Acquisitions and Divestitures |
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Jun. 28, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisitions and Divestitures | Acquisitions and Divestitures Acquisitions The Company did not complete any acquisitions during the three- and six-month periods ended June 28, 2026 and June 29, 2025. During the second quarter of 2025, the Company received $16,528 in a final working capital settlement related to its December 4, 2024 acquisition of Titan Holdings I B.V. (“Eviosys”). TFP Divestiture On April 1, 2025, the Company completed the sale of TFP to Toppan for net cash consideration of $1,807,493 paid at closing on a cash-free and debt-free basis and subject to customary adjustments. This sale was the result of the Company’s continuing evaluation of its business portfolio and was consistent with the Company’s strategic and investment priorities. In connection with the TFP divestiture, the Company wrote off net assets totaling $1,108,560, reclassified $47,955 of cumulative translation adjustment losses from accumulated other comprehensive income/(loss) and incurred transaction fees of $25,205, resulting in a net pretax gain of $625,773. The Company recognized a related tax provision of $201,225, for an after-tax gain of $424,548. The after tax gain is included in “Net income from discontinued operations” in the Company’s Condensed Consolidated Statements of Income for the three- and six-month periods ended June 29, 2025. A final working capital settlement of $15,211 was paid to Toppan during the first quarter of 2026. The Company had recorded a liability in this amount in “Accrued expenses and other payables” on its Condensed Consolidated Balance Sheet as of December 31, 2025. Other Divestitures On June 5, 2026, the Company completed the sale of a recycling facility in Savannah, Georgia, part of the Industrial Paper Packaging segment, for net cash proceeds of $4,000. The Company wrote off net assets totaling $1,360 in connection with the sale, including goodwill of $538, resulting in a gain of $2,640, which is included in “Gain/(Loss) on divestiture of business” in the Company’s Condensed Consolidated Statements of Income. On November 3, 2025, the Company completed the sale of ThermoSafe to Arsenal for net cash consideration of $655,827 paid at closing on a cash-free and debt-free basis and subject to customary adjustments. A final working capital settlement of $1,865 was paid to Arsenal during the first quarter of 2026. This settlement is included in “Gain/(Loss) on divestiture of business” in the Company’s Condensed Consolidated Statement of Income for the six-month period ended June 28, 2026. Transaction fees totaling $10,112 were also paid during the first quarter of 2026. The Company had recorded a liability for these fees in “Accrued expenses and other payables” on its Condensed Consolidated Balance Sheet as of December 31, 2025. On April 30, 2025, the Company completed the sale of a recycling facility in Asheville, North Carolina, part of the Industrial Paper Packaging segment, for cash proceeds of $3,924. The sale resulted in a loss of $2,083, which is included in “Gain/(Loss) on divestiture of business” in the Company’s Condensed Consolidated Statements of Income. On March 2, 2025, the Company completed the sale of its tube and core operations in Venezuela, part of the Industrial Paper Packaging segment, in exchange for a receivable in the amount of $145. The sale resulted in a loss of $5,390, including $3,792 of cumulative translation losses that were reclassified from accumulated other comprehensive income. This loss is included in “Gain/(Loss) on divestiture of business” in the Company’s Condensed Consolidated Statements of Income. In February 2025, the remaining $2,000 of proceeds from the July 1, 2023 sale of the Company’s U.S. BulkSak business were released to the Company from escrow. On January 17, 2025, the Company completed the sale of a small construction tube operation in France, part of the Industrial Paper Packaging segment, for cash proceeds of $1,513 and recognized a gain of $1,207, which is included in “Gain/(Loss) on divestiture of business” in the Company’s Condensed Consolidated Statements of Income. The sales of these operations did not represent a strategic shift for the Company and did not have a major effect on its operations or financial results. Consequently, these sales did not meet the criteria for reporting as discontinued operations. Acquisition, Integration, and Divestiture-Related Costs Acquisition, integration, and divestiture-related costs from continuing operations during the three- and six-month periods ended June 28, 2026 and June 29, 2025 were recorded in the Company’s Condensed Consolidated Statements of Income as follows:
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