SCHN 2017 Annual Report

SCHNITZER STEEL INDUSTRIES, INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 77 / Schnitzer Steel Industries, Inc. Form 10-K 2017 Restructuring charges and other exit-related activities were comprised of the following (in thousands): 2017 2016 2015 All Other Plans Q2’15 Plan Total Charges All Other Plans Q2’15 Plan Total Charges All Other Plans Q2’15 Plan Total Charges Restructuring charges: Severance costs $ — $ (24) $ (24) $ — $ 4,915 $ 4,915 $ 391 $ 5,330 $ 5,721 Contract termination costs 255 139 394 311 796 1,107 377 1,245 1,622 Other restructuring costs — — — — — — 1,223 2,048 3,271 Total restructuring charges 255 115 370 311 5,711 6,022 1,991 8,623 10,614 Other exit-related activities: Asset impairments and accelerated depreciation — 158 158 — 3,127 3,127 — 6,502 6,502 Gains on exit-related disposals — (565) (565) — (1,337) (1,337) — — — Total other exit-related activities — (407) (407) — 1,790 1,790 — 6,502 6,502 Total restructuring charges and other exit-related activities $ 255 $ (292) $ (37) $ 311 $ 7,501 $ 7,812 $ 1,991 $15,125 $17,116 Restructuring charges and other exit-related activities included in continuing operations $ (109) $ 6,781 $13,008 Restructuring charges and other exit-related activities included in discontinued operations $ 72 $ 1,031 $ 4,108 Q2’15 Plan Total restructuring charges to date $ 14,449 Total expected restructuring charges $ 14,480 The following illustrates the reconciliation of the restructuring liability by major type of cost for the years ended August 31, 2017 and 2016 (in thousands): Q2’15 Plan Balance 8/31/2015 Charges Payments and Other Balance 8/31/2016 Charges Payments and Other Balance 8/31/2017 Severance costs $ 1,226 $ 4,915 $ (5,223) $ 918 $ (24) $ (859) $ 35 Contract termination costs 1,320 796 (957) 1,159 139 (409) 889 Other restructuring costs — — — — — — — Total $ 2,546 $ 5,711 $ (6,180) $ 2,077 $ 115 $ (1,268) $ 924 Total Charges to Date (1) Total Expected Charges (1) Severance costs $ 10,251 $ 10,251 Contract termination costs 2,149 2,180 Other restructuring costs 2,049 2,049 Total $ 14,449 $ 14,480 ___________________________ (1) Total charges to date and total expected charges by major type of cost reflect amounts related to the Q2'15 Plan only. Remaining charges related to prior plans are not expected to be material.