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Plants Shutdowns, Asset Impairments, Restructurings And Other | 6 Months Ended
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Jun. 30, 2019
Restructuring Charges [Abstract] |
Plant Shutdowns, Asset Impairments, Restructurings And Other | Plant shutdowns, asset impairments, restructurings, sales of assets and other items are shown in the net sales and operating profit by segment table in Note 11 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 second quarter of 2019 include:
• | Pretax charges of $2.0 million for professional fees associated with remediation activities and other costs relating to the Company’s material weaknesses in internal control over financial reporting, business development activities, and implementation of new accounting guidance (included in “Selling, general and administrative expenses” in the consolidated statements of income);
• | Pretax charges of $1.0 million associated with the consolidation of certain PE Films manufacturing activities in the U.S. and Europe for its Personal Care business component, including the eventual shutdown of the facility in Lake Zurich, Illinois and the transfer of its production of elastics materials to the new elastics production lines in Terre Haute, Indiana. The pretax charges are comprised of severance and other employee-related accrued costs of $0.4 million ($0.3 million for Lake Zurich), asset impairments of $0.3 million ($0.2 million for Lake Zurich) and accelerated depreciation of $0.3 million for Lake Zurich (included in “Cost of goods sold” in the consolidated statements of income);
• | Pretax charges of $0.1 million for severance and other employee-related costs associated with other restructuring activities in PE Films;
• | Pretax charges of $0.2 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); and
• | Pretax charges of $0.3 million associated with the shutdown of PE Films’ manufacturing facility in Shanghai, China, which consists of other facility-related costs.
Plant shutdowns, asset impairments, restructurings and other items in the first six months of 2019 include:
• | Pretax charges of $2.9 million for professional fees associated with remediation activities and other costs relating to the Company’s material weaknesses in internal control over financial reporting, business development activities, and implementation of new accounting guidance (included in “Selling, general and administrative expenses” in the consolidated statements of income);
• | Pretax charges of $1.0 million associated with the consolidation of certain PE Films manufacturing activities in the U.S. and Europe for its Personal Care business component, including the eventual shutdown of the facility in Lake Zurich, Illinois and the transfer of its production of elastics materials to the new elastics production lines in Terre Haute, Indiana. The pretax charges are comprised of severance and other employee-related accrued costs of $0.4 million ($0.3 million for Lake Zurich), asset impairments of $0.3 million ($0.2 million for Lake Zurich) and accelerated depreciation of $0.3 million for Lake Zurich (included in “Cost of goods sold” in the consolidated statements of income);
• | Pretax charges of $0.4 million for the write-off of a Personal Care production line at PE Films’ Guangzhou, China facility;
• | Pretax charges of $0.5 million for severance and other employee-related costs associated with restructurings in PE Films;
• | Pretax charges of $0.4 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); and
• | Pretax charges of $0.5 million associated with the shutdown of PE Films’ manufacturing facility in Shanghai, China, which consists of other facility-related costs.
Plant shutdowns, asset impairments, restructurings and other items in the second quarter of 2018 include:
• | Pretax charges of $0.6 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); and
• | Pretax charges of $0.7 million associated with the shutdown of PE Films’ manufacturing facility in Shanghai, China, which consists of severance and other employee-related accrued costs of $0.4 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 $0.2 million.
Plant shutdowns, asset impairments, restructurings and other items in the first six months of 2018 include:
• | Pretax charges of $1.5 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 $0.7 million associated with the shutdown of PE Films’ manufacturing facility in Shanghai, China, which consists of severance and other employee-related accrued costs of $0.4 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 $0.2 million.
Results on the Company’s investment in kaléo, Inc. (“kaléo”), which is accounted for under the fair value method, in the second quarter and first six months of 2019 included gains of $7.1 million ($5.6 million after taxes) and $24.2 million ($19.9 million after taxes), which included a $17.6 million dividend, respectively, compared to gains of $5.8 million ($4.5 million after taxes) and $14.0 million ($10.9 million after taxes) in the second quarter and first six months of 2018, respectively (included in “Other income (expense), net” in the consolidated statements of income). See Note 7 for additional information on investments. The Company plans to close its PE Films manufacturing facility in Lake Zurich, Illinois, which produces elastic materials. Production at the Lake Zurich plant is expected to cease during the fourth quarter of 2019 with product transfers to the new elastic production line at Terre Haute, Indiana. As a result of this plant closure, the Company expects to recognize pre-tax cash costs of $7.6 million associated with these activities comprised of (i) customer-related costs ($0.7 million), (ii) severance and other employee related costs ($1.8 million), and (iii) asset disposal and other cash costs ($5.1 million). In addition, the Company expects non-cash asset write-offs and accelerated depreciation of $1.6 million. Proceeds from the expected sale of Lake Zurich’s real property are estimated at approximately $5 million. The Company anticipates that these activities will be completed by the end of 2020. The Company plans to consolidate the production of certain PE Films personal care products in Europe over the next twelve months. As a result of this consolidation, the Company expects to recognize pre-tax cash costs of $1.7 million, primarily for severance and customer-related costs. In June 2018, the Company announced plans to close its facility in Shanghai, China, which primarily produced plastic films used as components for personal care products (“Shanghai transition”). Production ceased at this plant during the fourth quarter of 2018. Total expenses associated with the Shanghai transition are $3.8 million since project inception. Cash expenditures were $0.3 million and $0.5 million in the three and six months ended June 30, 2019, respectively, and $3.0 million since project inception. An additional $0.5 million of cash expenditures is expected to be needed to complete the project, primarily for severance and other employee related costs. Proceeds from the sale of the plant facilities, which occurred in the third quarter of 2019, are expected to be $6.5 million, net of related expenses. 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, 2019 is as follows:
(In thousands) | Severance (a) |  | Asset Impairments |  | Other (b) |  | Total
Balance at January 1, 2019 | $ | 616 |  |  | $ | — |  |  | $ | 160 |  |  | $ | 776 |
Changes in 2019: |  |  |  |  |  |
Charges | 968 |  |  | 695 |  |  | 468 |  |  | 2,131 |
Cash payments | (677 | ) |  | — |  |  | (523 | ) |  | (1,200 | )
Charges against assets | — |  |  | (695 | ) |  | — |  |  | (695 | )
Reversed to income | — |  |  | — |  |  | — |  |  | — |
Balance at June 30, 2019 | $ | 907 |  |  | $ | — |  |  | $ | 105 |  |  | $ | 1,012 |
(a) Severance cash spent primarily includes severance payments associated with PE Films’ exit and disposal activities. (b) Other primarily includes other restructuring costs associated with the Shanghai plant shutdown.

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