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Subsequent Events | 12 Months Ended
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Dec. 31, 2015
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events In 2015, our business operations consisted of two reportable segments, Packaging Systems and Delivery Systems. Beginning in 2016, we are changing our organization and reporting structure for our next phase of growth and development, which will result in a change to Proprietary Products and Contract-Manufactured Products as reportable segments. See Part I, Item 1, Business, of this Form 10-K for further discussion regarding the change in our organization and reporting structure. On February 15, 2016, our Board of Directors approved a restructuring plan designed to repurpose several of our production facilities in support of growing high-value proprietary products and to realign operational and commercial activities to meet the needs of our new market-focused commercial organization. These changes are expected to be implemented over the next twelve to twenty-four months. The total 2016 charge associated with this plan will be in the range of $23.0 million to $28.0 million, the majority of which will be recorded in the first quarter of 2016. The charge consists of a range of $17.0 million to $20.0 million in non-cash asset write-downs associated with the discontinued use of certain trademarks and equipment, and a range of $6.0 million to $8.0 million for cash severance charges on personnel reductions representing 1% to 2% of our global workforce. We expect to realize $4.0 million to $5.0 million in cost reductions from this program in 2016, with cost saving benefits growing to $8.0 million to $10.0 million in 2017. On February 17, 2016, the Venezuelan government announced a devaluation of the Bolivar, from the official exchange rate of 6.3 Bolivars to USD to 10.0 Bolivars to USD, and streamlined the previous three-tiered currency exchange mechanism into a dual currency exchange mechanism. The weaker of the two rates will be a free-floating exchange rate based on an existing system that currently sells dollars at around 200 Bolivars per USD. Since February 2013, when the Venezuelan government announced a devaluation of the Bolivar, we have used the previously-prevailing official exchange rate of 6.3 Bolivars to USD to re-measure our Venezuelan subsidiary's financial statements. The devaluation of the Bolivar to 10.0 Bolivars per USD will result in an estimated pre-tax charge of $2.3 million in the first quarter of 2016. At December 31, 2015, we had $6.2 million in net monetary assets denominated in Venezuelan Bolivars, including $4.7 million in cash and cash equivalents, and $1.4 million in non-monetary assets. If there are further devaluations of the Bolivar or other changes in the currency exchange mechanisms in Venezuela in the future, a pre-tax charge of up to $7.6 million could be required. We will continue to actively monitor the political and economic developments in Venezuela.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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