Restructuring Reserves

3 Months Ended

Mar. 31, 2016

Restructuring and Related Activities [Abstract]

Restructuring Reserves

Restructuring Reserves

The total remaining liability under severance-related actions taken during the year ended December 31, 2015, which is included within other current liabilities in the Company's Condensed Consolidated Balance Sheets, was $1.6 million as of March 31, 2016 compared to $1.9 million as of December 31, 2015, and is expected to be substantially paid in cash by September 30, 2016.

In connection with the Company's organizational redesign initiatives in Europe, the Company has committed to a plan to sell two separate facilities, one located in Mechelen, Belgium and one located in Magenta, Italy. As of March 31, 2016, both of these facilities met the held-for-sale criteria set forth in U.S. GAAP, resulting in the classification of $9.8 million of property and equipment as held-for-sale. No impairment was recognized during the three months ended March 31, 2016 and the book value of the facilities is classified within prepaid and other current assets in the accompanying Condensed Consolidated Balance Sheets. The Mechelen, Belgium facility is reported within the Melt Delivery and Control Systems segment and the Magenta, Italy facility is reported within the Advanced Plastic Processing Technologies segment.