Restructuring Activities

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring Activities

Restructuring Activities

In December 2018, the Board of Directors approved our Reinvent SEE business transformation, including the related restructuring program (“Program”), which concluded as of the end of calendar year 2022.

For the three months ended March 31, 2023, the Company recorded $1.2 million and $0.2 million of income within restructuring charges and other associated costs, respectively. This income primarily relates to reversals of previously accrued expenses associated with the Program.

The following table details our aggregate restructuring activities incurred under the Program as reflected in the Condensed Consolidated Statements of Operations.

	Three Months Ended March 31,
(In millions)	2023		2022
Other associated costs	$	(0.2)	$	3.1
Restructuring charges	(1.2)		0.5
Total charges	$	(1.4)	$	3.6
Capital expenditures	$	—	$	1.9

The aggregate restructuring accrual, spending and other activity for the three months ended March 31, 2023 and the accrual balance remaining at March 31, 2023 related to the Program were as follows:

(In millions)
Restructuring accrual at December 31, 2022	$	14.7
Accrual and accrual adjustments	(1.2)
Cash payments during 2023	(3.3)
Restructuring accrual at March 31, 2023	$	10.2

We expect to pay $10.2 million of the accrual balance remaining at March 31, 2023 within the next twelve months. This amount is included in Accrued restructuring costs on the Condensed Consolidated Balance Sheets at March 31, 2023.

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 $10.2 million as of March 31, 2023, $3.8 million was attributable to Food and $6.4 million was attributable to Protective.

In addition to the Program, the Company has an additional $1.6 million of restructuring accruals related to the Liquibox acquisition, which is included in Accrued restructuring costs on the Condensed Consolidated Balance Sheets at March 31, 2023. The $1.6 million accrual balance at March 31, 2023 is attributable to Food and is expected to be paid within the next twelve months.