Restructuring Reserves

9 Months Ended

Sep. 30, 2016

Restructuring and Related Activities [Abstract]

Restructuring Reserves

Restructuring Reserves

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. The Company expects to incur severance and other related costs of approximately $13.0 million to $15.0 million. Substantially all of these costs will result in future cash expenditures and are expected to be substantially complete by the end of 2017. As the employees are required to render service in order to receive the termination benefits, the associated liability will be recognized ratably over the future service period. The impact on the Company's Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2016, as a result of this expense recognition, was not material.

2015 Actions

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 $0.6 million as of September 30, 2016 compared to $1.9 million as of December 31, 2015, and is expected to be substantially paid in cash by March 31, 2017.

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 September 30, 2016, both of these facilities met the held-for-sale criteria set forth in U.S. GAAP, resulting in the classification of $9.7 million of property and equipment as held-for-sale. No impairment was recognized during the three and nine months ended September 30, 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.