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Business Consolidation and Other Activities | 9 Months Ended
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Sep. 30, 2015
Business Consolidation and Other Activities |
Business Consolidation and Other Activities | 5.Business Consolidation and Other Activities Following is a summary of business consolidation and other activity (charges)/income included in the unaudited condensed consolidated statements of earnings:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
($ in millions) |  | 2015 |  | 2014 |  | 2015 |  | 2014 |
Metal beverage packaging, Americas & Asia |  | $ | (21.2 | ) | $ | (0.1 | ) | $ | (23.8 | ) | $ | 1.7 |
Metal beverage packaging, Europe |  | (1.3 | ) | (4.3 | ) | (8.6 | ) | (6.6 | )
Metal food & household products packaging |  | (0.1 | ) | (4.5 | ) | (1.0 | ) | (11.6 | )
Aerospace & technologies |  | — |  | — |  | 0.7 |  | — |
Corporate and other |  | (129.3 | ) | (0.3 | ) | (105.6 | ) | (1.3 | )
|  | $ | (151.9 | ) | $ | (9.2 | ) | $ | (138.3 | ) | $ | (17.8 | )
2015 Metal Beverage Packaging, Americas and Asia During the third quarter of 2015, the company announced the closure of the Bristol, Virginia, metal beverage packaging end-making facility, which is expected to cease production in the second quarter of 2016. The closure will realign end-making capacities in North America to better position the company to meet customer demand. The company recorded initial charges of $20.2 million in the third quarter, which are comprised of $19.0 million in severance, pension and other employee benefits and other individually insignificant items totaling $1.2 million. During the first nine months of 2015, the company recorded charges of $3.3 million related to business reorganization activities in the company’s metal beverage packaging, Asia, operations and for ongoing costs related to previously closed facilities. During the third quarter and the first nine months of 2015, the company also recognized charges of $1.0 million and $0.3 million, respectively, for individually insignificant items. Metal Beverage Packaging, Europe During the first nine months of 2015, the company recorded a charge of $4.7 million for the write down of property held for sale to fair value less cost to sell. During the third quarter and first nine months of 2015, the company recorded charges of $1.3 million and $3.9 million, respectively, related to headcount reductions, cost-out initiatives and the relocation of the company’s European headquarters from Germany to Switzerland, as well as an additional tax expense of $1.7 million and $5.0 million, respectively, related to this relocation. Corporate During the third quarter and first nine months of 2015, the company recorded charges of $24.7 million and $68.8 million respectively, for professional services and other costs associated with the proposed acquisition of Rexam announced in February 2015. Also during the third quarter and first nine months of 2015, the company recognized losses of $104.6 million and $36.3 million, respectively, associated with the change in fair value of its collar and option contracts entered into to reduce its exposure to currency exchange rate changes in connection with the British pound denominated cash portion of the announced, proposed acquisition of Rexam, further discussed in Note 16. Other charges in the first nine months of 2015 included $0.5 million for insignificant activities. 2014 Metal Beverage Packaging, Americas and Asia The first nine months included charges of $2.0 million related to a fire at a metal beverage packaging, Americas, facility. During the first quarter, the company received and recorded compensation of $5.0 million for the reimbursement of severance costs incurred in connection with the company’s closure and relocation of the Shenzhen, PRC, manufacturing facility in 2013. Also during the first quarter, the company sold its plastic motor oil container and pail manufacturing business in the PRC and recorded a gain of $0.8 million in connection with the sale. During the third quarter, the company entered into a supplemental agreement related to the sale and recorded a loss of $1.1 million. The third quarter and first nine months of 2014 also included net gains of $1.0 million and net charges of $1.0 million, respectively, primarily related to previously closed facilities and for other insignificant activities. Metal Food and Household Products Packaging In the third quarter, the company recorded charges of $3.6 million related to a reduction in force to eliminate certain food can production in the Oakdale, California, facility, as well as the completion of a voluntary separation program. The third quarter and first nine months also included charges of $0.9 million and $4.2 million, respectively, related to previously closed facilities and other insignificant activities. During the fourth quarter of 2013, the company announced plans to close its Danville, Illinois, steel aerosol packaging facility in the second half of 2014. Charges of $3.8 million were recorded during the first nine months of 2014 in connection with the announced closure. Metal Beverage Packaging, Europe, and Corporate The third quarter and first nine months included charges of $0.9 million and $3.2 million, respectively, for headcount reductions, cost-out initiatives and the relocation of the company’s European headquarters from Germany to Switzerland, as well as additional tax expense of $1.9 million and $6.1 million, respectively, related to this relocation. The third quarter and first nine months of 2014 also included charges of $3.7 million and $4.7 million, respectively, related to the write off of previously capitalized costs associated with the company’s Lublin, Poland, facility, and for other insignificant activities. Assets Held for Sale The carrying value of assets held for sale in connection with facility closures was $3.3 million at September 30, 2015, and $11.7 million at December 31, 2014.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 5.P.4) -URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.P.3) -URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140864-122747 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section P -Subsection 3, 4 + Details
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