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Subsequent Events | 6 Months Ended
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Jun. 30, 2023
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events Reinvent SEE 2.0 On August 7, 2023, SEE’s Board of Directors approved a new 3-year cost take-out to grow restructuring program (the “CTO2Grow Program”) as part of Reinvent SEE 2.0. The CTO2Grow Program aims to drive annualized savings in the range of $140 to $160 million by the end of 2025. The total cash cost of this program is estimated to be in the range of $140 to $160 million. Closure of Kevothermal temperature assurance business On July 13, 2023, we announced our plan to permanently cease operating our Kevothermal temperature assurance business, which will result in the closure of both the Albuquerque, New Mexico and Hereford, United Kingdom facilities. We expect to cease full manufacturing operations for Kevothermal by September 30, 2023. The decision to cease operations for the Kevothermal business was triggered by lower volumes and declining financial performance. We expect to incur approximately $22 million of pretax restructuring costs associated with the closure of Kevothermal, of which $19 million are expected to be non-cash. We currently estimate $3 million of restructuring costs related to severance and other closure charges, with the majority of these payments expected to be made by the end of 2023.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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