrual of $14.7 million as of December 31, 2022, $6.7 million was attributable to Food and $8.0 million was attributable to Protective.

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -URI https://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI https://asc.fasb.org/topic&trid=2175745 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration