INSURANCE SETTLEMENT RECEIVABLE

12 Months Ended

Dec. 31, 2015

INSURANCE SETTLEMENT RECEIVABLE

INSURANCE SETTLEMENT RECEIVABLE

NOTE 18  INSURANCE SETTLEMENT RECEIVABLE

A fire caused damage to the roof and production area of one of the Company’s facilities in Brazil during September 2014. There were no injuries. The facility is primarily an internal supplier of anodized aluminum components for certain dispensing systems sold to the regional beauty and personal care markets. Repairs of the facility were essentially completed in the fourth quarter 2015.  AptarGroup is insured for the damages caused by the fire, including business interruption insurance.  While the Company is still in the process of reviewing claims with our insurance carriers, we have currently recognized a $4.9 million receivable related to costs incurred but not yet reimbursed, which is included in Prepayments and Other in the Consolidated Balance Sheet.  During 2015, we recognized $2.9 million of gain due to the insurance recovery on the involuntary conversion of fixed assets related to this fire, which is included in Other (Expense) Income on the Consolidated Statements of Income.  Otherwise, this incident did not have a material impact on our financial results during 2015 and we expect to reach a final insurance settlement during the first half of 2016.