Restructuring Reserves

9 Months Ended

Sep. 30, 2019

Restructuring and Related Activities [Abstract]

Restructuring Reserves

Restructuring and Facilities

2019 Actions

During the first quarter of 2019, the Company entered into an agreement to purchase a manufacturing facility located in Baden-Baden, Germany which was previously leased by the Company. The purchase price was €6.8 million, or approximately $7.8 million. On August 1, 2019, the Company's wholly-owned subsidiary Mold-Masters Europa GmbH ("Mold-Masters") closed on the sale of the property for €7.4 million, or approximately $8.2 million. Simultaneously, Mold-Masters entered into an agreement with the buyer to lease the property for fifteen years. The Baden-Baden, Germany facility is reported within the Melt Delivery and Control Systems segment.

2018 Actions

In connection with the Company's organizational redesign initiatives in Europe, the Company has committed to a plan to sell its facility located in Malterdingen, Germany. As of September 30, 2019 and December 31, 2018, this facility met the held-for-sale criteria set forth in U.S. GAAP, resulting in the classification of $9.2 million and $9.6 million, respectively, of property and equipment as held-for-sale. No adjustment to book value was recognized during the three and nine months ended September 30, 2019 and the book value of the facility is classified within current assets held for sale in the Condensed Consolidated Balance Sheets. The Malterdingen, Germany facility is reported within the Advanced Plastic Processing Technologies segment.

2016 Actions

On September 30, 2016, the Company's wholly-owned subsidiary Ferromatik Milacron GmbH entered into an agreement with its local works council setting forth a restructuring plan related to its manufacturing facility in Malterdingen, Germany whereby certain operational functions will be shifted to the Company's operations in the Czech Republic, United States and India. During the three months ended March 31, 2018, the Company identified additional employees to be included within the Company's existing restructuring plan. During the three and nine months ended September 30, 2018, the Company recorded severance expense of $3.2 million and $12.8 million, respectively, related to this restructuring plan which is included within other (income) expense, net in the Condensed Consolidated Statements of Operations. As the employees were required to render service in order to receive the termination benefits, the associated liability and expense were recognized ratably over the future service period. At December 31, 2018, the total remaining liability related to this plan was $8.3 million and is included in other current liabilities in the Condensed Consolidated Balance Sheets. Substantially all of these costs resulted in cash expenditures and were substantially complete by March 31, 2019.