XML 21 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
Rationalization Charges
9 Months Ended
Sep. 30, 2017
Restructuring and Related Activities [Abstract]  
Rationalization Charges
Rationalization Charges

We continually evaluate cost reduction opportunities across each of our businesses, including rationalizations of our existing facilities through plant closings and downsizings. We use a disciplined approach to identify opportunities that generate attractive cash returns. Rationalization charges by business segment were as follows:

 
Three Months Ended
 
Nine Months Ended
 
Sept. 30, 2017
 
Sept. 30, 2016
 
Sept. 30, 2017
 
Sept. 30, 2016
 
(Dollars in thousands)
Metal Containers
$
326

 
$
4,280

 
$
3,288

 
$
8,333

Closures
134

 
64

 
535

 
482

Plastic Containers
101

 
3,477

 
662

 
5,114

 
$
561

 
$
7,821

 
$
4,485

 
$
13,929

 
 
 
 
 
 
 
 
 
Activity in reserves for our rationalization plans for the nine months ended September 30 was as follows:
 
 
Employee
Severance
and Benefits
 
Plant
Exit
Costs
 
Non-Cash
Asset
Write-Down
 
Total
 
 
(Dollars in thousands)
Balance at December 31, 2016
 
$
945

 
$
2,426

 
$

 
$
3,371

Charged to expense
 
989

 
544

 
2,952

 
4,485

Utilized and currency translation
 
(1,697
)
 
(1,061
)
 
(2,952
)
 
(5,710
)
Balance at September 30, 2017
 
$
237

 
$
1,909

 
$

 
$
2,146


Rationalization reserves as of September 30, 2017 were recorded in our Consolidated Balance Sheets as accrued liabilities and other liabilities of $0.9 million and $1.2 million, respectively. Remaining expenses for our rationalization plans of $2.2 million are expected primarily within the next twelve months. Remaining cash expenditures for our rationalization plans of $4.3 million are expected through 2023.