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Restructuring and asset impairment
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and asset impairment Restructuring and asset impairment
Due to its geographic footprint and the cost-competitive nature of its businesses, the Company is continually seeking more cost-effective means and structures to serve its customers and to respond to fundamental changes in its markets. As such, plant closures in connection with footprint rationalization and headcount reductions are an important component of the Company’s cost control initiatives. The amount of these costs can vary significantly from quarter to quarter and from year to year depending upon the scope, nature, and location of the restructuring activities.
Following are the total restructuring and asset impairment charges, net of adjustments, recognized during the periods presented:
 Year Ended December 31,
  
202420232022
Restructuring and restructuring-related asset impairment charges$65,370 $47,909 $42,290 
Other asset impairments— — 10,095 
Restructuring/Asset impairment charges$65,370 $47,909 $52,385 
The table below sets forth restructuring and restructuring-related asset impairment charges by type incurred:
 Year Ended December 31,
202420232022
Severance and Termination Benefits$37,307 $15,543 $13,808 
Asset Impairment/Disposal of Assets15,719 24,415 9,182 
Other Costs12,344 7,951 19,300 
Total restructuring and restructuring-related asset impairment charges$65,370 $47,909 $42,290 
The table below sets forth restructuring and restructuring-related asset impairment charges by reportable segment:
 Year Ended December 31,
202420232022
Consumer Packaging$19,259 $4,111 $8,207 
Industrial Paper Packaging33,923 38,754 15,598 
All Other1,434 2,547 (44)
Corporate10,754 2,497 18,529 
Total restructuring and restructuring-related asset impairment charges$65,370 $47,909 $42,290 
“Restructuring and restructuring-related asset impairment charges” and “Other asset impairments” are included in “Restructuring/Asset impairment charges” in the Consolidated Statements of Income.
The following table sets forth the activity in the restructuring accrual included in “Accrued expenses and other” in the Company’s Consolidated Balance Sheets:

Accrual Activity
Severance
and
Termination
Benefits
Asset
Impairment/
Disposal
of Assets
Other
Costs
Total
Liability, December 31, 2022$12,780 $— $1,286 $14,066 
2023 charges15,543 24,415 7,951 47,909 
Cash (payments)/receipts(19,437)— (8,995)(28,432)
Asset write downs/disposals— (24,415)— (24,415)
Foreign currency translation(22)— 30 8 
Liability, December 31, 2023
$8,864 $— $272 $9,136 
2024 charges37,307 15,719 12,344 65,370 
Cash (payments)/receipts(21,653)9,680 (11,610)(23,583)
Asset write downs/disposals— (25,399)— (25,399)
Foreign currency translation(484)— (97)(581)
Liability, December 31, 2024
$24,034 $— $909 $24,943 

“Severance and Termination Benefits” in 2024 includes the cost of severance for approximately 300 employees whose positions were eliminated in conjunction with the Company’s ongoing organizational effectiveness efforts, including the relocation of certain facilities in Greece and Germany, and severance related to the closures of paper mills in Sumner, Washington (the “Sumner Mill”) and Kilkis, Greece (the “Kilkis Mill”), the closures of two small industrial converted products facilities in China, and the closure of an industrial converted products facility in Mississauga, Canada, all part of the Industrial Paper Packaging segment.
“Severance and Termination Benefits” in 2023 include the cost of severance for approximately 200 employees whose positions were eliminated in conjunction with the Company’s ongoing organizational effectiveness efforts and severance related to the following plant closures: paper mills in Hutchinson, Kansas and Indonesia, part of the Industrial Paper Packaging segment; a metal packaging facility in the United States, part of the Consumer Packaging segment; and severance related to the closures of several smaller operations.
“Asset Impairment/Disposal of Assets” in 2024 consist primarily of asset impairment charges related to the closures of the Sumner Mill and the Kilkis Mill, both part of the Industrial Paper Packaging segment, and the exit of a small metal canning lid business within Metal Packaging, part of the Consumer Packaging segment. These charges were partially offset by gains from the sales of previously closed facilities that were part of the Industrial Paper Packaging and Consumer Packaging segments.
“Asset Impairment/Disposal of Assets” in 2023 consist primarily of asset impairment charges related to the closure of a paper mill in Hutchinson, Kansas, part of the Industrial Paper Packaging segment, and a metal packaging facility in the United States, part of the Consumer Packaging segment. These charges were partially offset by gains from the sale of previously impaired assets.
“Other Costs” in 2024 consist primarily of equipment removal, utilities, plant security, property taxes, insurance and environmental remediation costs related to the closure of the Sumner Mill, and ongoing facility carrying costs of previously announced plant closures. “Other Costs” in 2023 consist primarily of costs related to plant closures including equipment removal, utilities, plant security, property taxes and insurance.
The Company expects to pay the majority of the remaining restructuring reserves by the end of 2025 using cash generated from operations. The Company also expects to recognize future additional charges totaling approximately $3,000 in connection with previously announced restructuring actions and believes that the majority of these charges will be incurred and paid by the end of 2025. The Company continually evaluates its cost structure, including its manufacturing capacity, and additional restructuring actions are likely to be undertaken.
Other Asset Impairments
The Company recognized other asset impairment charges totaling $10,095 for the year ended December 31, 2022, as a result of exiting our operations in Russia, consisting of two small tube and core plants in the Industrial Paper Packaging segment. These charges include $3,747 of cumulative translation losses that were reclassified from accumulated other comprehensive income upon completion of the Company's exit from Russia on July 1, 2022.
These impairment charges are included in “Restructuring/Asset impairment charges” in the Company’s Consolidated Statements of Income.