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Restructuring and Asset Impairments (Tables)

3 Months Ended

Apr. 02, 2023

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
						April 2, 2023						April 3, 2022
Restructuring and restructuring-related asset impairment charges						$	28,814					$	5,753
Other asset impairments						—						6,389
Restructuring and asset impairment charges						$	28,814					$	12,142

The table below sets forth restructuring and restructuring-related asset impairment charges by type incurred:

						Three Months Ended
						April 2, 2023						April 3, 2022
Severance and termination benefits						$	5,516					$	2,099
Asset impairments						19,193						445
Other costs						4,105						3,209
Restructuring and restructuring-related asset impairment charges						$	28,814					$	5,753

The table below sets forth restructuring and restructuring-related asset impairment charges by reportable segment:

						Three Months Ended
						April 2, 2023						April 3, 2022
Consumer Packaging						$	1,576					$	1,635
Industrial Paper Packaging						24,544						1,348
All Other						1,157						78
Corporate						1,537						2,692
Restructuring and restructuring-related asset impairment charges						$	28,814					$	5,753

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, 2022						$	14,677					$	—					$	1,392					$	16,069
2023 charges						5,516						19,193						4,105						28,814
Cash payments						(6,380)						(166)						(2,378)						(8,924)
Asset writedowns/disposals						—						(19,027)						—						(19,027)
Foreign currency translation						14						—						11						25
Liability at April 2, 2023						$	13,827					$	—					$	3,130					$	16,957

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No definition available.

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- 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

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-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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
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-Subparagraph (SAB TOPIC 5.P.4)
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- 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

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