Restructuring Reserves

3 Months Ended

Mar. 31, 2017

Restructuring and Related Activities [Abstract]

Restructuring Reserves

Restructuring Reserves

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. During the three months ended March 31, 2017, the Company recorded severance expense of $2.6 million related to this restructuring plan which is included within other expense, net in the Company's Condensed Consolidated Statements of Operations. Substantially all of these costs will result in future cash expenditures and are expected to be substantially complete by the third quarter of 2018. As the employees are required to render service in order to receive the termination benefits, the associated liability and expense are being recognized ratably over the future service period. The total remaining liability related to this plan was $5.0 million and $2.6 million as of March 31, 2017 and December 31, 2016, respectively, and is included in other current liabilities in the Company's Condensed Consolidated Balance Sheets.

During the three months ended March 31, 2017, the Company closed the sale of the Mechelen, Belgium facility which had been classified as held-for-sale. Proceeds from the sale were approximately $3.0 million. The Mechelen, Belgium facility was reported within the Melt Delivery and Control Systems segment.