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Restructuring and Asset Impairments (Tables)

9 Months Ended

Oct. 01, 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												Nine Months Ended
						October 1, 2023						October 2, 2022						October 1, 2023						October 2, 2022
Restructuring and restructuring-related asset impairment charges						$	18,110					$	20,652					$	52,981					$	33,262
Other asset impairments						—						—						—						10,095
Restructuring/Asset impairment charges						$	18,110					$	20,652					$	52,981					$	43,357

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

						Three Months Ended												Nine Months Ended
						October 1, 2023						October 2, 2022						October 1, 2023						October 2, 2022
Severance and termination benefits						$	9,736					$	9,265					$	19,370					$	13,578
Asset impairments						6,123						3,301						26,122						4,533
Other costs						2,251						8,086						7,489						15,151
Restructuring and restructuring-related asset impairment charges						$	18,110					$	20,652					$	52,981					$	33,262

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

						Three Months Ended												Nine Months Ended
						October 1, 2023						October 2, 2022						October 1, 2023						October 2, 2022
Consumer Packaging						$	8,288					$	4,350					$	11,792					$	8,529
Industrial Paper Packaging						6,430						7,674						32,961						10,029
All Other						1,766						18						5,875						(399)
Corporate						1,626						8,610						2,353						15,103
Restructuring and restructuring-related asset impairment charges						$	18,110					$	20,652					$	52,981					$	33,262

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						19,370						26,122						7,489						52,981
Cash payments						(19,552)						(166)						(6,291)						(26,009)
Asset writedowns/disposals						—						(25,956)						—						(25,956)
Foreign currency translation						(81)						—						9						(72)
Liability at October 1, 2023						$	14,414					$	—					$	2,599					$	17,013

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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)
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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)
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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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