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Plants Shutdowns, Asset Impairments, Restructurings And Other | 6 Months Ended
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Jun. 30, 2016
Restructuring Charges [Abstract] |
Plant Shutdowns, Asset Impairments, Restructurings And Other | Plant shutdowns, asset impairments, restructurings and other charges are shown in the net sales and operating profit by segment table in Note 9, and unless otherwise noted below, are also included in “Asset impairments and costs associated with exit and disposal activities, net of adjustments” in the consolidated statements of income. Plant shutdowns, asset impairments, restructurings and other charges in the second quarter of 2016 include:
• | Pretax charges of $1.4 million associated with the consolidation of domestic PE Films’ manufacturing facilities, which includes severance and other employee-related costs of $0.4 million, asset impairments of $0.1 million, accelerated depreciation of $0.1 million (included in “Cost of goods sold” in the consolidated statements of income) and other facility consolidation-related expenses of $0.8 million ($0.7 million is included in “Cost of goods sold” in the consolidated statements of income);
• | Pretax charges of $0.6 million related to an explosion that occurred in the second quarter of 2016 at the aluminum extrusions manufacturing facility in Newnan, Georgia (included in “Selling, general and administrative expense” in the consolidated statements of income);
• | Pretax charges of $15,000 for severance and other employee-related costs associated with restructurings in PE Films; and
• | Pretax charges of $8,000 associated with the shutdown of the aluminum extrusions manufacturing facility in Kentland, Indiana.
Plant shutdowns, asset impairments, restructurings and other charges in the first six months of 2016 include:
• | Pretax charges of $2.5 million associated with the consolidation of domestic PE Films’ manufacturing facilities, which includes severance and other employee-related costs of $0.7 million, asset impairments of $0.3 million, accelerated depreciation of $0.2 million (included in “Cost of goods sold” in the consolidated statements of income) and other facility consolidation-related expenses of $1.3 million ($1.1 million is included in “Cost of goods sold” in the consolidated statements of income);
• | Pretax charges of $0.6 million related to an explosion that occurred in the second quarter of 2016 at the aluminum extrusions manufacturing facility in Newnan, Georgia (included in “Selling, general and administrative expense” in the consolidated statements of income);
• | Pretax charges of $0.4 million associated with a non-recurring business development project (included in “Selling, general and administrative expense” in the consolidated statements of income and “Corporate expenses, net” in the statement of net sales and operating profit by segment);
• | Pretax charges of $23,000 for severance and other employee-related costs associated with restructurings in PE Films; and
• | Pretax charges of $15,000 associated with the shutdown of the aluminum extrusions manufacturing facility in Kentland, Indiana.
Plant shutdowns, asset impairments, restructurings and other charges in the second quarter of 2015 include:
• | Pretax charges of $3.9 million (included in “Selling, general and administrative expense” in the consolidated statements of income and “Corporate expenses, net” in the statement of net sales and operating profit by segment included in Note 9) for severance and other employee-related costs associated with the resignation of the Company’s former chief executive and chief financial officers;
• | Pretax adjustment of $0.3 million for severance and other employee-related costs associated with restructurings in Flexible Packaging Films; and
• | Pretax charges of $18,000 associated with the shutdown of the aluminum extrusions manufacturing facility in Kentland, Indiana.
Plant shutdowns, asset impairments, restructurings and other charges in the first six months of 2015 include:
• | Pretax charges of $3.9 million (included in “Selling, general and administrative expense” in the consolidated statements of income and “Corporate expenses, net” in the statement of net sales and operating profit by segment included in Note 9) for severance and other employee-related costs associated with the resignation of the Company’s former chief executive and chief financial officers;
• | Pretax charge of $0.2 million for severance and other employee-related costs associated with restructurings in Flexible Packaging Films; and
• | Pretax charges of $33,000 associated with the shutdown of the aluminum extrusions manufacturing facility in Kentland, Indiana.
