Rationalization Charges

6 Months Ended

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.