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Rationalization Charges

3 Months Ended

Mar. 31, 2019

Restructuring and Related Activities [Abstract]

Rationalization Charges

Rationalization Charges

We continually evaluate cost reduction opportunities across each of our businesses, including rationalizations of our existing facilities through plant closings and downsizings. We use a disciplined approach to identify opportunities that generate attractive cash returns. Rationalization charges by business segment for the three months ended March 31 were as follows:

	2019				2018
	(Dollars in thousands)
Metal containers	$	222			$	482
Closures	5,660				39
Plastic containers	201				182
	$	6,083			$	703

Rationalization charges in 2019 for the closures business were primarily related to the announced shutdown of the Torello, Spain metal closures manufacturing facility.

Activity in reserves for our rationalization plans for the three months ended March 31 was as follows:

		Employee Severance and Benefits				Plant Exit Costs				Non-Cash Asset Write-Down				Total
		(Dollars in thousands)
Balance at December 31, 2018		$	130			$	1,482			$	—			$	1,612
Charged to expense		3,152				205				2,726				6,083
Utilized and currency translation		(392		)		(379		)		(2,726		)		(3,497		)
Balance at March 31, 2019		$	2,890			$	1,308			$	—			$	4,198

Rationalization reserves as of March 31, 2019 were recorded in our Condensed Consolidated Balance Sheets as accrued liabilities of $3.5 million and other liabilities of $0.7 million. Remaining expenses for our rationalization plans of $4.1 million are expected primarily in 2019. Remaining cash expenditures for our rationalization plans of $8.3 million are expected through 2023.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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