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Other Expense, net | 12 Months Ended
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Dec. 31, 2023
Other Income and Expenses [Abstract] |
Other Expense, net | Other Expense, net The following table provides details of other expense, net:
|  | Year Ended December 31,
(In millions) |  | 2023 |  | 2022 |  | 2021
Net foreign exchange transaction loss |  | $ | (15.3) |  |  | $ | (7.2) |  |  | $ | (0.7) |
Bank fee expense |  | (5.6) |  |  | (5.1) |  |  | (5.0) |
Pension (expense) income other than service costs |  | (8.7) |  |  | 4.8 |  |  | 4.4 |
Impairment (loss)/fair value gain on equity investments, net |  | — |  |  | (30.6) |  |  | 6.6 |
Impairment of debt investment(1) |  | — |  |  | — |  |  | (8.0) |
Foreign currency exchange loss due to high inflationary economies |  | (23.1) |  |  | (8.8) |  |  | (3.6) |
Loss on debt redemption and refinancing activities |  | (13.2) |  |  | (11.2) |  |  | (18.6) |
Other income(2) |  | 10.4 |  |  | 11.7 |  |  | 13.2 |
Other (expense) |  | (6.4) |  |  | (6.8) |  |  | (5.2) |
Other expense, net |  | $ | (61.9) |  |  | $ | (53.2) |  |  | $ | (16.9) |
(1)During the year ended December 31, 2021, SEE made investments totaling $8.0 million, in another company's convertible debt. Based on information available to SEE specific to the investee and our expectations of recoverability at that time, we recorded a credit loss resulting in an $8.0 million impairment (establishment of allowance) of the convertible debt investment during the fourth quarter of 2021. The total allowance for credit losses related to the remaining available-for-sale debt securities as of December 31, 2023 and 2022 was zero. (2)During the year ended December 31, 2021, the Supreme Court of Brazil issued a final decision that clarified the methodology companies should use related to a claim for the overpayment of certain indirect taxes paid by Sealed Air subsidiaries in Brazil, resulting from a double taxation calculation. Based on the updated methodology approved by the Brazilian Supreme Court, we recorded $5.0 million of income during the year ended December 31, 2021.

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- Definition The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 610 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//610/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 720 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//720/tableOfContent + Details
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