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Restructuring and Asset Impairment
 3 Months Ended
Apr. 03, 2022
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 continually 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.
Following are the total restructuring and asset impairment charges, net of adjustments, recognized during the periods presented:
Three Months Ended
April 3, 2022April 4, 2021
Restructuring and restructuring-related asset impairment charges$5,753 $2,697 
Other asset impairments6,389 4,149 
     Restructuring/Asset Impairment Charges$12,142 $6,846 
The table below sets forth restructuring and restructuring-related asset impairment charges by type incurred:
Three Months Ended
April 3, 2022April 4, 2021
Severance and Termination Benefits$2,099 $1,428 
Asset Impairments/(Gains from Disposal of Assets)445 (864)
Other Costs3,209 2,133 
     Restructuring and restructuring-related asset impairment charges$5,753 $2,697 

The table below sets forth restructuring and restructuring-related asset impairment charges by reportable segment:
Three Months Ended
April 3, 2022April 4, 2021
Consumer Packaging$1,635 $1,085 
Industrial Paper Packaging1,348 1,433 
All Other78 165 
Corporate2,692 14 
     Restructuring and restructuring-related asset impairment charges$5,753 $2,697 

Restructuring and restructuring-related asset impairment charges are included in “Restructuring/Asset impairment charges” in the Company's 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, 2021$10,917 $— $1,873 $12,790 
2022 charges2,099 445 3,209 5,753 
Cash (payments)/receipts(4,932)33 (4,570)(9,469)
Asset write downs/disposals— (478)— (478)
Foreign currency translation5 — (38)(33)
Liability at April 3, 2022
$8,089 $— $474 $8,563 

"Severance and Termination Benefits" during the first three months of 2022 includes the cost of severance for approximately 125 employees whose positions were eliminated in conjunction with the Company's ongoing organizational effectiveness efforts.
"Asset Impairment/Disposal of Assets" during the first three months of 2022 consists primarily of asset impairments in the Industrial Paper Packaging segment.
“Other Costs” during the first three months of 2022 consists 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 $2,100 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 $6,389 and $4,149 in the three months ended April 3, 2022 and April 4, 2021, respectively.
The charges in the three months ended April 3, 2022 include $5,713 of impairment charges related to the Company's decision to exit its operations in Russia, part of the Industrial Paper Packaging segment, as a result of the ongoing Russia-Ukraine conflict, and $676 of fixed asset impairments in the Company's plastics foods operations, part of the Consumer Packaging segment.
Other asset impairment charges in the first quarter of 2021 consisted of fixed asset impairments totaling $1,750 in the Company's plastics foods operations, part of the Consumer Packaging segment, and $2,399 in the temperature-assured packaging business, part of the All Other group of businesses.
These assets were determined to be impaired as the value of their projected undiscounted cash flows was no longer sufficient to recover their carrying value. These impairment charges are included in “Restructuring/Asset impairment charges” in the Company’s Condensed Consolidated Statements of Income.