Results in the second quarter and first six months of 2016 include an unrealized gain on the Company’s investment in kaleo, Inc (“kaléo”), which is accounted for under the fair value method (included in “Other income (expense), net” in the consolidated statements of income), of $0.3 million ($0.2 million after taxes) and $1.1 million ($0.8 million after taxes), respectively (none in the first six months of 2015). See Note 6 for additional information on investments. A reconciliation of the beginning and ending balances of accrued expenses associated with exit and disposal activities and charges associated with asset impairments and reported as “Asset impairments and costs associated with exit and disposal activities, net of adjustments” in the consolidated statements of income for the six months ended June 30, 2016 is as follows:
(In Thousands) | Severance |  | Asset Impairments |  | Other (a) |  | Total
Balance at January 1, 2016 | $ | 1,462 |  |  | $ | — |  |  | $ | 405 |  |  | $ | 1,867 |
Changes in 2016: |  |  |  |  |  |  |
Charges | 683 |  |  | 339 |  |  | 1,481 |  |  | 2,503 |
Cash spent | (707 | ) |  | — |  |  | (1,317 | ) |  | (2,024 | )
Charges against assets | — |  |  | (339 | ) |  | (217 | ) |  | (556 | )
Balance at June 30, 2016 | $ | 1,438 |  |  | $ | — |  |  | $ | 352 |  |  | $ | 1,790 |
(a) Other includes other facility consolidation-related costs associated with the consolidation of North American PE Films manufacturing facilities and other shutdown-related costs associated with the shutdown of the Company’s aluminum extrusions manufacturing facility in Kentland, Indiana.
On July 7, 2015, the Company announced its intention to consolidate its domestic production for PE Films by restructuring the operations in its manufacturing facility in Lake Zurich, Illinois. Efforts to transition domestic production from the Lake Zurich manufacturing facility will require various machinery upgrades and equipment transfers to its other manufacturing facilities. Given PE Films’ focus on maintaining product quality and customer satisfaction, the Company anticipates that these activities will be completed in the middle of 2017. Total pre-tax cash expenditures associated with restructuring the Lake Zurich manufacturing facility are expected to be approximately $16-17 million over this period, and once complete, annual pre-tax cash cost savings are expected to be approximately $5-6 million. The Company expects to recognize costs associated with the exit and disposal activities of approximately $5-6 million over the project period. Exit and disposal costs include severance charges and other employee-related expenses arising from the termination of employees of approximately $3-4 million and equipment transfers and other facility consolidation-related costs of approximately $2 million. During the same period of time, operating expenses will include the acceleration of approximately $3 million of non-cash depreciation expense for certain machinery and equipment at the Lake Zurich manufacturing facility. Total expenses associated with the North American facility consolidation project were $1.4 million and $2.5 million in the second quarter and first six months of 2016, respectively ($0.6 million and $1.2 million, respectively, included in “Asset impairments and costs associated with exit and disposal activities” and $0.8 million and $1.3 million, respectively, included in “Cost of goods sold” in the consolidated statement of income). Total expenses since the inception of the project were $4.7 million. Total estimated cash expenditures of $16-17 million over the project period include the following:
• | Cash outlays associated with previously discussed exit and disposal expenses of approximately $5 million, including additional operating expenses of approximately $1 million associated with customer product qualifications on upgraded and transferred production lines;
• | Capital expenditures associated with equipment upgrades at other PE Films manufacturing facilities in the U.S. of approximately $11 million; and
• | Cash incentives of approximately $1 million in connection with meeting safety and quality standards while production ramps down at the Lake Zurich manufacturing facility.
Cash expenditures for the North American facility consolidation project were $3.6 million and $5.8 million in the second quarter and first six months of 2016, respectively, which includes capital expenditures of $2.8 million and $4.5 million, respectively. Total cash expenditures since the inception of the project were $9.4 million, which includes $7.4 million for capital expenditures.

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