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Restructuring and Asset Impairments (Tables) | 3 Months Ended
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Mar. 30, 2025
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 30, 2025 |  | March 31, 2024
Restructuring and restructuring-related asset impairment charges |  |  |  |  |  | $ | 13,581 |  |  | $ | 31,010 |
Other asset impairments |  |  |  |  |  | — |  |  | — |
Restructuring/Asset impairment charges |  |  |  |  |  | $ | 13,581 |  |  | $ | 31,010 |
The table below sets forth restructuring and restructuring-related asset impairment charges by type incurred:
|  |  |  | Three Months Ended
|  |  |  |  |  | March 30, 2025 |  | March 31, 2024
Severance and Termination Benefits |  |  |  |  |  | $ | 6,998 |  |  | $ | 17,791 |
Asset Impairment/Disposal of Assets |  |  |  |  |  | 5,101 |  |  | 8,122 |
Other Costs |  |  |  |  |  | 1,482 |  |  | 5,097 |
Total restructuring and restructuring-related asset impairment charges |  |  |  |  |  | $ | 13,581 |  |  | $ | 31,010 |
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 30, 2025 |  | March 31, 2024 |  |  |  |
Consumer Packaging |  |  |  |  |  | $ | 1,229 |  |  | $ | 4,317 |  |  |  |  |
Industrial Paper Packaging |  |  |  |  |  | 12,535 |  |  | 22,603 |  |  |  |  |
All Other |  |  |  |  |  | (32) |  |  | 1,148 |  |  |  |  |
Corporate |  |  |  |  |  | (151) |  |  | 2,942 |  |  |  |  |
Total restructuring and restructuring-related asset impairment charges |  |  |  |  |  | $ | 13,581 |  |  | $ | 31,010 |  |  |  |  |
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, 2024 |  | $ | 24,034 |  |  | $ | — |  |  | $ | 909 |  |  | $ | 24,943 |
2025 charges |  | 6,998 |  |  | 5,101 |  |  | 1,482 |  |  | 13,581 |
Cash (payments)/receipts |  | (9,271) |  |  | 10 |  |  | (1,452) |  |  | (10,713) |
Asset write downs/disposals |  | — |  |  | (5,111) |  |  | — |  |  | (5,111) |
Foreign currency translation |  | 227 |  |  | — |  |  | 274 |  |  | 501 |
Liability at March 30, 2025 |  | $ | 21,988 |  |  | $ | — |  |  | $ | 1,213 |  |  | $ | 23,201 |

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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.P.3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-1 Reference 2: 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) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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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 -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 Reference 2: 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 + Details
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