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 changes in its markets. As such, restructuring costs have been, and are expected to be, a recurring component of the Company’s operating costs. 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:



	Three Months Ended
		March 31, 2024		April 2, 2023


Restructuring/Asset impairment charges		$	31,618	$	28,814



	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

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” 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

“Severance and termination benefits” during the first three months of 2024 includes the cost of severance for approximately 95 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 closures of two small industrial converted products facilities in China, and the planned closure of an industrial converted products facility in Mississauga, Canada, all part of the Industrial Paper Packaging segment.

“Asset impairments” during the first three months of 2024 consists primarily of asset impairment charges related to the closure of the Sumner Mill.

“Other costs” during the first three months of 2024 consists 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 plant closures in the prior year.

The Company expects to pay the majority of the remaining restructuring reserves by the end of 2024 using cash generated from operations. The Company also expects to recognize future additional charges totaling approximately $5,300 in connection with previously announced restructuring actions and believes that the majority of these charges will be incurred and paid by the end of 2024. The Company continually evaluates its cost structure, including its manufacturing capacity, and additional restructuring actions are likely to be undertaken.