Due to its geographic footprint and the cost-competitive nature of its businesses, the Company continually seeks 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 Ended				Six Months Ended
	June 28, 2026		June 29, 2025		June 28, 2026		June 29, 2025
Restructuring and restructuring-related asset impairment charges, net	$	1,933	$	9,752	$	17,066	$	23,333
Other asset impairments	—		—		—		—
Restructuring/Asset impairment charges, net	$	1,933	$	9,752	$	17,066	$	23,333



	Three Months Ended				Six Months Ended
	June 28, 2026		June 29, 2025		June 28, 2026		June 29, 2025
Severance and Termination Benefits	$	(886)	$	6,367	$	6,484	$	13,365
Asset Impairment/Disposal of Assets	537		1,381		3,627		6,482
Other Costs	2,282		2,004		6,955		3,486
Restructuring and restructuring-related asset impairment charges, net	$	1,933	$	9,752	$	17,066	$	23,333

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				Six Months Ended
	June 28, 2026		June 29, 2025		June 28, 2026		June 29, 2025
Consumer Packaging	$	(170)	$	1,509	$	8,937	$	2,738
Industrial Paper Packaging	1,237		8,234		7,196		20,732
All Other	—		16		—		21
Corporate	866		(7)		933		(158)
Restructuring and restructuring-related asset impairment charges, net	$	1,933	$	9,752	$	17,066	$	23,333

Restructuring and restructuring-related asset impairment charges are included in “Restructuring/Asset impairment charges, net” 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, 2025	$	55,628	$	—	$	3,527	$	59,155
2026 charges	6,484		3,627		6,955		17,066
Cash (payments)/receipts	(24,442)		1,705		(7,159)		(29,896)
Asset write downs/disposals	—		(5,332)		—		(5,332)

Foreign currency translation	(1,045)		—		13		(1,032)
Liability at June 28, 2026	$	36,625	$	—	$	3,336	$	39,961

“Severance and Termination Benefits” during the six-month period ended June 28, 2026 includes the cost of severance for approximately 165 employees whose positions were eliminated in conjunction with the Company’s ongoing organizational effectiveness efforts, including additional severance charges related to the prior year closure of a metal packaging facility in France, part of the Consumer Packaging segment. Credits recognized in the three-month period ended June 28, 2026 represent changes in estimate to the accruals previously recorded for these actions resulting from revisions to the estimates of total severance to be paid.

“Asset Impairment/Disposal of Assets” during the six-month period ended June 28, 2026 consists primarily of asset write-offs related to the closure of a metal packaging facility in Ghana, part of the Consumer Packaging segment and additional losses from the sale of assets associated with a previously closed paper mill facility in Greece, part of the Industrial Paper Packaging segment.

“Other Costs” during the six-month period ended June 28, 2026 consists primarily of equipment removal, utilities, plant security, property taxes, and insurance costs related to the prior year closures of metal can facilities in France and Ghana, and the prior year closures of a paper mill in Mexico and partitions facility in California, both part of the Industrial Paper Packaging segment, as well as ongoing facility carrying costs of other 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 $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 2026. The Company continually evaluates its cost structure, including its manufacturing capacity, and additional restructuring actions are likely to be undertaken.