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Plants Shutdowns, Asset Impairments, Restructurings And Other | 3 Months Ended
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Mar. 31, 2018
Restructuring Charges [Abstract] |
Plant Shutdowns, Asset Impairments, Restructurings And Other | Plant shutdowns, asset impairments, restructurings and other items are shown in the net sales and operating profit by segment table in Note 10 and are also included in “Asset impairments and costs associated with exit and disposal activities, net of adjustments” in the consolidated statements of income, unless otherwise noted below. Plant shutdowns, asset impairments, restructurings and other items in the first three months of 2018 include:
• | Pretax charges of $1.0 million related to estimated excess costs associated with the ramp-up of new product offerings and additional expenses related to strategic capacity expansion projects by PE Films (included in “Cost of goods sold” in the consolidated statements of income);
• | Pretax charges of $0.3 million for professional fees associated with the Terphane Limitada worthless stock deduction, the impairment of assets of Flexible Packaging Films and determining the effect of the new U.S. federal income tax law (included in “Selling, general and administrative expenses” in the consolidated statements of income); and
• | Pretax charges of $0.1 million for severance and other employee-related costs associated with restructurings in PE Films and Aluminum Extrusions.
Plant shutdowns, asset impairments, restructurings and other items in the first three months of 2017 include:
• | Pretax charges of $3.3 million related to the acquisition of Futura, i) associated with accounting adjustments of $1.7 million made to the value of inventory sold by Aluminum Extrusions after its acquisition of Futura (included in “Cost of goods sold” in the consolidated statements of income), ii) acquisition costs of $1.5 million and, iii) integration costs of $0.1 million (included in “Selling, general and administrative expenses” in the consolidated statements of income);
• | Pretax charges of $1.7 million related to estimated excess costs associated with the ramp-up of new product offerings and additional expenses related to strategic capacity expansion projects by PE Films of $1.4 million and by Aluminum Extrusions of $0.3 million (included in “Cost of goods sold” in the consolidated statements of income);
• | Pretax charges of $0.4 million related to the explosion that occurred in the second quarter of 2016 at the aluminum extrusions manufacturing facility in Newnan, Georgia, which includes excess production costs of $0.3 million (included in “Cost of goods sold” in the consolidated statements of income) for which recovery from insurance carriers was not assured, and legal and consulting fees of $0.1 million (included in “Selling, general and administrative expenses” in the consolidated statements of income);
• | Pretax charges of $0.7 million associated with the consolidation of domestic PE Films’ manufacturing facilities, which consists of severance and other employee-related costs of $0.2 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 $0.3 million ($0.2 million included in “Cost of goods sold” in the consolidated statements of income);
• | Pretax charges of $0.3 million related to expected future environmental costs at the aluminum extrusions manufacturing facility in Carthage, Tennessee (included in “Cost of goods sold” in the consolidated statements of income);
• | Pretax charges of $0.3 million associated with a business development project (included in “Selling, general and administrative expense” in the consolidated statements of income and “Corporate expenses, net” in the net sales and operating profit by segment table); and
• | Pretax charges of $0.3 million for severance and other employee-related costs associated with restructurings in Corporate (included in “Corporate expenses, net” in the net sales and operating profit by segment table).
Results in the first three months of 2018 and 2017 includes unrealized gains of $8.2 million ($6.4 million after taxes) and $3.3 million ($2.5 million after taxes), respectively, 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). See Note 7 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 three months ended March 31, 2018 is as follows:
(In thousands) | Severance (a) |  | Asset Impairments |  | Other (b) |  | Total
Balance at January 1, 2018 | $ | 627 |  |  | $ | — |  |  | $ | 476 |  |  | $ | 1,103 |
Changes in 2018: |  |  |  |  |  |  |
Charges | 123 |  |  | — |  |  | — |  |  | 123 |
Cash spent | (464 | ) |  | — |  |  | (234 | ) |  | (698 | )
Charges against assets | — |  |  | — |  |  | — |  |  | — |
Balance at March 31, 2018 | $ | 286 |  |  | $ | — |  |  | $ | 242 |  |  | $ | 528 |
(a) Severance Cash spent includes severance payments associated with the consolidation of North American PE Films manufacturing facilities. (b) Other primarily includes other restructuring costs associated with Aluminum Extrusions.

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