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Restructuring Activities
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Activities Restructuring Activities
On August 7, 2023, the Board of Directors approved the 3-year CTO2Grow Program with total cash cost of up to $160 million. As of the end of the third quarter 2025, the CTO2Grow Program has concluded and all approved expenditures under the program budget have been allocated to projects.
The following table details our aggregate restructuring activities, which includes costs associated with the now concluded CTO2Grow Program, as reflected in the Consolidated Statements of Operations.
Year Ended December 31,
(In millions)202520242023
Other associated costs$41.1 $30.3 $34.5 
Contract terminations3.9 (0.1)14.6 
Restructuring charges39.9 57.8 15.6 
Total charges$84.9 $88.0 $64.7 

The aggregate restructuring accrual, spending and other activity for the years ended December 31, 2025, 2024, and 2023 and the accrual balance remaining at those year-ends were as follows:
(In millions) 
Restructuring accrual at December 31, 2022$14.7 
Headcount accrual and accrual adjustments15.6 
Contract termination accrual and adjustments11.0 
Cash payments during 2023(17.2)
Effect of changes in foreign currency exchange rates0.2 
Restructuring accrual at December 31, 2023$24.3 
Headcount accrual and accrual adjustments57.8 
Cash payments during 2024(37.5)
Effect of changes in foreign currency exchange rates(1.0)
Restructuring accrual at December 31, 2024$43.6 
Headcount accrual and accrual adjustments39.9 
Cash payments during 2025(51.6)
Effect of changes in foreign currency exchange rates1.7 
Restructuring accrual at December 31, 2025$33.6 
We expect to pay $33.3 million of the accrual balance remaining at December 31, 2025 within the next twelve months. This amount is included in Accrued restructuring costs on the Consolidated Balance Sheets at December 31, 2025. The remaining accrual of $0.3 million is expected to be paid primarily in 2027. This amount is included in Other non-current liabilities on our Consolidated Balance Sheets at December 31, 2025.
Of the total restructuring accrual of $33.6 million as of December 31, 2025, $22.8 million was attributable to Food and $10.8 million was attributable to Protective.
Business Closures
In July 2023, the Board of Directors approved a plan to cease operating the Kevothermal temperature assurance business, which resulted in the closure of both the Albuquerque, New Mexico and Hereford, United Kingdom facilities. The decision to cease operations of the Kevothermal business, which is reported in our Protective segment, was triggered by lower volumes and declining financial performance.
In September 2023, the Board of Directors approved a plan to cease operating the plant-based rollstock business and line located in Simpsonville, South Carolina. The decision to cease operations for the plant-based rollstock business, which is reported in our Food segment, was triggered by lower demand for our product due to competitive alternatives in the market. We ceased full manufacturing operations in 2024.
For the year ended December 31, 2023, we recorded $54.1 million of closure charges as part of the CTO2Grow Program primarily associated with Kevothermal, the plant-based rollstock business, and other activities, which included $25.8 million of impairment related to property and equipment, $14.6 million of contract terminations, $6.6 million of inventory obsolescence charges and $7.1 million of severance and other closure related costs. The closure charges, excluding the severance related costs, are reflected within Loss on disposal of long-lived assets and businesses, net on the Consolidated Statements of
Operations. The severance related charges are reflected in Restructuring charges on the Consolidated Statements of Operations. Of the $54.1 million of closure charges, $32.6 million were non-cash.