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Restructuring and Asset Impairments
 9 Months Ended
Sep. 28, 2025
Restructuring and Related Activities [Abstract]  
Restructuring and Asset Impairments Restructuring and Asset Impairments
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 significant 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.
Set forth below are the total restructuring and asset impairment charges, net of adjustments, recognized during the periods presented:
Three Months EndedNine Months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Restructuring and restructuring-related asset impairment charges$48,388 $6,149 $71,721 $55,122 
Other asset impairments— — — — 
Restructuring/Asset impairment charges$48,388 $6,149 $71,721 $55,122 

The table below sets forth restructuring and restructuring-related asset impairment charges by type incurred:
Three Months EndedNine Months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Severance and Termination Benefits$37,865 $1,378 $51,230 $24,649 
Asset Impairment/Disposal of Assets5,074 2,268 11,556 21,288 
Other Costs5,449 2,503 8,935 9,185 
Total restructuring and restructuring-related asset impairment charges$48,388 $6,149 $71,721 $55,122 
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 EndedNine Months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Consumer Packaging$34,885 $2,468 $37,623 $16,661 
Industrial Paper Packaging11,323 3,798 32,092 34,138 
All Other— — (16)1,362 
Corporate2,180 (117)2,022 2,961 
Total restructuring and restructuring-related asset impairment charges$48,388 $6,149 $71,721 $55,122 
Restructuring and restructuring-related asset impairment charges are included in “Restructuring/Asset impairment charges” in the Company’s Condensed Consolidated Statements of Income.
The following table sets forth the activity in the restructuring accrual included in “Accrued expenses and other payables” 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 charges51,230 11,556 8,935 71,721 
Cash (payments)/receipts(27,023)4,295 (6,122)(28,850)
Asset write downs/disposals— (15,851)— (15,851)
Foreign currency translation842 — 324 1,166 
Liability at September 28, 2025$49,083 $— $4,046 $53,129 
“Severance and Termination Benefits” during the nine-month period ended September 28, 2025 includes the cost of severance for approximately 370 employees whose positions were eliminated in conjunction with the Company’s ongoing organizational effectiveness efforts, as well as severance costs related to the closures of metal can facilities in France and Spain, part of the Consumer Packaging segment, and the closures of a paper mill in Mexico, cone facilities in China and Mexico, and partitions facilities in Maine and California, all part of the Industrial Paper Packaging segment.
“Asset Impairment/Disposal of Assets” during the nine-month period ended September 28, 2025 consists primarily of asset write-offs related to the closures of the paper mill in Mexico, the cone facilities in China and Mexico, and the partitions facilities in Maine and California, all part of the Industrial Paper Packaging segment, and the closure of the metal packaging facility in France, part of the Consumer Packaging segment.
“Other Costs” during the nine-month period ended September 28, 2025 consists primarily of equipment removal, utilities, plant security, property taxes, insurance and environmental remediation costs related to the prior year’s closure of the Company’s paper mill in Washington, costs related to the current year’s closures of the metal can facilities in France and Spain and the paper mill in Mexico, and ongoing facility carrying costs of previously announced plant closures.
The Company expects to pay the majority of the remaining restructuring reserves by the end of 2026 using cash generated from operations. The Company also expects to recognize future additional charges totaling approximately $16,000 in connection with previously announced restructuring actions and believes that the majority of these charges will be incurred and paid by the end of 2026. The Company continually evaluates its cost structure, including its manufacturing capacity, and additional restructuring actions are likely to be undertaken.