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Rationalization Charges | 6 Months Ended
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Jun. 30, 2025
Restructuring and Related Activities [Abstract] |
Rationalization Charges | Rationalization Charges We continually evaluate cost reduction opportunities across each of our segments, including rationalizations of our existing facilities through plant closings and downsizings. We use a disciplined approach to identify opportunities that generate attractive cash returns. Rationalization charges by segment were as follows:
| Three Months Ended |  | Six Months Ended
| June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
| (Dollars in thousands)
Dispensing and Specialty Closures | $ | 3,275 |  |  | $ | 3,191 |  |  | $ | 7,646 |  |  | $ | 9,748 |
Metal Containers | 5,140 |  |  | 2,493 |  |  | 10,072 |  |  | 6,077 |
Custom Containers | 1,449 |  |  | 1,175 |  |  | 3,105 |  |  | 2,725 |
| $ | 9,864 |  |  | $ | 6,859 |  |  | $ | 20,823 |  |  | $ | 18,550 |
Activity in reserves for our rationalization plans were as follows:
| Employee Severance and Benefits |  | Plant Exit Costs |  | Non-Cash Asset Write-Downs |  | Total
| (Dollars in thousands)
Balance at December 31, 2024 | $ | 29,318 |  |  | $ | — |  |  | $ | — |  |  | $ | 29,318 |
Charged to expense | 6,181 |  |  | 3,910 |  |  | 10,732 |  |  | 20,823 |
Utilized and currency translation | (4,126) |  |  | (3,910) |  |  | (10,732) |  |  | (18,768) |
Balance at June 30, 2025 | $ | 31,373 |  |  | $ | — |  |  | $ | — |  |  | $ | 31,373 |
Non-cash asset write-downs were the result of comparing the carrying value of certain facilities and production related equipment to their fair value using estimated future discounted cash flows, a Level 3 fair value measurement (see Note 7 for information regarding a Level 3 fair value measurement). Rationalization reserves as of June 30, 2025 were recorded in our Condensed Consolidated Balance Sheet as accrued liabilities of $6.5 million and other liabilities of $24.9 million. Excluding the impact of our withdrawal from the Central States, Southeast and Southwest Areas Pension Plan, or the Central States Pension Plan, in 2019, remaining expenses and cash expenditures for our rationalization plans are expected to be $16.1 million and $21.6 million, respectively. Remaining expenses for the accretion of interest for the withdrawal liability related to the Central States Pension Plan are expected to average approximately $0.8 million per year and be recognized annually through 2040, and remaining cash expenditures for the withdrawal liability related to the Central States Pension Plan are expected to be approximately $2.6 million annually through 2040.

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- 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 -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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