XML 36 R27.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Restructuring and Asset Impairments (Tables) | 9 Months Ended
--- | ---
Oct. 02, 2022
Restructuring and Related Activities [Abstract] |
Summary of Restructuring and Restructuring-Related Asset Impairment Expenses by Type Incurred and by Reportable Segment | Following are the total restructuring and asset impairment charges, net of adjustments, recognized during the periods presented:
|  | Three Months Ended |  | Nine Months Ended
|  | October 2, 2022 |  | October 3, 2021 |  | October 2, 2022 |  | October 3, 2021
Restructuring and restructuring-related asset impairment charges |  | $ | 20,652 |  |  | $ | 3,204 |  |  | $ | 33,262 |  |  | $ | 4,048 |
Other asset impairments |  | — |  |  | 284 |  |  | 10,095 |  |  | 4,841 |
Restructuring/Asset Impairment Charges |  | $ | 20,652 |  |  | $ | 3,488 |  |  | $ | 43,357 |  |  | $ | 8,889 |
The table below sets forth restructuring and restructuring-related asset impairment charges by type incurred:
|  | Three Months Ended |  | Nine Months Ended
|  | October 2, 2022 |  | October 3, 2021 |  | October 2, 2022 |  | October 3, 2021
Severance and Termination Benefits |  | $ | 9,265 |  |  | $ | 3,726 |  |  | $ | 13,578 |  |  | $ | 7,592 |
Asset Impairments/(Gains from Disposal of Assets) |  | 3,301 |  |  | (1,722) |  |  | 4,533 |  |  | (8,207) |
Other Costs |  | 8,086 |  |  | 1,200 |  |  | 15,151 |  |  | 4,663 |
Restructuring and restructuring-related asset impairment charges |  | $ | 20,652 |  |  | $ | 3,204 |  |  | $ | 33,262 |  |  | $ | 4,048 |
The table below sets forth restructuring and restructuring-related asset impairment charges by reportable segment:
|  | Three Months Ended |  | Nine Months Ended
|  | October 2, 2022 |  | October 3, 2021 |  | October 2, 2022 |  | October 3, 2021
Consumer Packaging |  | $ | 4,350 |  |  | $ | 2,450 |  |  | $ | 8,529 |  |  | $ | 3,708 |
Industrial Paper Packaging |  | 7,674 |  |  | (1,888) |  |  | 10,029 |  |  | (4,827) |
All Other |  | 18 |  |  | 555 |  |  | (399) |  |  | 3,075 |
Corporate |  | 8,610 |  |  | 2,087 |  |  | 15,103 |  |  | 2,092 |
Restructuring and restructuring-related asset impairment charges |  | $ | 20,652 |  |  | $ | 3,204 |  |  | $ | 33,262 |  |  | $ | 4,048 |
Summary of Restructuring Accrual Activity | 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 Impairments/ Disposal of Assets |  | Other Costs |  | Total
Accrual Activity |  |  |  |
Liability at December 31, 2021 |  | $ | 10,917 |  |  | $ | — |  |  | $ | 1,873 |  |  | $ | 12,790 |
2022 charges |  | 13,578 |  |  | 4,533 |  |  | 15,151 |  |  | 33,262 |
Cash (payments)/receipts |  | (9,966) |  |  | 4,751 |  |  | (13,983) |  |  | (19,198) |
Asset writedowns/disposals |  | — |  |  | (9,284) |  |  | — |  |  | (9,284) |
Foreign currency translation |  | (229) |  |  | — |  |  | (41) |  |  | (270) |
Liability at October 2, 2022 |  | $ | 14,300 |  |  | $ | — |  |  | $ | 3,000 |  |  | $ | 17,300 |

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.P.3) -URI https://asc.fasb.org/extlink&oid=115931487&loc=d3e140864-122747 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 5.P.4) -URI https://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 + Details
Name: | us-gaap_ScheduleOfRestructuringAndRelatedCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(b)(2)) -URI https://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 + Details
Name: | us-gaap_ScheduleOfRestructuringReserveByTypeOfCostTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration