Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jan. 30, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | TREDEGAR CORP | ||
Entity Central Index Key | 850429 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 32,534,984 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $585,612,317 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets | ||||
Cash and cash equivalents | $50,056 | [1] | $52,617 | [1] |
Accounts and other receivables, net of allowance for doubtful accounts and sales returns of $2,610 in 2014 and $3,327 in 2013 | 113,341 | 99,246 | ||
Income taxes recoverable | 877 | 0 | ||
Inventories | 74,308 | 70,663 | ||
Deferred income taxes | 8,877 | 5,628 | ||
Prepaid expenses and other | 8,283 | 6,353 | ||
Total current assets | 255,742 | 234,507 | ||
Property, plant and equipment, at cost: | ||||
Land and land improvements | 11,814 | 12,093 | ||
Buildings | 135,015 | 109,125 | ||
Machinery and equipment | 643,793 | 677,621 | ||
Total property, plant and equipment | 790,622 | 798,839 | ||
Less accumulated depreciation | -520,665 | -516,279 | ||
Net property, plant and equipment | 269,957 | 282,560 | ||
Goodwill and other intangibles | 215,129 | 226,300 | ||
Other assets and deferred charges | 47,798 | 49,641 | ||
Total assets | 788,626 | [1] | 793,008 | [1] |
Current liabilities: | ||||
Accounts payable | 94,131 | 82,795 | ||
Accrued expenses | 32,049 | 42,158 | ||
Income taxes payable | 0 | 114 | ||
Total current liabilities | 126,180 | 125,067 | ||
Long-term debt | 137,250 | 139,000 | ||
Deferred income taxes | 39,255 | 70,795 | ||
Other noncurrent liabilities | 113,912 | 55,482 | ||
Total liabilities | 416,597 | 390,344 | ||
Commitments and contingencies | ||||
Shareholders’ equity: | ||||
Issued and outstanding—32,422,082 shares in 2014 and 32,305,145 in 2013 (including restricted stock) | 24,364 | 20,641 | ||
Common stock held in trust for savings restoration plan (66,255 shares in 2014 and 65,332 in 2013) | -1,440 | -1,418 | ||
Accumulated other comprehensive income (loss): | ||||
Foreign currency translation adjustment | -47,270 | -19,205 | ||
Gain (loss) on derivative financial instruments | 656 | 765 | ||
Pension and other postretirement benefit adjustments | -103,581 | -71,848 | ||
Retained earnings | 499,300 | 473,729 | ||
Total shareholders’ equity | 372,029 | 402,664 | ||
Total liabilities and shareholders’ equity | $788,626 | $793,008 | ||
[1] | Information on exports and foreign operations are provided on the previous page. Cash and cash equivalents includes funds held in locations outside the U.S. of $40.5 million and $38.6 million at December 31, 2014 and 2013, respectively. Export sales relate almost entirely to Film Products. Operations outside the U.S. in The Netherlands, Hungary, China, Brazil and India also relate to Film Products. Sales from locations in The Netherlands and Hungary are primarily to customers located in Europe. Sales from locations in China (Guangzhou and Shanghai) are primarily to customers located in China, but also include other customers in Asia. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accounts and other receivables, allowance for doubtful accounts and sales returns | $2,610 | $3,327 |
Common stock, no par value (shares) | ||
Common stock, shares authorized (shares) | 150,000,000 | 150,000,000 |
Common stock, shares, issued (shares) | 32,422,082 | 32,305,145 |
Common stock, shares, outstanding (shares) | 32,422,082 | 32,305,145 |
Common stock held in trust for savings restoration plan (shares) | 66,255 | 65,332 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Revenues and other: | ||||||
Sales | $951,826 | $959,346 | $882,188 | |||
Other income (expense), net | -6,697 | 1,776 | 18,119 | |||
Total revenues, net of other expenses | 945,129 | 961,122 | 900,307 | |||
Costs and expenses: | ||||||
Cost of goods sold | 778,113 | 784,675 | 712,660 | |||
Freight | 28,793 | 28,625 | 24,846 | |||
Selling, general and administrative | 69,526 | 71,195 | 73,717 | |||
Research and development | 12,147 | 12,669 | 13,162 | |||
Amortization of intangibles | 5,395 | 6,744 | 5,806 | |||
Interest expense | 2,713 | 2,870 | 3,590 | |||
Asset impairments and costs associated with exit and disposal activities | 3,026 | 1,412 | 5,022 | |||
Total | 899,713 | 908,190 | 838,803 | |||
Income from continuing operations before income taxes | 45,416 | 52,932 | 61,504 | |||
Income taxes | 9,387 | [1] | 16,995 | [1] | 18,319 | [1] |
Income from continuing operations | 36,029 | 35,937 | 43,185 | |||
Income (loss) from discontinued operations, net of tax | 850 | [1] | -13,990 | [1] | -14,934 | [1] |
Net income | $36,879 | $21,947 | $28,251 | |||
Basic: | ||||||
Continuing operations (in usd per share) | $1.12 | $1.12 | $1.35 | |||
Discontinued operations (in usd per share) | $0.02 | ($0.44) | ($0.47) | |||
Net income (in usd per share) | $1.14 | $0.68 | $0.88 | |||
Diluted: | ||||||
Continuing operations (in usd per share) | $1.11 | $1.10 | $1.34 | |||
Discontinued operations (in usd per share) | $0.02 | ($0.43) | ($0.46) | |||
Net income (in usd per share) | $1.13 | $0.67 | $0.88 | |||
[1] | See Notes 1, 3, 4 and 18 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items. |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $36,879 | $21,947 | $28,251 |
Foreign currency translation adjustment: | |||
Unrealized foreign currency translation adjustment (net of tax benefit of $2,396 in 2014, tax of $233 in 2013 and tax of $897 in 2012) | -28,065 | -19,336 | -11,562 |
Derivative financial instruments adjustment | -109 | -228 | 1,399 |
Pension & other post-retirement benefit adjustments | |||
Net gains (losses) and prior service costs (net of tax benefit of $22,445 in 2014, tax of $13,231 in 2013 and tax benefit of $11,145 in 2012) | -38,730 | 22,203 | -19,285 |
Amortization of prior service costs and net gains or losses (net of tax of $3,582 in 2014, tax of $5,398 in 2013 and tax of $3,749 in 2012) | 6,997 | 9,420 | 6,486 |
Other comprehensive income (loss) | -59,907 | 12,059 | -22,962 |
Comprehensive income (loss) | ($23,028) | $34,006 | $5,289 |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | ($2,396) | $233 | $897 |
Derivative financial instruments adjustment, tax (benefit) | -112 | -133 | 818 |
Net gains or losses and prior service costs, tax (benefit) | -22,445 | 13,231 | -11,145 |
Amortization of prior service costs and net gains or losses, tax | $3,582 | $5,398 | $3,749 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Cash flows from operating activities: | |||||
Net income | $36,879 | $21,947 | $28,251 | ||
Adjustments for noncash items: | |||||
Depreciation | 35,423 | 37,911 | 43,463 | ||
Amortization of intangibles | 5,395 | 6,744 | 5,806 | ||
Deferred income taxes | -11,489 | -5,268 | -762 | ||
Accrued pension and postretirement benefits | 6,974 | 13,911 | 8,311 | ||
(Gain) loss on an investment accounted for under the fair value method | -2,000 | -3,400 | -16,100 | ||
Loss on asset impairments | 993 | 1,639 | 2,185 | ||
(Gain) loss on sale of assets | -1,031 | 0 | 1,219 | ||
Changes in assets and liabilities, net of effects of acquisitions and divestitures: | |||||
Accounts and notes receivables | -18,696 | -1,763 | 9,454 | ||
Inventories | -8,803 | 1,727 | -9,913 | ||
Income taxes recoverable/payable | -906 | 3,063 | 3,193 | ||
Prepaid expenses and other | 496 | -651 | 1,883 | ||
Accounts payable and accrued expenses | 5,554 | 3,043 | 9,105 | ||
Other, net | 2,446 | -2,188 | -3,509 | ||
Net cash provided by operating activities | 51,235 | 76,715 | 82,586 | ||
Cash flows from investing activities: | |||||
Capital expenditures | -44,898 | -79,661 | -33,252 | ||
Acquisitions, net of cash acquired | 0 | 561 | -57,936 | ||
Net proceeds from the sale of investment property (2014) and Fallings Springs, LLC (2013 & 2012) | 4,500 | 306 | 12,071 | ||
Proceeds from the sale of assets and other | 2,125 | 1,190 | 3,557 | ||
Net cash used in investing activities | -38,273 | -77,604 | -75,560 | ||
Cash flows from financing activities: | |||||
Borrowings | 116,000 | 87,000 | 93,250 | ||
Debt principal payments and financing costs | -117,779 | -76,000 | -91,604 | ||
Dividends paid | -11,007 | -9,040 | -30,782 | ||
Proceeds from exercise of stock options and other | 410 | 3,317 | 2,400 | ||
Net cash provided by (used in) financing activities | -12,376 | 5,277 | -26,736 | ||
Effect of exchange rate changes on cash | -3,147 | -593 | -407 | ||
Increase (decrease) in cash and cash equivalents | -2,561 | 3,795 | -20,117 | ||
Cash and cash equivalents at beginning of period | 52,617 | [1] | 48,822 | 68,939 | |
Cash and cash equivalents at end of period | 50,056 | [1] | 52,617 | [1] | 48,822 |
Supplemental cash flow information: | |||||
Interest payments | 3,320 | 2,583 | 2,992 | ||
Income tax payments (refunds), net | $20,890 | $19,480 | $14,721 | ||
[1] | Information on exports and foreign operations are provided on the previous page. Cash and cash equivalents includes funds held in locations outside the U.S. of $40.5 million and $38.6 million at December 31, 2014 and 2013, respectively. Export sales relate almost entirely to Film Products. Operations outside the U.S. in The Netherlands, Hungary, China, Brazil and India also relate to Film Products. Sales from locations in The Netherlands and Hungary are primarily to customers located in Europe. Sales from locations in China (Guangzhou and Shanghai) are primarily to customers located in China, but also include other customers in Asia. |
Consolidated_Statements_Of_Sha
Consolidated Statements Of Shareholders' Equity (USD $) | Total | Common Stock | Retained Earnings | Trust For Savings Restoration Plan | Foreign Currency Translation | Gain (Loss) On Derivative Financial Instruments | Pension and other post-retirement benefit adjustments |
In Thousands, except Share data, unless otherwise specified | |||||||
Balance at Dec. 31, 2011 | $396,907 | $14,357 | $463,278 | ($1,343) | $11,693 | ($406) | ($90,672) |
Balance, shares at Dec. 31, 2011 | 32,057,281 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 28,251 | 28,251 | |||||
Foreign currency translation adjustment | -11,562 | -11,562 | |||||
Derivative financial instruments adjustment | 1,399 | 1,399 | |||||
Net gains (losses) and prior service costs | -19,285 | -19,285 | |||||
Amortization of prior service costs and net gains or losses | 6,486 | 6,486 | |||||
Cash dividends declared | -30,782 | -30,782 | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 78,299 | ||||||
Share Based Compensation Expense, Value | 2,516 | 2,516 | |||||
Issued upon exercise of stock options & other | 2,031 | 2,031 | |||||
Issued upon exercise of stock options (including related income tax benefits) & other, shares | 143,366 | ||||||
Shares received from the sale of Falling Springs, LLC | 3,709 | 3,709 | |||||
Shares received from the sale of Falling Springs, LLC, shares | 209,576 | ||||||
Tredegar common stock purchased by trust for savings restoration plan | 0 | 58 | -58 | ||||
Balance at Dec. 31, 2012 | 372,252 | 15,195 | 460,805 | -1,401 | 131 | 993 | -103,471 |
Balance, shares at Dec. 31, 2012 | 32,069,370 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 21,947 | 21,947 | |||||
Foreign currency translation adjustment | -19,336 | -19,336 | |||||
Derivative financial instruments adjustment | -228 | -228 | |||||
Net gains (losses) and prior service costs | 22,203 | 22,203 | |||||
Amortization of prior service costs and net gains or losses | 9,420 | 9,420 | |||||
Cash dividends declared | -9,040 | -9,040 | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 72,125 | ||||||
Share Based Compensation Expense, Value | 2,572 | 2,572 | |||||
Issued upon exercise of stock options & other | 2,874 | 2,874 | |||||
Issued upon exercise of stock options (including related income tax benefits) & other, shares | 163,650 | ||||||
Tredegar common stock purchased by trust for savings restoration plan | 0 | 17 | -17 | ||||
Balance at Dec. 31, 2013 | 402,664 | 20,641 | 473,729 | -1,418 | -19,205 | 765 | -71,848 |
Balance, shares at Dec. 31, 2013 | 32,305,145 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 36,879 | 36,879 | |||||
Foreign currency translation adjustment | -28,065 | -28,065 | |||||
Derivative financial instruments adjustment | -109 | -109 | |||||
Net gains (losses) and prior service costs | -38,730 | -38,730 | |||||
Amortization of prior service costs and net gains or losses | 6,997 | 6,997 | |||||
Cash dividends declared | -11,007 | -11,007 | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 85,129 | ||||||
Share Based Compensation Expense, Value | 3,224 | 3,224 | |||||
Shareholder Rights Agreement Redemption | -323 | -323 | |||||
Issued upon exercise of stock options & other | 499 | 499 | |||||
Issued upon exercise of stock options (including related income tax benefits) & other, shares | 31,808 | ||||||
Tredegar common stock purchased by trust for savings restoration plan | 0 | 22 | -22 | ||||
Balance at Dec. 31, 2014 | $372,029 | $24,364 | $499,300 | ($1,440) | ($47,270) | $656 | ($103,581) |
Balance, shares at Dec. 31, 2014 | 32,422,082 |
Consolidated_Statements_Of_Sha1
Consolidated Statements Of Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Stockholders' Equity [Abstract] | |||
Foreign currency translation adjustment, tax (benefit) | ($2,396) | $233 | $897 |
Derivative financial instruments adjustment, tax (benefit) | -112 | -133 | 818 |
Net gains or losses and prior service costs, tax (benefit) | -22,445 | 13,231 | -11,145 |
Amortization of prior service costs and net gains or losses, tax | 3,582 | 5,398 | 3,749 |
Cash dividends declared (in usd per share) | $0.34 | $0.28 | $0.96 |
Issued upon exercise of stock options, income tax (benefit) | $3 | $188 | $144 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||
Summary Of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||
Organization and Nature of Operations. Tredegar Corporation and subsidiaries (collectively “Tredegar,” “the Company,” “we,” “us” or “our”) are primarily engaged in the manufacture of plastic films and aluminum extrusions. See Notes 10 and 18 regarding restructurings and Note 3 regarding discontinued operations. | ||||||||||||||||
Basis of Presentation. The consolidated financial statements include the accounts and operations of Tredegar and all of its majority-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. On February 12, 2008, Tredegar sold its aluminum extrusions business in Canada, and on November 20, 2012, the Company sold its mitigation banking business, Falling Springs, LLC (“Falling Springs”). All historical results for these businesses have been reflected as discontinued operations in these financial statements; however, cash flows for discontinued operations have not been separately disclosed in the consolidated statements of cash flows. See Note 3 regarding discontinued operations. | ||||||||||||||||
The preparation of financial statements in conformity with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) requires Tredegar to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. | ||||||||||||||||
Certain amounts for the prior years have been reclassified to conform to current year presentation. | ||||||||||||||||
Foreign Currency Translation. The financial statements of subsidiaries located outside the U.S., where the local currency is the functional currency, are translated into U.S. Dollars using exchange rates in effect at the period end for assets and liabilities and average exchange rates during each reporting period for results of operations. Adjustments resulting from the translation of these financial statements are reflected as a separate component of shareholders’ equity. There are no operating subsidiaries located outside the U.S. where the U.S. Dollar is the functional currency. | ||||||||||||||||
Transaction and remeasurement gains or losses included in income were a loss of $1.5 million in 2014, a loss of $0.4 million in 2013 and a gain of $16,000 in 2012. These amounts do not include the effects between reporting periods that exchange rate changes have on income of the locations outside the U.S. that result from translation into U.S. Dollars. | ||||||||||||||||
Cash and Cash Equivalents. Cash and cash equivalents consist of cash on hand in excess of daily operating requirements and highly liquid investments with original maturities of three months or less. At December 31, 2014 and 2013, Tredegar had cash and cash equivalents of $50.1 million and $52.6 million, respectively, including funds held in locations outside the U.S. of $40.5 million and $38.6 million, respectively. | ||||||||||||||||
The Company’s policy permits investment of excess cash in marketable securities that have the highest credit ratings and maturities of less than one year. The primary objectives of the policy are safety of principal and liquidity. | ||||||||||||||||
Accounts and Other Receivables. Accounts receivable are stated at the amount invoiced to customers less allowances for doubtful accounts and sales returns. Accounts receivable are non-interest bearing and arise from the sale of product to customers under typical industry trade terms. Notes receivable are not significant. Past due amounts are determined based on established terms and charged-off when deemed uncollectible. The allowance for doubtful accounts is determined based on an assessment of probable losses taking into account past due amounts, customer credit profile, historical experience and current economic conditions. Other receivables include value-added taxes related to certain foreign subsidiaries and other miscellaneous receivables due within one year. | ||||||||||||||||
Inventories. Inventories are stated at the lower of cost or market, with cost determined on the last-in, first-out (“LIFO”) basis, the weighted average cost or the first-in, first-out basis. Cost elements included in work-in-process and finished goods inventories are raw materials, direct labor and manufacturing overhead. | ||||||||||||||||
Property, Plant and Equipment. Accounts include costs of assets constructed or purchased, related delivery and installation costs and interest incurred on significant capital projects during their construction periods. Expenditures for renewals and betterments also are capitalized, but expenditures for repairs and maintenance are expensed as incurred. The cost and accumulated depreciation applicable to assets retired or sold are removed from the respective accounts, and gains or losses thereon are included in income. | ||||||||||||||||
Capital expenditures for property, plant and equipment include capitalized interest. Capitalized interest included in capital expenditures for property, plant and equipment was $1.1 million, $0.9 million and $0.2 million in 2014, 2013 and 2012, respectively. | ||||||||||||||||
Depreciation is computed primarily by the straight-line method based on the estimated useful lives of the assets that, except for isolated exceptions, range from 5 to 40 years for buildings and land improvements and 2 to 20 years for machinery and equipment. | ||||||||||||||||
Investments in Private Entities with Less Than or Equal to 50% Voting Ownership Interest. The Company accounts for its investments in private entities where its voting ownership is less than or equal to 50% based on the facts and circumstances surrounding the investment. Investments are required to be accounted for under the consolidation method in situations where Tredegar is the primary beneficiary of a variable interest entity. The primary beneficiary is the party that has a controlling financial interest in a variable interest entity. The Company is deemed to have a controlling financial interest if it has (i) the power to direct activities of the variable interest entity that most significantly impact its economic performance and (ii) the obligation to absorb losses or the right to receive benefits from the variable interest entity that could potentially be significant to its operations. | ||||||||||||||||
If the Company is not deemed to be the primary beneficiary in an investment in a variable interest entity then it selects either: (i) the fair value method or (ii) either (a) the cost method if it does not have significant influence over operating and financial policies of the investee or (b) the equity method if it does have significant influence. | ||||||||||||||||
For those investments measured at fair value, U.S. GAAP requires disclosure of the level within the fair value hierarchy in which fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). | ||||||||||||||||
Goodwill and Other Intangibles. The excess of the purchase price over the fair value of identifiable net assets of acquired companies is allocated to goodwill. The Company assesses goodwill for impairment when events or circumstances indicate that the carrying value may not be recoverable, or, at a minimum, on an annual basis (December 1st of each year). The Company’s significant reporting units in Film Products include Polyethylene Films and PET Films. There are two reporting units in Aluminum Extrusions, Bonnell Aluminum and AACOA. Each of these reporting units has separately identifiable operating net assets (operating assets including goodwill and intangible assets net of operating liabilities). | ||||||||||||||||
All goodwill in Aluminum Extrusions is associated with the AACOA reporting unit. A goodwill impairment charge of $30.6 million ($30.6 million after taxes), which represented the entire goodwill balance in the Bonnell Aluminum reporting unit, was recognized in 2009. | ||||||||||||||||
The Company estimates the fair value of its reporting units using discounted cash flow analysis and comparative enterprise value-to-EBITDA (earnings before interest, taxes, depreciation and amortization) multiples. The goodwill of Polyethylene Films reporting unit was tested for impairment at the annual testing date, with the estimated fair value of this reporting unit substantially exceeding the carrying value of its net assets. The goodwill of PET Films reporting unit was also tested for impairment at December 1, 2014, with the estimated fair value of this reporting unit exceeding the carrying value of its net assets by approximately 31%. The goodwill of AACOA is associated with the October 2012 acquisition of AACOA, Inc. (“AACOA”), and estimated fair value of this reporting unit exceeded the carrying value of its net assets by approximately 63% at December 1, 2014. | ||||||||||||||||
Indefinite-lived intangible assets are assessed for impairment when events or circumstances indicate that the carrying value may not be recoverable, or, at a minimum, on an annual basis (December 1st of each year). The Company estimates the fair value of its trade names using a relief-from-royalty method that relies upon a corresponding discounted cash flow analysis. | ||||||||||||||||
Impairment of Long-Lived Assets. The Company reviews long-lived assets for possible impairment when events indicate that an impairment may exist. For assets that are held and used in operations, if events indicate that an asset may be impaired, the Company estimates the future unlevered pre-tax cash flows expected to result from the use of the asset and its eventual disposition. Assets are grouped for this purpose at the lowest level for which there are identifiable and independent cash flows. If the sum of these undiscounted pre-tax cash flows is less than the carrying amount of the asset, an impairment loss is calculated. Measurement of the impairment loss is the amount by which the carrying amount exceeds the estimated fair value of the asset group. | ||||||||||||||||
Assets that are held for sale are reported at the lower of their carrying amount or estimated fair value less cost to sell, with an impairment loss recognized for any write-down required. | ||||||||||||||||
Pension Costs and Postretirement Benefit Costs Other than Pensions. Pension costs and postretirement benefit costs other than pensions are accrued over the period employees provide service to Tredegar. Liabilities and expenses for pension plans and other postretirement benefits are determined using actuarial methodologies and incorporate significant assumptions, including the rate used to discount the future estimated liability, the long-term rate of return on plan assets, and several assumptions relating to the employee workforce. The Company recognizes the funded status of its pension and other postretirement plans in the accompanying consolidated balance sheets. Tredegar’s policy is to fund its pension plans at amounts not less than the minimum requirements of the Employee Retirement Income Security Act (“ERISA”) of 1974 and to fund postretirement benefits other than pensions when claims are incurred. | ||||||||||||||||
Revenue Recognition. Revenue from the sale of products, which is shown net of estimated sales returns and allowances, is recognized when title has passed to the customer, the price of the product is fixed and determinable, and collectability is reasonably assured. Amounts billed to customers related to freight have been classified as sales in the accompanying consolidated statements of income. The cost of freight has been classified as a separate line in the accompanying consolidated statements of income. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction between Tredegar and its customers (such as value-added taxes) are accounted for on a net basis and therefore excluded from revenues. | ||||||||||||||||
Research & Development (“R&D”) Costs. R&D costs are expensed as incurred and include primarily salaries, wages, employee benefits, equipment depreciation, facility costs and the cost of materials consumed relating to R&D efforts. R&D costs include a reasonable allocation of indirect costs. | ||||||||||||||||
Income Taxes. Income taxes are recognized during the period in which transactions enter into the determination of income for financial reporting purposes, with deferred income taxes being provided at enacted statutory tax rates on the differences between the financial reporting and tax bases of assets and liabilities (see Note 17). Deferred U.S. federal income taxes have not been recorded for the undistributed earnings for Terphane Ltda. (a subsidiary of Film Products) because of the Company’s intent to permanently reinvest these earnings. Because of the accumulation of significant losses related to foreign currency translations at Terphane Ltda. as of December 31, 2014, there were no unrecorded deferred tax liabilities associated with the U.S. federal income taxes and foreign withholding taxes on undistributed earnings indefinitely invested outside the U.S. The Company accrues U.S. federal income taxes to the extent permitted under U.S. GAAP on unremitted earnings of all other foreign subsidiaries. | ||||||||||||||||
A valuation allowance is recorded in the period when the Company determines that it is more likely than not that all or a portion of deferred tax assets may not be realized. The establishment and removal of a valuation allowance requires the Company to consider all positive and negative evidence and make a judgmental decision regarding the amount of valuation allowance required as of a reporting date. The benefit of an uncertain tax position is included in the accompanying financial statements when the Company determines that it is more likely than not that the position will be sustained, based on the technical merits of the position, if the taxing authority examines the position and the dispute is litigated. This determination is made on the basis of all the facts, circumstances and information available as of the reporting date. | ||||||||||||||||
Earnings Per Share. Basic earnings per share is computed using the weighted average number of shares of common stock outstanding. Diluted earnings per share is computed using the weighted average common and potentially dilutive common equivalent shares outstanding, determined as follows: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Weighted average shares outstanding used to compute basic earnings per share | 32,302,108 | 32,171,751 | 32,032,343 | |||||||||||||
Incremental shares attributable to stock options and restricted stock | 251,746 | 427,528 | 160,233 | |||||||||||||
Shares used to compute diluted earnings per share | 32,553,854 | 32,599,279 | 32,192,576 | |||||||||||||
Incremental shares attributable to stock options and restricted stock are computed using the average market price during the related period. The average out-of-the-money options to purchase shares that were excluded from the calculation of incremental shares attributable to stock options and restricted stock were 320,849 in 2014, 31,167 in 2013 and 632,050 in 2012. | ||||||||||||||||
Stock-Based Employee Compensation Plans. Compensation expense is recorded on all share-based awards based upon its calculated fair value over the requisite service period using the graded-vesting method. The fair value of stock option awards was estimated as of the grant date using the Black-Scholes options-pricing model. The fair value of restricted stock awards was estimated as of the grant date using the closing stock price on that date. | ||||||||||||||||
The assumptions used in this model for valuing Tredegar stock options granted in 2014, 2013 and 2012 are as follows: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Dividend yield | 1.3 | % | 1.1 | % | 0.9 | % | ||||||||||
Weighted average volatility percentage | 43.5 | % | 48.3 | % | 48.7 | % | ||||||||||
Weighted average risk-free interest rate | 2 | % | 1.1 | % | 1 | % | ||||||||||
Holding period (years): | ||||||||||||||||
Officers | 6 | 6 | 6 | |||||||||||||
Management | 5 | 5 | 5 | |||||||||||||
Weighted average exercise price at date of grant (also weighted average market price at date of grant): | ||||||||||||||||
Officers | $ | 22.49 | $ | 24.84 | $ | 19.3 | ||||||||||
Management | 22.33 | 25.1 | 19.4 | |||||||||||||
The dividend yield is the dividend yield on common stock at the date of grant, which the Company believes is a reasonable estimate of the expected yield during the holding period. The expected volatility is based on the historical volatility of Tredegar’s common stock using a sequential period of historical data equal to the expected holding period of the option. The Company has no reason to believe that future volatility for this period is likely to differ from the past. The assumed risk-free interest rate is based on observed interest rates (zero coupon U.S. Treasury debt securities) appropriate for the expected holding period. The expected holding period and forfeiture assumptions are based on historical experience. Estimated forfeiture assumptions are reviewed through the vesting period. Adjustments are made if actual forfeitures differ from previous estimates. The cumulative effect of a change in estimated forfeitures is recognized in the period of the change. | ||||||||||||||||
Tredegar stock options granted during 2014, 2013 and 2012, and related estimated fair value at the date of grant, are as follows: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Stock options granted (number of shares): | ||||||||||||||||
Officers | 87,820 | 94,400 | 99,600 | |||||||||||||
Management | 93,656 | 90,300 | 82,500 | |||||||||||||
Total | 181,476 | 184,700 | 182,100 | |||||||||||||
Estimated weighted average fair value of options per share at date of grant: | ||||||||||||||||
Officers | $ | 9.21 | $ | 10.37 | $ | 8.07 | ||||||||||
Management | 7.6 | 9.65 | 7.31 | |||||||||||||
Total estimated fair value of stock options granted (in thousands) | $ | 1,521 | $ | 1,850 | $ | 1,449 | ||||||||||
Additional disclosure of Tredegar stock options is included in Note 13. | ||||||||||||||||
Financial Instruments. Tredegar uses derivative financial instruments for the purpose of hedging aluminum price volatility and currency exchange rate exposures that exist as part of transactions associated with ongoing business operations. The Company’s derivative financial instruments are designated as and qualify as cash flow hedges and are recognized in the accompanying balance sheet at fair value. A change in the fair value of the derivative that is highly effective as and that is designated and qualifies as a cash flow hedge is recorded in other comprehensive income. Gains and losses reported in other comprehensive income (loss) are reclassified to earnings in the periods in which earnings are affected by the variability of cash flows of the hedged transaction. Such gains and losses are reported on the same line as the underlying hedged item, and the cash flows related to financial instruments are classified in the consolidated statements of cash flows in a manner consistent with those of the transactions being hedged. Any hedge ineffectiveness (which represents the amount by which the changes in the fair value of the derivative exceed the variability in the cash flows of the forecasted transaction) is recorded in current period earnings. The amount of gains and losses recognized for hedge ineffectiveness were not material in 2014, 2013 and 2012. | ||||||||||||||||
The Company’s policy requires that it formally document all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. The Company also formally assesses (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the fair value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative is not (or has ceased to be) highly effective as a hedge, the Company discontinues hedge accounting prospectively. | ||||||||||||||||
As a policy, Tredegar does not engage in speculative or leveraged transactions, nor does it hold or issue financial instruments for trading purposes. Additional disclosure of the utilization of derivative hedging instruments is included in Note 9. | ||||||||||||||||
Comprehensive Income (Loss). Comprehensive income (loss) is defined as net income or loss and other comprehensive income or loss. Other comprehensive income (loss) includes changes in foreign currency translation adjustments, unrealized gains and losses on derivative financial instruments, prior service costs and net gains or losses from pension and other postretirement benefit plans arising during the period and amortization of these prior service costs and net gains or losses adjustments, all recorded net of deferred income taxes. | ||||||||||||||||
The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the year ended December 31, 2014: | ||||||||||||||||
(In Thousands) | Foreign currency translation adjustment | Gain (loss) on derivative financial instruments | Pension and other post-retirement benefit adjustments | Total | ||||||||||||
Beginning balance, January 1, 2014 | $ | (19,205 | ) | $ | 765 | $ | (71,848 | ) | $ | (90,288 | ) | |||||
Other comprehensive income (loss) before reclassifications | (28,065 | ) | 294 | (38,730 | ) | (66,501 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (403 | ) | 6,997 | 6,594 | |||||||||||
Net other comprehensive income (loss) - current period | (28,065 | ) | (109 | ) | (31,733 | ) | (59,907 | ) | ||||||||
Ending balance, December 31, 2014 | $ | (47,270 | ) | $ | 656 | $ | (103,581 | ) | $ | (150,195 | ) | |||||
The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the year ended December 31, 2013: | ||||||||||||||||
(In Thousands) | Foreign currency translation adjustment | Gain (loss) on derivative financial instruments | Pension and other post-retirement benefit adjustments | Total | ||||||||||||
Beginning balance, January 1, 2013 | $ | 131 | $ | 993 | $ | (103,471 | ) | $ | (102,347 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (19,336 | ) | (590 | ) | 22,203 | 2,277 | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 362 | 9,420 | 9,782 | ||||||||||||
Net other comprehensive income (loss) - current period | (19,336 | ) | (228 | ) | 31,623 | 12,059 | ||||||||||
Ending balance, December 31, 2013 | $ | (19,205 | ) | $ | 765 | $ | (71,848 | ) | $ | (90,288 | ) | |||||
Reclassifications of balances out of accumulated other comprehensive income (loss) into net income during 2014 are summarized as follows: | ||||||||||||||||
(In Thousands) | Amount reclassified from other comprehensive income | Location of gain (loss) reclassified from accumulated other comprehensive income to net income | ||||||||||||||
Gain (loss) on derivative financial instruments: | ||||||||||||||||
Aluminum future contracts, before taxes | $ | 631 | Cost of sales | |||||||||||||
Foreign currency forward contracts, before taxes | 16 | Cost of sales | ||||||||||||||
Total, before taxes | 647 | |||||||||||||||
Income tax expense (benefit) | 244 | Income taxes | ||||||||||||||
Total, net of tax | $ | 403 | ||||||||||||||
Amortization of pension and other post-retirement benefits: | ||||||||||||||||
Actuarial gain (loss) and prior service costs, before taxes | $ | (10,579 | ) | (a) | ||||||||||||
Income tax expense (benefit) | (3,582 | ) | Income taxes | |||||||||||||
Total, net of tax | $ | (6,997 | ) | |||||||||||||
(a) This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 14 for additional detail). | ||||||||||||||||
Reclassifications of balances out of accumulated other comprehensive income (loss) into net income during 2013 are summarized as follows: | ||||||||||||||||
(In Thousands) | Amount reclassified from other comprehensive income | Location of gain (loss) reclassified from accumulated other comprehensive income to net income | ||||||||||||||
Gain (loss) on derivative financial instruments: | ||||||||||||||||
Aluminum future contracts, before taxes | $ | (583 | ) | Cost of sales | ||||||||||||
Foreign currency forward contracts, before taxes | — | |||||||||||||||
Total, before taxes | (583 | ) | ||||||||||||||
Income tax expense (benefit) | (221 | ) | Income taxes | |||||||||||||
Total, net of tax | $ | (362 | ) | |||||||||||||
Amortization of pension and other post-retirement benefits: | ||||||||||||||||
Actuarial gain (loss) and prior service costs, before taxes | $ | (14,818 | ) | (a) | ||||||||||||
Income tax expense (benefit) | (5,398 | ) | Income taxes | |||||||||||||
Total, net of tax | $ | (9,420 | ) | |||||||||||||
(a) This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 14 for additional detail). | ||||||||||||||||
Recently Issued Accounting Standards. In April 2014, the Financial Accounting Standards Board (“FASB”) issued a revised standard that changes current guidance for discontinued operations. Under the revised standard, to be a discontinued operation, a component or group of components must represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. Failure to eliminate significant continuing cash flows of or involvement with a disposed component from an entity’s ongoing operations after a disposal no longer precludes presentation as a discontinued operation. Expanded disclosures for discontinued operations under the revised standard will also include more details about earnings and balance sheet accounts, total operating and investing cash flows and cash flows resulting from continuing involvement. New disclosures are also required for disposals of individually significant components that do not qualify as discontinued operations. The new guidance is to be applied prospectively to all new disposals of components and new classifications as held for sale for annual reporting periods beginning after December 15, 2014, with early adoption permitted. The Company will implement this revised standard as transactions and events warrant. | ||||||||||||||||
In May 2014, the FASB and International Accounting Standards Board (“IASB”) issued their converged standard on revenue recognition. The revised revenue standard contains principles that an entity will apply to direct the measurement of revenue and timing of when it is recognized. The core principle of the guidance is that the recognition of revenue should depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods and services. To achieve that core principle, an entity will utilize a principle-based five-step approach model. The converged standard also includes more robust disclosure requirements which will require entities to provide sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The amendments in this revised standard are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The converged standard can be adopted either retrospectively or through the use of a practical expedient. The Company is still assessing the impact of this new guidance. | ||||||||||||||||
In June 2014, the FASB issued a new standard to eliminate the concept of development stage entities and all related specified presentation and reporting requirements under U.S. GAAP. In addition, the amended standard eliminated the scope exception for development stage entities when evaluating the sufficiency of equity at risk for a variable interest entity (“VIE”), thereby changing consolidation conclusions in some situations. Except for the elimination of the scope exception for development stage entities when evaluating the sufficiency of equity at risk for a VIE, the revised guidance is effective for annual reporting periods beginning after December 15, 2014, including interim periods within that reporting period. The amendments to the consolidation guidance are effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. The new standard is not expected to impact the Company. | ||||||||||||||||
In June 2014, the FASB amended the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating grant-date value of the award, and compensation expense should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The amended standard is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. Early adoption is permitted. The new standard is not expected to impact the Company. | ||||||||||||||||
In January 2015, the FASB simplified income statement classification by removing the concept of extraordinary items. Items that are both unusual and infrequent in nature will no longer be separately reported net of tax after continuing operations. The existing requirement to separately present items that are of an unusual nature or occur infrequently on a pre-tax basis within income from continuing operations has been retained and expanded to include items that are both unusual and infrequent. The standard is effective for periods beginning after December 15, 2015. Early adoption is permitted, but only as of the beginning of the fiscal year of adoption. The new standard is not expected to impact the Company. |
Acquisitions
Acquisitions | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Acquisitions | ACQUISITIONS | ||||
On October 1, 2012, The William L. Bonnell Company, Inc. acquired 100% ownership of AACOA. AACOA operates production facilities in Elkhart, Indiana and Niles, Michigan. Its primary markets include consumer durables, machinery and equipment and transportation. The acquisition added fabrication capabilities to Aluminum Extrusions’ array of products and services while providing AACOA with large press capabilities and enhanced geographic sales coverage in a variety of end-use markets. | |||||
All post-closing adjustments related to the purchase price for AACOA were resolved in 2013. Adjustments to the purchase price were made retrospectively as if the accounting had been completed on the acquisition date. After certain post-closing adjustments (primarily related to working capital transferred), the purchase price, net of cash acquired, was $54.1 million, which includes $0.6 million that was received from the seller in 2013. The purchase price was funded using financing secured from the Company’s existing $350 million revolving credit facility. | |||||
Based upon management’s valuation of the fair value of tangible and intangible assets acquired (net of cash acquired) and liabilities assumed, the purchase price allocation was as follows: | |||||
(In Thousands) | |||||
Accounts receivable | $ | 12,477 | |||
Inventories | 4,708 | ||||
Property, plant & equipment | 15,116 | ||||
Identifiable intangible assets: | |||||
Customer relationships | 4,800 | ||||
Trade names | 4,800 | ||||
Proprietary technology | 3,400 | ||||
Noncompete agreements | 1,600 | ||||
Other assets (current & noncurrent) | 42 | ||||
Trade payables & accrued expenses | (6,574 | ) | |||
Total identifiable net assets | 40,369 | ||||
Purchase price, net of cash received | 54,065 | ||||
Goodwill | $ | 13,696 | |||
The goodwill and other intangible asset balances associated with this acquisition will be deductible for tax purposes. Intangible assets acquired in the purchase of AACOA are being amortized over the following periods: | |||||
Identifiable Intangible Asset | Useful Life (Yrs) | ||||
Customer relationships | 10 | ||||
Proprietary technology | 10-Jun | ||||
Trade names | Indefinite | ||||
Noncompete agreements | 2 | ||||
On October 14, 2011, TAC Holdings, LLC (the “Buyer”) and Tredegar Film Products Corporation, which are indirect and direct, respectively, wholly-owned subsidiaries of Tredegar, entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) with Gaucho Holdings, B.V. (the “Seller”), an indirect, wholly-owned subsidiary of Vision Capital Partners VII LP (“Vision Capital”). On October 24, under the terms of the Purchase Agreement, the Buyer acquired from the Seller 100% of the outstanding equity interests of Terphane Holdings, LLC (“Terphane”). Terphane operates manufacturing facilities in Cabo de Santo Agostinho, Brazil and Bloomfield, New York. It is a producer of thin polyester films in Latin America with a growing presence in strategic niches in the U.S. | |||||
All post-closing adjustments related to the purchase price for Terphane were resolved in 2012, which resulted in a payment to the seller of $3.3 million. Adjustments to the purchase price were made retrospectively as if the accounting had been completed on the acquisition date. Upon completing these post-closing adjustments, which were primarily related to working capital transferred, the total purchase price (net of cash acquired) was $182.7 million. The purchase price was funded using available cash (net of cash received) of approximately $57.7 million and financing of $125 million secured from Tredegar’s former revolving credit facility. | |||||
The financial position and results of operations for AACOA have been consolidated with Tredegar subsequent to October 1, 2012. For the year ended December 31, 2012, the consolidated results of operations included sales of $19.9 million and net income from continuing operations of $1.0 million related to AACOA. The financial position and results of operations for Terphane have been consolidated with Tredegar subsequent to October 24, 2011. | |||||
The following unaudited supplemental pro forma data presents its consolidated revenues and earnings as if the acquisition of AACOA had been consummated on January 1, 2012. The pro forma results are not necessarily indicative of the Company’s consolidated revenues and earnings if the acquisition and related borrowing had been consummated on January 1, 2012. Supplemental unaudited pro forma results for the year ended December 31, 2012 are as follows: | |||||
(In Thousands, Except Per Share Data) | 2012 | ||||
Sales | $ | 946,594 | |||
Income from continuing operations | 44,816 | ||||
Earnings per share from continuing operations: | |||||
Basic | $ | 1.4 | |||
Diluted | 1.39 | ||||
The above supplemental unaudited pro forma amounts reflect the application of the following adjustments in order to present the consolidated results as if the acquisitions and related borrowings had occurred on January 1, 2012: | |||||
• | Adjustment for additional depreciation and amortization expense associated with the adjustments to property, plant and equipment, and intangible assets associated with purchase accounting; | ||||
• | Additional interest expense and financing fees associated with borrowing arrangements used to fund the acquisition of AACOA and the elimination of historical interest expense associated with historical borrowings of AACOA that were not assumed by Tredegar; | ||||
• | Adjustments to eliminate transactions-related expenses associated with the October 2012 acquisition of AACOA; | ||||
• | Adjustments for the estimated net income tax benefit associated with the previously described adjustments; and | ||||
