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Restructuring

6 Months Ended

Jun. 30, 2019

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

On May 2, 2019, the Company approved the closure of its Pottsville, Pennsylvania films plant as part of its broader strategic efforts to improve the Company’s competitive position in providing quality film products and services to its customers. The Company also announced a strategic alliance with Oben Holding Group S.A. (“Oben”), a third-party producer of films for the flexible packaging industry, leveraging the Company's sales channels and Nylon 6 supply with Oben's new state-of-the-art manufacturing facility. The Company ceased operations at the Pottsville, PA plant in July 2019.

Restructuring costs consist of long-lived asset impairments, facility exit costs, employee separations and inventory write-downs. Facility exit costs include demolition, equipment relocation, contract terminations and project management costs. These costs are included in Cost of goods sold in the Condensed Consolidated Statements of Operations. The Company does not expect to incur any additional restructuring charges related to the closure of its films plant.

Restructuring costs for the three months ended June 30, 2019 were as follows:

			Three Months Ended June 30, 2019
Write-off of equipment and facility			$	7,131
Facility exit costs			2,686
Employee separations			1,364
Inventory write-downs			1,442
Total restructuring charges			$	12,623

The following table summarizes the components of restructuring activities and the remaining balances of accrued restructuring charges as of June 30, 2019:

			Employee Separation Benefits						Facility Exit Costs						Total
Accrual balance at December 31, 2018			$	—					$	—					$	—
Charges			1,364						2,686						4,050
Cash payments			—						—						—
Accrual balance at June 30, 2019			$	1,364					$	2,686					$	4,050

The balance of accrued restructuring charges are expected to be settled within the next twelve months.

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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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