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Restructuring and Asset Impairments (Tables)

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Schedule 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
																		March 31, 2024						April 2, 2023
Restructuring/Asset impairment charges																		$	31,618					$	28,814

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

												Three Months Ended
																		March 31, 2024						April 2, 2023
Severance and termination benefits																		$	17,993					$	5,516
Asset impairments																		8,844						19,193
Other costs																		4,781						4,105
Restructuring and restructuring-related asset impairment charges																		$	31,618					$	28,814

The table below sets forth restructuring and restructuring-related asset impairment charges attributable to each reportable segment, the “All Other” group of businesses, and Corporate-related activity:

												Three Months Ended
																		March 31, 2024						April 2, 2023
Consumer Packaging																		$	4,925					$	2,680
Industrial Paper Packaging																		22,603						24,544
All Other																		1,148						53
Corporate																		2,942						1,537
Restructuring and restructuring-related asset impairment charges																		$	31,618					$	28,814

Schedule of Restructuring Accrual Activity

The following table sets forth the activity in the restructuring accrual included in “Accrued expenses and other” in 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, 2023						$	14,315					$	—					$	1,638					$	15,953
2024 charges						17,993						8,844						4,781						31,618
Cash payments						(6,314)						(498)						(2,218)						(9,030)
Asset writedowns/disposals						—						(8,346)						—						(8,346)
Foreign currency translation						(81)						—						(15)						(96)
Liability at March 31, 2024						$	25,913					$	—					$	4,186					$	30,099

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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
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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

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-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
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-Name Accounting Standards Codification
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-Section S99
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