• | Adjustments to income tax expense for AACOA as it had previously elected to be treated as an S-Corp for federal income tax purposes. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS |
On November 20, 2012, Tredegar Real Estate Holdings, Inc., a wholly-owned subsidiary, sold its membership interests in Falling Springs to Arc Ventures, LC for $16.6 million. Arc Ventures, LC is a Virginia limited liability company affiliated with John D. Gottwald, a member of Tredegar’s Board of Directors. The purchase price was comprised of $12.8 million of cash and 209,576 shares of common stock of Tredegar owned by Arc Ventures, LC. The corresponding loss on sale of $3.1 million, which includes transaction-related expenses of $0.5 million, and the results of operations related to Falling Springs have been classified as discontinued operations for all periods presented. For the year ended December 31, 2012, sales of $3.2 million have been reclassified to discontinued operations, and net income of $0.5 million has been reclassified to discontinued operations in 2012. Falling Springs was formerly a component of the Other segment. | |
On February 12, 2008, the Company sold its aluminum extrusions business in Canada for approximately $25.0 million to an affiliate of H.I.G. Capital. In 2014, accruals for indemnifications under the purchase agreement related to environmental matters were adjusted, resulting in income from discontinued operations of $0.9 million ($0.9 million net of tax). In 2013 and 2012, accruals of $14.0 million ($14.0 million net of tax) and $13.4 million ($13.4 million net of tax), respectively, were made for indemnifications under the purchase agreement related to environmental matters. | |
The historical results for these businesses, including any subsequent adjustments for contractual indemnifications, have been reflected as discontinued operations; however, cash flows for discontinued operations have not been separately disclosed in the consolidated statements of cash flows. |
Investments
Investments | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||
Investments | INVESTMENTS | |||||||||||||||||
In August 2007 and December 2008, Tredegar made an aggregate investment of $7.5 million in kaleo, Inc. (“kaléo”), a privately held specialty pharmaceutical company formerly known as Intelliject, Inc. The mission of kaléo is to set a new standard in life-saving personal medical products designed to enable superior treatment outcomes, improved cost effectiveness and intuitive patient administration. The Company’s ownership interest on a fully diluted basis is approximately 20%, and the investment is accounted for under the fair value method. At the time of the initial investment, the Company elected the fair value option over the equity method of accounting since its investment objectives were similar to those of venture capitalists, which typically do not have controlling financial interests. The Company recognized a net unrealized gain of $2.0 million ($1.0 million after taxes) in 2014 that primarily related to favorable adjustments in the fair value for the passage of time as anticipated cash flows associated with achieving product development and commercialization milestones were discounted at 45% for their high degree of risk and the impact of reducing the weighted average cost of capital used to discount cash flow projections after kaléo commercialized a second product, partially offset by unfavorable adjustments in the fair value due to a reassessment of the amount and timing of estimated cash flows associated with kaléo’s commercialized products. | ||||||||||||||||||
The Company recognized an unrealized gain of $3.4 million ($2.2 million after taxes) in 2013 related to favorable adjustments in the fair value for the passage of time as anticipated cash flows associated with achieving product development and commercialization milestones were discounted at 55% for their high degree of risk, partially offset by unfavorable adjustments in the fair value due to a reassessment of the amount and timing of projected receipt of royalty and milestone payments from commercial sales of kaléo’s licensed product, which launched in early 2013, and unfavorable adjustments for higher development and commercialization expenses related to its product pipeline. | ||||||||||||||||||
In 2012, the Company recognized an unrealized gain of $16.1 million ($10.2 million after taxes) attributed to various factors, most notably a favorable adjustment to the timing and amount of anticipated cash flows derived from updated marketing research; the passage of time as anticipated cash flows associated with achieving product development commercialization milestones are discounted at 55% for their high degree of risk; and a reduction in the weighted average cost of capital used to discount cash flows in the first-quarter valuation to reflect the completion of certain process testing and a reassessment of the risk associated with the timing for obtaining final marketing approval from the U.S. Food and Drug Administration (“FDA”) for the company’s first product. Unrealized gains (losses) associated with this investment are included in “Other income (expense), net” in the consolidated statements of income and separately stated in the segment operating profit table in Note 5. | ||||||||||||||||||
At December 31, 2014 and 2013, the estimated fair value of the Company’s investment (included in “Other assets and deferred charges” in the consolidated balance sheets) was $39.1 million and $37.1 million, respectively. Subsequent to its most recent investment (December 15, 2008), and until the next round of financing, the Company believes fair value estimates are based upon Level 3 inputs since there is no secondary market for its ownership interest. Accordingly, until the next round of financing or any other significant financial transaction, value estimates will primarily be based on assumptions relating to meeting product development and commercialization milestones, cash flow projections (projections of development and commercialization milestone payments, sales, costs, expenses, capital expenditures and working capital investment) and discounting of these factors for their high degree of risk. If kaléo does not meet its development and commercialization milestones and there are indications that the amount or timing of its projected cash flows or related risks are unfavorable versus the most recent valuation, or a new round of financing or other significant financial transaction indicates a lower enterprise value, then the Company’s estimate of the fair value of its ownership interest in kaléo is likely to decline. Adjustments to the estimated fair value of this investment will be made in the period upon which such changes can be quantified. | ||||||||||||||||||
The fair market valuation of Tredegar’s interest in kaléo is sensitive to changes in the weighted average cost of capital used to discount cash flow projections for the high degree of risk associated with meeting development and commercialization milestones as anticipated. The weighted average cost of capital used in the fair market valuation of the Company’s interest in kaléo was 45% and 55% at December 31, 2014 and 2013, respectively. In 2014, the weighted average cost of capital used to discount cash flow projections was decreased to reflect lower product risk after the U.S. Food and Drug Administration’s approval of kaléo’s naloxone auto-injector for emergency treatment of known or suspected opioid overdoses and reduced funding risk subsequent to kaléo securing new debt financing, both of which occurred in April 2014. At December 31, 2014, the effect of a 500 basis point decrease in the weighted average cost of capital assumption would have further increased the fair value of Tredegar’s interest in kaléo by approximately $6 million, and a 500 basis point increase in the weighted average cost of capital assumption would have decreased the fair value of the Company’s interest by approximately $6 million. | ||||||||||||||||||
Had the Company not elected to account for its investment under the fair value method, it would have been required to use the equity method of accounting. The condensed balance sheets for kaléo at December 31, 2014 and 2013 and related condensed statements of operations for the last three years ended December 31, 2014, that were reported by kaléo, are provided below: | ||||||||||||||||||
December 31, | December 31, | |||||||||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Assets: | Liabilities & Equity: | |||||||||||||||||
Cash & short-term investments | $ | 117,589 | $ | 33,560 | Long-term debt, net of discount, current portion | $ | — | $ | 5,414 | |||||||||
Restricted cash | 14,498 | — | Other current liabilities | 8,123 | 4,845 | |||||||||||||
Other current assets | 17,916 | 5,682 | Other noncurrent liabilities | 1,247 | 3,098 | |||||||||||||
Property & equipment | 10,824 | 10,559 | Long-term debt, net of discount | 149,471 | 9,372 | |||||||||||||
Patents | 2,702 | 2,433 | Redeemable preferred stock | 22,946 | 21,970 | |||||||||||||
Other long-term assets | 2,857 | 445 | Equity | (15,401 | ) | 7,980 | ||||||||||||
Total assets | $ | 166,386 | $ | 52,679 | Total liabilities & equity | $ | 166,386 | $ | 52,679 | |||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Revenues & Expenses: | ||||||||||||||||||
Revenues | $ | 21,156 | $ | 15,305 | $ | 38,179 | ||||||||||||
Cost of goods sold | (3,801 | ) | — | — | ||||||||||||||
Expenses and other, net (a) | (48,447 | ) | (18,631 | ) | (13,073 | ) | ||||||||||||
