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Restructuring and Asset Impairments (Tables)

6 Months Ended

Jul. 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												Six Months Ended
						July 2, 2023						July 3, 2022						July 2, 2023						July 3, 2022
Restructuring and restructuring-related asset impairment charges						$	6,057					$	6,857					$	34,871					$	12,610
Other asset impairments						—						3,706						—						10,095
Restructuring and asset impairment charges						$	6,057					$	10,563					$	34,871					$	22,705

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

						Three Months Ended												Six Months Ended
						July 2, 2023						July 3, 2022						July 2, 2023						July 3, 2022
Severance and termination benefits						$	4,118					$	2,214					$	9,634					$	4,313
Asset impairments						806						787						19,999						1,232
Other costs						1,133						3,856						5,238						7,065
Restructuring and restructuring-related asset impairment charges						$	6,057					$	6,857					$	34,871					$	12,610

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

						Three Months Ended												Six Months Ended
						July 2, 2023						July 3, 2022						July 2, 2023						July 3, 2022
Consumer Packaging						$	1,928					$	2,544					$	3,504					$	4,179
Industrial Paper Packaging						1,987						1,007						26,531						2,355
All Other						2,952						(495)						4,109						(417)
Corporate						(810)						3,801						727						6,493
Restructuring and restructuring-related asset impairment charges						$	6,057					$	6,857					$	34,871					$	12,610

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						9,634						19,999						5,238						34,871
Cash payments						(13,603)						(166)						(4,133)						(17,902)
Asset writedowns/disposals						—						(19,833)						—						(19,833)
Foreign currency translation						13						—						9						22
Liability at July 2, 2023						$	10,721					$	—					$	2,506					$	13,227

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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

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-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 5.P.3)
-Publisher FASB
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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
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482017/420-10-50-1

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-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2

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