XML 40 R31.htm IDEA: XBRL DOCUMENT

Subsequent Events	6 Months Ended
Subsequent Events	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.