Income tax (expense) benefit | 8,100 | 1,586 | (9,642 | ) | ||||||||||||||
Net income (loss) | $ | (22,992 | ) | $ | (1,740 | ) | $ | 15,464 | ||||||||||
(a) “Expenses and other, net” includes selling, general and administrative expense, research and development expense, interest expense and other income (expense), net. | ||||||||||||||||||
The audited financial statements and accompanying footnotes of kaléo as of December 31, 2014 and 2013 and for the years ended December 31, 2014, 2013 and 2012 have been included as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission. | ||||||||||||||||||
On April 2, 2007, Tredegar invested $10.0 million in Harbinger Capital Partners Special Situations Fund, L.P. (the “Harbinger Fund”), a private investment fund that is subject to limitations on withdrawal. There is no secondary market for interests in the fund. The Company’s investment in the Harbinger Fund, which represents less than 2% of its total partnership capital, is accounted for under the cost method. Unrealized losses on the Company’s investment in the Harbinger Fund (included in “Other income (expense), net” in the consolidated statements of income) were $0.8 million ($0.4 million after taxes), $0.4 million ($0.3 million after taxes) and $1.1 million ($0.7 million after taxes) in 2014, 2013 and 2012, respectively, as a result of a reduction in the estimated fair value of the investment that is not expected to be temporary. The December 31, 2014 and 2013 carrying value in the consolidated balance sheets (included in “Other assets and deferred charges”) was $1.8 million and $2.8 million, respectively. The carrying value at December 31, 2014 reflected Tredegar’s cost basis in its investment in Harbinger, net of total withdrawal proceeds received and unrealized losses. Withdrawal proceeds were $0.2 million in 2014, $0.4 million in 2013 and $0.5 million in 2012. The timing and amount of future installments of withdrawal proceeds was not known as of December 31, 2014. There were no realized gains or losses associated with the investment in the Harbinger Fund in 2014, 2013 and 2012. Gains on the Company’s investment in the Harbinger Fund, if any, will be recognized when the amounts expected to be collected from withdrawal from the investment are known, which will likely be when cash in excess of the remaining carrying value is received. Losses will be recognized if management believes it is probable that future withdrawal proceeds will not exceed the remaining carrying value. | ||||||||||||||||||
Tredegar has investment property in Alleghany and Bath County, Virginia. The Company realized a gain (included in “Other income (expense), net” in the consolidated statements of income) of $1.2 million ($0.8 million after taxes) on a sale of a portion of this investment property in 2014. The Company recorded an unrealized loss on its investment property in Alleghany and Bath County, Virginia of $1.0 million ($0.6 million after taxes) in 2013 as a result of a reduction in the estimated fair value of the investment that is not expected to be temporary. The Company’s carrying value in this investment property (included in “Other assets and deferred charges” on the consolidated balance sheets) was $2.6 million at December 31, 2014 and $5.9 million at December 31, 2013. |
Business_Segments
Business Segments | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Business Segments | BUSINESS SEGMENTS | ||||||||||||||||||||||||
Tredegar’s primary business segments are Film Products and Aluminum Extrusions. Beginning in February 2010, the Company started reporting an additional segment, Other, comprised of the start-up operations of Bright View and Falling Springs. Effective January 1, 2012, the operations and results of Bright View were incorporated into Film Products to leverage research and development efforts and accelerate new product development. As discussed in Note 3, Falling Springs was divested in November 2012. All historical results for this business have been reflected as discontinued operations. With the sale of Falling Springs, there is no longer an Other segment to report. | |||||||||||||||||||||||||
Information by business segment and geographic area for the last three years is provided below. There were no accounting transactions between segments and no allocations to segments. Net sales (sales less freight) and operating profit from ongoing operations are the measures of sales and operating profit used by the chief operating decision maker for purposes of assessing performance. Film Products’ net sales to The Procter & Gamble Company (“P&G”) totaled $220.8 million in 2014, $261.9 million in 2013 and $264.0 million in 2012. These amounts include plastic film sold to others that convert the film into materials used with products manufactured by P&G. | |||||||||||||||||||||||||
Net Sales | |||||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Film Products | $ | 578,687 | $ | 621,239 | $ | 611,877 | |||||||||||||||||||
Aluminum Extrusions | 344,346 | 309,482 | 245,465 | ||||||||||||||||||||||
Total net sales | 923,033 | 930,721 | 857,342 | ||||||||||||||||||||||
Add back freight | 28,793 | 28,625 | 24,846 | ||||||||||||||||||||||
Sales as shown in consolidated statements of income | $ | 951,826 | $ | 959,346 | $ | 882,188 | |||||||||||||||||||
Operating Profit | |||||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Film Products: | |||||||||||||||||||||||||
Ongoing operations | $ | 58,054 | $ | 70,966 | $ | 69,950 | |||||||||||||||||||
Plant shutdowns, asset impairments, restructurings and other (a) | (12,827 | ) | (671 | ) | (109 | ) | |||||||||||||||||||
Aluminum Extrusions: | |||||||||||||||||||||||||
Ongoing operations | 25,664 | 18,291 | 9,037 | ||||||||||||||||||||||
Plant shutdowns, asset impairments, restructurings and other (a) | (976 | ) | (2,748 | ) | (5,427 | ) | |||||||||||||||||||
Total | 69,915 | 85,838 | 73,451 | ||||||||||||||||||||||
Interest income | 588 | 594 | 418 | ||||||||||||||||||||||
Interest expense | 2,713 | 2,870 | 3,590 | ||||||||||||||||||||||
Gain on investment accounted for under the fair value method (a) | 2,000 | 3,400 | 16,100 | ||||||||||||||||||||||
Gain on sale of investment property (a) | 1,208 | — | — | ||||||||||||||||||||||
Unrealized loss on investment property (a) | — | 1,018 | — | ||||||||||||||||||||||
Stock option-based compensation expense | 1,272 | 1,155 | 1,432 | ||||||||||||||||||||||
Corporate expenses, net (a) | 24,310 | 31,857 | 23,443 | ||||||||||||||||||||||
Income from continuing operations before income taxes | 45,416 | 52,932 | 61,504 | ||||||||||||||||||||||
Income taxes (a) | 9,387 | 16,995 | 18,319 | ||||||||||||||||||||||
Income from continuing operations | 36,029 | 35,937 | 43,185 | ||||||||||||||||||||||
Income (loss) from discontinued operations (a) | 850 | (13,990 | ) | (14,934 | ) | ||||||||||||||||||||
Net income | $ | 36,879 | $ | 21,947 | $ | 28,251 | |||||||||||||||||||
See footnotes on page 63. | |||||||||||||||||||||||||
Identifiable Assets | |||||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | |||||||||||||||||||||||
Film Products | $ | 546,210 | $ | 556,873 | |||||||||||||||||||||
Aluminum Extrusions | 143,328 | 134,928 | |||||||||||||||||||||||
Subtotal | 689,538 | 691,801 | |||||||||||||||||||||||
General corporate (b) | 49,032 | 48,590 | |||||||||||||||||||||||
Cash and cash equivalents (d) | 50,056 | 52,617 | |||||||||||||||||||||||
Total | $ | 788,626 | $ | 793,008 | |||||||||||||||||||||
Depreciation and Amortization | Capital Expenditures | ||||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Film Products | $ | 30,730 | $ | 35,332 | $ | 39,202 | $ | 38,806 | $ | 64,867 | $ | 30,484 | |||||||||||||
Aluminum Extrusions | 9,974 | 9,202 | 9,984 | 6,092 | 14,742 | 2,332 | |||||||||||||||||||
Subtotal | 40,704 | 44,534 | 49,186 | 44,898 | 79,609 | 32,816 | |||||||||||||||||||
General corporate | 114 | 121 | 73 | — | 52 | 436 | |||||||||||||||||||
Continuing operations | 40,818 | 44,655 | 49,259 | 44,898 | 79,661 | 33,252 | |||||||||||||||||||
Discontinued operations | — | — | 10 | — | — | — | |||||||||||||||||||
Total | $ | 40,818 | $ | 44,655 | $ | 49,269 | $ | 44,898 | $ | 79,661 | $ | 33,252 | |||||||||||||
Net Sales by Geographic Area (d) | |||||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
United States | $ | 542,395 | $ | 534,346 | $ | 480,041 | |||||||||||||||||||
Exports from the United States to: | |||||||||||||||||||||||||
Asia | 72,597 | 82,235 | 57,639 | ||||||||||||||||||||||
Canada | 47,391 | 46,481 | 46,948 | ||||||||||||||||||||||
Europe | 10,874 | 6,984 | 5,186 | ||||||||||||||||||||||
Latin America | 3,116 | 3,505 | 3,145 | ||||||||||||||||||||||
Operations outside the United States: | |||||||||||||||||||||||||
Brazil | 97,954 | 109,415 | 121,373 | ||||||||||||||||||||||
The Netherlands | 74,329 | 68,471 | 67,758 | ||||||||||||||||||||||
Hungary | 39,457 | 43,482 | 41,285 | ||||||||||||||||||||||
China | 26,109 | 28,702 | 30,636 | ||||||||||||||||||||||
India | 8,811 | 7,100 | 3,331 | ||||||||||||||||||||||
Total (c) | $ | 923,033 | $ | 930,721 | $ | 857,342 | |||||||||||||||||||
Identifiable Assets | Property, Plant & Equipment, | ||||||||||||||||||||||||
by Geographic Area (d) | Net by Geographic Area (d) | ||||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
United States (b) | $ | 409,272 | $ | 419,234 | $ | 115,189 | $ | 141,444 | |||||||||||||||||
Operations outside the United States: | |||||||||||||||||||||||||
Brazil | 212,186 | 191,415 | 119,066 | 99,956 | |||||||||||||||||||||
The Netherlands | 23,729 | 32,156 | 9,117 | 14,172 | |||||||||||||||||||||
China | 23,037 | 25,165 | 14,141 | 14,430 | |||||||||||||||||||||
