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Restructuring and Asset Impairments (Tables)

9 Months Ended

Sep. 29, 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												Nine Months Ended
						September 29, 2024						October 1, 2023						September 29, 2024						October 1, 2023
Restructuring and restructuring-related asset impairment charges						$	8,190					$	18,110					$	59,058					$	52,981
Other asset impairments						—						—						—						—
Restructuring/Asset impairment charges						$	8,190					$	18,110					$	59,058					$	52,981

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

						Three Months Ended												Nine Months Ended
						September 29, 2024						October 1, 2023						September 29, 2024						October 1, 2023
Severance and termination benefits						$	2,649					$	9,736					$	26,742					$	19,370
Asset impairments						2,501						6,123						22,844						26,122
Other costs						3,040						2,251						9,472						7,489
Restructuring and restructuring-related asset impairment charges						$	8,190					$	18,110					$	59,058					$	52,981

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												Nine Months Ended
						September 29, 2024						October 1, 2023						September 29, 2024						October 1, 2023
Consumer Packaging						$	4,509					$	9,784					$	20,597					$	16,479
Industrial Paper Packaging						3,798						6,430						34,138						32,961
All Other						—						270						1,362						1,188
Corporate						(117)						1,626						2,961						2,353
Restructuring and restructuring-related asset impairment charges						$	8,190					$	18,110					$	59,058					$	52,981

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						26,742						22,844						9,472						59,058
Cash (payments)/receipts						(23,893)						4,221						(8,729)						(28,401)
Asset writedowns/disposals						—						(27,065)						—						(27,065)
Foreign currency translation						191						—						(16)						175
Liability at September 29, 2024						$	17,355					$	—					$	2,365					$	19,720

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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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-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.P.3)
-Publisher FASB
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-SubTopic 10
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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
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-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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-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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