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Restructuring and asset impairment | 12 Months Ended
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Dec. 31, 2021
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 more cost-effective means and structures 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 year to year depending upon the scope, nature, and location of the restructuring activities. Following are the total restructuring and asset impairment charges, net of adjustments, recognized during the periods presented:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Restructuring and restructuring-related asset impairment charges | $ | 9,176 |  |  | $ | 67,729 |  |  | $ | 44,819 |
Other asset impairments | 5,034 |  |  | 77,851 |  |  | 15,061 |
Restructuring/Asset impairment charges | $ | 14,210 |  |  | $ | 145,580 |  |  | $ | 59,880 |
The table below sets forth restructuring and restructuring-related asset impairment charges by type incurred:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Severance and Termination Benefits | $ | 13,097 |  |  | $ | 36,997 |  |  | $ | 24,864 |
Asset Impairment/Disposal of Assets | (9,116) |  |  | 22,394 |  |  | 9,674 |
Other Costs | 5,195 |  |  | 8,338 |  |  | 10,281 |
Total restructuring and restructuring-related asset impairment charges | $ | 9,176 |  |  | $ | 67,729 |  |  | $ | 44,819 |
The table below sets forth restructuring and restructuring-related asset impairment charges by reportable segment:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Consumer Packaging | 3,427 |  |  | 25,548 |  |  | $ | 32,971 |
Industrial Paper Packaging | (1,642) |  |  | 32,691 |  |  | 5,148 |
All Other | 2,969 |  |  | 7,266 |  |  | 4,636 |
Corporate | 4,422 |  |  | 2,224 |  |  | 2,064 |
Total restructuring and restructuring-related asset impairment charges | $ | 9,176 |  |  | $ | 67,729 |  |  | $ | 44,819 |
"Restructuring and restructuring-related asset impairment charges" and "Other asset impairments" are included in “Restructuring/Asset impairment charges” in the 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 Consolidated Balance Sheets:
Accrual Activity | Severance and Termination Benefits |  | Asset Impairment/ Disposal of Assets |  | Other Costs |  | Total
Liability, December 31, 2019 | $ | 10,765 |  |  | $ | — |  |  | $ | 592 |  |  | $ | 11,357 |
2020 charges | 36,997 |  |  | 22,394 |  |  | 8,338 |  |  | 67,729 |
Cash (payments)/receipts | (32,189) |  |  | 6,963 |  |  | (9,570) |  |  | (34,796) |
Asset write downs/disposals | — |  |  | (29,357) |  |  | 1,143 |  |  | (28,214) |
Foreign currency translation | 382 |  |  | — |  |  | 8 |  |  | 390 |
Liability, December 31, 2020 | $ | 15,955 |  |  | $ | — |  |  | $ | 511 |  |  | $ | 16,466 |
2021 charges | 13,097 |  |  | (9,116) |  |  | 5,195 |  |  | 9,176 |
Cash (payments)/receipts | (17,828) |  |  | 15,308 |  |  | (6,313) |  |  | (8,833) |
Asset write downs/disposals | — |  |  | (6,192) |  |  | 2,479 |  |  | (3,713) |
Foreign currency translation | (307) |  |  | — |  |  | 1 |  |  | (306) |
Liability, December 31, 2021 | $ | 10,917 |  |  | $ | — |  |  | $ | 1,873 |  |  | $ | 12,790 |
"Severance and Termination Benefits" in 2021 include the cost of severance provided to employees terminated as the result of various plant closures, as well as certain employees impacted by Project Horizon who accepted severance packages in December 2021. Severance costs were also incurred for certain employees as a result of the sale of the Company's Plastics - Food thermoforming operations in the United States (part of the Consumer Packaging segment). In addition, the charges include the cost of severance for approximately 315 employees whose positions were eliminated in conjunction with the Company's ongoing organizational effectiveness efforts. "Severance and Termination Benefits" in 2020 include the cost of severance provided to employees terminated as the result of the closures of a paper mill in Canada, a paper machine in the United States, a cone operation in Europe, and four tube and core plants, one in Europe and three in the United States (all part of the Industrial Paper Packaging segment); the closure of a paperboard specialties plant in the United States (part of the All Other group of businesses); and the clo sure of two graphic design operations, one in the United States and one in the United Kingdom (part of the Consumer Packaging segment). Severance costs were also incurred in the Consumer Packaging segment as a result of consolidation efforts in the Company's Plastics - Food thermoforming operations on the west coast of the United States and Mexico. This consolidation resulted in the closure of a manufacturing facility in the United States and the conversion of a manufacturing facility in Mexico into a warehouse and distribution center. In addition, the charges include the cost of severance for approximately 275 employees whose positions were eliminated in conjunction with the Company's ongoing organizational effectiveness efforts. "Asset Impairment/Disposal of Assets" recognized in 2021 consists primarily of gains from the sale of real estate in the Industrial Paper Packaging segment, and gains from the sale of other assets impaired in the prior year as a result of consolidations in the Company's Plastics - Food thermoforming operatio ns. "Asset Impairment/Disposal of Assets" in 2020 consisted of asset impairment charges resulting from consolidations in the Company's Plastics - Food thermoforming operations, the closure of a paper mill in Canada, the closure of a paper machine in the United States, the closure of a graphic design operation in the United States, and various other restructuring actions during the year. These losses were partially offset by gains from the sales of a tubes and core facility in the United States and several other buildings associated with previously closed facilities. "Other Costs" in 2021 and 2020 consist primarily of costs related to plant closures including equipment removal, utilities, plant security, property taxes and insurance. The Company expects to pay the majority of the remaining restructuring reserves by the end of 2022 using cash generated from operations. The Company also expects to recognize future additional charges totaling approximately $2,000 in connection with previously announced restructuring actions and believes that the majority of these charges will be incurred and paid by the end of 2022. The Company continually evaluates its cost structure, including its manufacturing capacity, and additional restructuring actions are likely to be undertaken. Other Asset Impairments The Company recognized other asset impairment charges totaling $5,034 in the year ended December 31, 2021. These charges consisted of fixed asset impairments totaling $2,635 in the Company's Plastics - Food thermoforming operations, part of the Consumer Packaging segment, and $2,399 in the temperature-assured packaging business, part of the All Other group of businesses. The assets were impaired as the value of their projected undiscounted cash flows was determined to no longer be sufficient to recover their carrying value. The Company recognized other asset impairment charges totaling $77,851 in 2020. In the fourth quarter of 2020, management concluded that certain long-lived assets of the Company's Plastics - Food thermoforming operations, part of the Consumer Packaging segment, were impaired as the projected undiscounted cash flows from these assets were not sufficient to recover their carrying value. As a result, the Company recognized pretax impairment charges of $39,604 on intangible assets, $22,899 on fixed assets, and $9,714 on leased assets for a total of $72,217. In addition, the Company recognized impairment charges totaling $2,155 related to certain intangible assets within the temperature-assured packaging business, part of the All Other group of businesses, as the value of the projected undiscounted cash flows from these assets was no longer sufficient to recover their carrying values, $2,563 related to fixed assets that were determined to be obsolete due to a change in strategy within the global Rigid Paper Containers business, part of the Consumer Packaging segment, and $916 related to certain buildings and inventory at its Hartsville manufacturing complex, part of the Industrial Paper Packaging segment, that were determined to have been rendered obsolete by the Company's new Project Horizon initiative. These asset impairment charges are included in “Restructuring/Asset impairment charges” in the Company’s Consolidated Statements of Income.

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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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