Realignment Actions Realignment Actions (Notes)

6 Months Ended

Jun. 30, 2023

Realignment Actions [Abstract]

Restructuring, Impairment, and Other Activities Disclosure [Text Block]

Realignment Actions

2023 Realignment Actions

During the six months ended June 30, 2023, the Company incurred realignment charges in its Packaging segment, primarily related to the closure and consolidation of two manufacturing facilities located in China into one new, larger facility in the Haining region. In connection with these actions, the Company recorded pre-tax realignment charges of $3.7 million during the three and six months ended June 30, 2023, of which $2.2 million related to charges to accelerate the depreciation of certain fixed assets, $1.3 million related to employee separation costs and $0.2 million related to other facility move and consolidation costs. For the three and six months ended June 30, 2023, $3.3 million and $0.4 million of these charges were included in cost of sales and selling, general and administrative expenses, respectively, in the accompanying consolidated statement of income.

2022 Realignment Actions

During the six months ended June 30, 2022, the Company incurred realignment charges in its Packaging segment related to adjusting its labor force in facilities with lower demand, finalizing its Indianapolis, Indiana facility consolidation, costs incurred to reorganize its benefit plans in the United Kingdom, and for costs incurred as part of the Company's start-up and relocation to a new, larger facility in New Albany, Ohio. The Company also completed the Aerospace segment footprint realignment which began in 2021. In connection with these actions, the Company recorded pre-tax realignment charges of $1.5 million and $3.8 million during the three and six months ended June 30, 2022, respectively, of which $1.4 million and $2.2 million, respectively, related to facility move and consolidation costs and $0.1 million and $1.6 million, respectively, were for employee-related costs. For the three and six months ended June 30, 2022, $1.4 million and $2.3 million, respectively, of these charges were included in cost of sales and $0.1 million and $1.5 million, respectively, of these charges were included in selling, general and administrative expenses in the accompanying consolidated statement of income.