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Restructuring and Asset Impairment | 3 Months Ended
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Mar. 29, 2020
Restructuring and Related Activities [Abstract] |
Restructuring and Asset Impairment | Restructuring and Asset Impairment Due to its geographic footprint and the cost-competitive nature of its businesses, the Company is constantly seeking the most cost-effective means and structure to serve its customers and to respond to fundamental changes in its markets. As such, restructuring costs have been, and are expected to be, a recurring component of the Company's operating costs. The amount of these costs can vary significantly from quarter to quarter and from year to year depending upon the scope and location of the restructuring activities. The table below sets forth restructuring and restructuring-related asset impairment charges by type incurred:
|  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  | March 29, 2020 |  | March 31, 2019
Severance and Termination Benefits |  |  |  |  |  | $ | 10,100 |  |  | $ | 6,300 |
Asset Impairment / Disposal of Assets |  |  |  |  |  | 2,686 |  |  | 1,632 |
Other Costs |  |  |  |  |  | (187) |  |  | 2,740 |
Total Restructuring/Asset Impairment Charges |  |  |  |  |  | $ | 12,599 |  |  | $ | 10,672 |
The table below sets forth restructuring and restructuring-related asset impairment charges by reportable segment:
|  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  | March 29, 2020 |  | March 31, 2019
Consumer Packaging |  |  |  |  |  | $ | 2,362 |  |  | $ | 7,255 |
Display and Packaging |  |  |  |  |  | 2,880 |  |  | 375 |
Paper and Industrial Converted Products |  |  |  |  |  | 5,356 |  |  | 874 |
Protective Solutions |  |  |  |  |  | 473 |  |  | 442 |
Corporate |  |  |  |  |  | 1,528 |  |  | 1,726 |
Total Restructuring/Asset Impairment Charges |  |  |  |  |  | $ | 12,599 |  |  | $ | 10,672 |
Restructuring and asset impairment charges are included in “Restructuring/Asset impairment charges” in the Condensed Consolidated Statements of Income. The following table sets forth the activity in the restructuring accrual included in “Accrued expenses and other” on the Company’s Condensed Consolidated Balance Sheets:
|  | Severance and Termination Benefits |  | Asset Impairment/ Disposal of Assets |  | Other Costs |  | Total
Accrual Activity |  |  |  |  |  |  |  |
Liability at December 31, 2019 |  | $ | 10,765 |  |  | $ | — |  |  | $ | 592 |  |  | $ | 11,357 |
2020 charges |  | 10,100 |  |  | 2,686 |  |  | (187) |  |  | 12,599 |
Cash receipts/(payments) |  | (7,919) |  |  | 420 |  |  | (930) |  |  | (8,429) |
Asset write downs/disposals |  | — |  |  | (3,106) |  |  | 1,143 |  |  | (1,963) |
Foreign currency translation |  | (125) |  |  | — |  |  | (11) |  |  | (136) |
Liability at March 29, 2020 |  | $ | 12,821 |  |  | $ | — |  |  | $ | 607 |  |  | $ | 13,428 |
The Company expects to pay the majority of the remaining restructuring reserves by the end of 2020 using cash generated from operations. "Severance and Termination Benefits" during the first three months of 2020 includes the cost of benefits provided to approximately 150 employees whose positions were eliminated in conjunction with the Company's ongoing organizational effectiveness efforts. "Asset Impairment/Disposal of Assets" consists primarily of an impairment cha rge of $2,300 resulting from the Company's decision to close the No. 3 uncoated recycled board paper machine at its paper mill in Hartsville, South Carolina. Additionally, the Company received net cash proceeds of $455 from the sale of a previously closed retail security plant facility in Spartanburg, South Carolina. This facility had a net book value of $490. “Other Costs” consist primarily of costs related to plant closures including equipment removal, utilities, plant security, property taxes and insurance, net of incentive forfeitures. The Company expects to recognize future additional charges totaling approximately $2,300 in connection with previously announced restructuring actions. The Company believes that the majority of these charges will be incurred and paid by the end of 2020. The Company continually evaluates its cost structure, including its manufacturing capacity, and additional restructuring actions are likely to be undertaken.

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- Definition The entire disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References No definition available. + Details
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