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INSURANCE SETTLEMENT RECEIVABLE | 6 Months Ended
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Jun. 30, 2016
INSURANCE SETTLEMENT RECEIVABLE |
INSURANCE SETTLEMENT RECEIVABLE | Note 15 – INSURANCE SETTLEMENT RECEIVABLE A fire caused damages to AptarGroup’s facility in Annecy, France on June 25, 2016. There were no reported injuries. The cause of the fire is under investigation and was contained to one of three production units. Aptar Annecy supplies anodized aluminum components for certain AptarGroup dispensing systems. While repairs are underway, AptarGroup will source from its network of suppliers as well as from its anodizing facility in Brazil. AptarGroup is insured for the damages caused by the fire, including business interruption insurance, and it does not expect this incident to have a material impact on its financial results. Costs, including the write-off of damaged fixed assets and inventory along with labor and other direct costs related to fire, of $0.6 million were incurred during the quarter. These costs have been reported within the Condensed Consolidated Statements of Income and have been offset by the expected insurance proceeds within the same financial statement line items as the losses. As we are still in the investigation phase, we have only established an insurance receivable for known losses for which we believe insurance reimbursement is probable. In many cases, our insurance coverage exceeds the amount of these covered losses, but no gain contingencies have been recognized as our ability to realize those gains remains uncertain for financial reporting purposes. A separate fire caused damage to the roof and production area of one of the Company’s facilities in Brazil in September 2014. There were no injuries. The facility is primarily an internal supplier of anodized aluminum components for certain dispensing systems sold to the regional beauty and personal care markets. Repairs of the facility were essentially completed in the fourth quarter 2015. AptarGroup is insured for the damages caused by the fire, including business interruption insurance. While the Company is still in the process of reviewing claims with our insurance carriers, we have a $1.8 million receivable related to costs incurred but not yet reimbursed, which is included in Prepaid and Other in the Condensed Consolidated Balance Sheet. This incident did not have a material impact on our financial results during the first six months of either 2016 or 2015 and we expect to reach a final insurance settlement during 2016.

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- Definition The entire disclosure for business interruption insurance recoveries. Includes, but is not limited to, the nature of the event resulting in business interruption losses, the aggregate amount of business interruption insurance recoveries recognized, and the line item in the statement of operations in which those recoveries are classified (including amounts reported as an extraordinary item). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6365675&loc=d3e16285-107787 + Details
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