Hungary | 13,440 | 17,681 | 5,829 | 7,461 | |||||||||||||||||||||
India | 7,874 | 6,150 | 5,575 | 4,007 | |||||||||||||||||||||
General corporate (b) | 49,032 | 48,590 | 1,040 | 1,090 | |||||||||||||||||||||
Cash and cash equivalents (d) | 50,056 | 52,617 | n/a | n/a | |||||||||||||||||||||
Total | $ | 788,626 | $ | 793,008 | $ | 269,957 | $ | 282,560 | |||||||||||||||||
See footnotes on page 63 and a reconciliation of net sales to sales as shown in the consolidated statements of income on page 61. | |||||||||||||||||||||||||
Net Sales by Product Group | |||||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Film Products: | |||||||||||||||||||||||||
Personal care materials | $ | 317,080 | $ | 339,559 | $ | 327,161 | |||||||||||||||||||
Flexible packaging films | 114,348 | 125,712 | 138,028 | ||||||||||||||||||||||
Surface protection films | 90,129 | 90,182 | 69,627 | ||||||||||||||||||||||
Polyethylene overwrap and polypropylene films | 44,263 | 56,590 | 63,796 | ||||||||||||||||||||||
Films for other markets | 12,867 | 9,196 | 13,265 | ||||||||||||||||||||||
Subtotal | 578,687 | 621,239 | 611,877 | ||||||||||||||||||||||
Aluminum Extrusions: | |||||||||||||||||||||||||
Nonresidential building & construction | 200,707 | 179,437 | 165,159 | ||||||||||||||||||||||
Consumer durables | 44,897 | 39,565 | 12,259 | ||||||||||||||||||||||
Machinery & equipment | 26,907 | 21,936 | 8,773 | ||||||||||||||||||||||
Automotive | 22,272 | 19,919 | 11,757 | ||||||||||||||||||||||
Residential building & construction | 21,470 | 22,055 | 23,555 | ||||||||||||||||||||||
Distribution | 15,318 | 13,115 | 15,227 | ||||||||||||||||||||||
Electrical | 12,775 | 13,455 | 8,735 | ||||||||||||||||||||||
Subtotal | 344,346 | 309,482 | 245,465 | ||||||||||||||||||||||
Total | $ | 923,033 | $ | 930,721 | $ | 857,342 | |||||||||||||||||||
(a) | See Notes 1, 3, 4 and 18 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items. | ||||||||||||||||||||||||
(b) | The balance sheets include the funded status of each of the Company’s defined benefit pension and other postretirement plans. The funded status of the Company’s defined benefit pension plan was a net liability of $96.4 million and $42.5 million as of December 31, 2014 and 2013, respectively. See Note 14 for more information on the Company’s pension and other postretirement plans. | ||||||||||||||||||||||||
(c) | The difference between total consolidated sales as reported in the consolidated statements of income and segment, geographic and product group net sales reported in this note is freight of $28.8 million in 2014, $28.6 million in 2013 and $24.8 million in 2012. | ||||||||||||||||||||||||
(d) | Information on exports and foreign operations are provided on the previous page. Cash and cash equivalents includes funds held in locations outside the U.S. of $40.5 million and $38.6 million at December 31, 2014 and 2013, respectively. Export sales relate almost entirely to Film Products. Operations outside the U.S. in The Netherlands, Hungary, China, Brazil and India also relate to Film Products. Sales from locations in The Netherlands and Hungary are primarily to customers located in Europe. Sales from locations in China (Guangzhou and Shanghai) are primarily to customers located in China, but also include other customers in Asia. |
Accounts_And_Other_Receivables
Accounts And Other Receivables | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounts and Notes Receivable, Net [Abstract] | |||||||||||||
Accounts And Other Receivables | ACCOUNTS AND OTHER RECEIVABLES | ||||||||||||
Accounts and other receivables consist of the following: | |||||||||||||
(In Thousands) | 2014 | 2013 | |||||||||||
Trade, less allowance for doubtful accounts and sales returns of $2,610 in 2014 and $3,327 in 2013 | $ | 106,093 | $ | 94,684 | |||||||||
Other | 7,248 | 4,562 | |||||||||||
Total | $ | 113,341 | $ | 99,246 | |||||||||
A reconciliation of the beginning and ending balances of the allowance for doubtful accounts and sales returns for the three years ended December 31, 2014 is as follows: | |||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance, beginning of year | $ | 3,327 | $ | 3,552 | $ | 3,539 | |||||||
Charges to expense | 1,344 | 1,874 | 1,589 | ||||||||||
Recoveries | (1,654 | ) | (1,760 | ) | (1,076 | ) | |||||||
Write-offs | (153 | ) | (285 | ) | (588 | ) | |||||||
Foreign exchange and other | (254 | ) | (54 | ) | 88 | ||||||||
Balance, end of year | $ | 2,610 | $ | 3,327 | $ | 3,552 | |||||||
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory, Net [Abstract] | |||||||||
Inventories | INVENTORIES | ||||||||
Inventories consist of the following: | |||||||||
(In Thousands) | 2014 | 2013 | |||||||
Finished goods | $ | 17,559 | $ | 14,953 | |||||
Work-in-process | 10,089 | 7,750 | |||||||
Raw materials | 25,227 | 24,477 | |||||||
Stores, supplies and other | 21,433 | 23,483 | |||||||
Total | $ | 74,308 | $ | 70,663 | |||||
Inventories stated on the LIFO basis amounted to $12.2 million at December 31, 2014 and $10.0 million at December 31, 2013, which are below replacement costs by approximately $18.3 million at December 31, 2014 and $15.8 million at December 31, 2013. During 2014, 2013 and 2012, certain inventories accounted for on a LIFO basis declined, which resulted in cost of goods sold being stated at below current replacement costs, by approximately $1.0 million in Film Products in 2014, $0.9 million in Film Products in 2013 and $2.7 million in 2012 ($1.1 million in Film Products and $1.6 million in Aluminum Extrusions). |
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Goodwill And Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||
The components of goodwill and other intangibles at December 31, 2014 and 2013, and related amortization periods for continuing operations are as follows: | |||||||||||||
(In Thousands) | 2014 | 2013 | Amortization Periods | ||||||||||
Goodwill | $ | 169,687 | $ | 172,788 | Not amortized | ||||||||
Other identifiable intangibles: | |||||||||||||
Customer relationships (cost basis of $29,117 in 2014 and $31,357 in 2013) | 21,620 | 25,962 | 10-12 years | ||||||||||
Proprietary technology (cost basis of $18,228 in 2014 and $18,851 in 2013) | 11,824 | 14,356 | Not more than 15 years | ||||||||||
Trade names | 11,998 | 12,594 | Indefinite life | ||||||||||
Non-compete agreements (cost basis of $4,154 in 2014 and 2013) | — | 600 | 2 years | ||||||||||
Total carrying value of other intangibles | 45,442 | 53,512 | |||||||||||
Total carrying value of goodwill and other intangibles | $ | 215,129 | $ | 226,300 | |||||||||
A reconciliation of the beginning and ending balance of goodwill for each of the three years in the period ended December 31, 2014 is as follows: | |||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | ||||||||||
Net carrying value of goodwill, beginning of year | $ | 172,788 | $ | 176,620 | $ | 165,372 | |||||||
Acquisitions | — | — | 13,695 | ||||||||||
Increase (decrease) due to foreign currency translation | (3,101 | ) | (3,832 | ) | (2,447 | ) | |||||||
Net carrying value of goodwill, end of year | $ | 169,687 | $ | 172,788 | $ | 176,620 | |||||||
At December 31, 2014, the goodwill balance was $156.0 million for Film Products and $13.7 million for Aluminum Extrusions. | |||||||||||||
Amortization expense for continuing operations over the next five years is expected to be as follows: | |||||||||||||
Year | Amount | ||||||||||||
(In Thousands) | |||||||||||||
2015 | $ | 4,741 | |||||||||||
2016 | 4,702 | ||||||||||||
2017 | 4,702 | ||||||||||||
2018 | 4,702 | ||||||||||||
2019 | 4,568 | ||||||||||||
Financial_Instruments
Financial Instruments | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Summary of Derivative Instruments [Abstract] | ||||||||||||||||||||||||
Financial Instruments | FINANCIAL INSTRUMENTS | |||||||||||||||||||||||
Tredegar uses derivative financial instruments for the purpose of hedging margin exposure from fixed-price forward sales contracts in Aluminum Extrusions and currency exchange rate exposures that exist as part of ongoing business operations (primarily in Film Products). These derivative financial instruments are designated as and qualify as cash flow hedges and are recognized in the consolidated balance sheet at fair value. The fair value of derivative instruments recorded on the consolidated balance sheets are based upon Level 2 inputs. If individual derivative instruments with the same counterparty can be settled on a net basis, the Company records the corresponding derivative fair values as a net asset or net liability. | ||||||||||||||||||||||||
In the normal course of business, Aluminum Extrusions enters into fixed-price forward sales contracts with certain customers for the future sale of fixed quantities of aluminum extrusions at scheduled intervals. In order to hedge margin exposure created from the fixing of future sales prices relative to volatile raw material (aluminum) costs, Aluminum Extrusions enters into a combination of forward purchase commitments and futures contracts to acquire or hedge aluminum, based on the scheduled purchases for the firm sales commitments. The fixed-price firm sales commitments and related hedging instruments generally have durations of not more than 12 months, and the notional amount of aluminum futures contracts that hedged future purchases of aluminum to meet fixed-price forward sales contract obligations was $8.6 million (7.8 million pounds of aluminum) at December 31, 2014 and $8.0 million (8.4 million pounds of aluminum) at December 31, 2013. | ||||||||||||||||||||||||
The table below summarizes the location and gross amounts of aluminum derivative contract fair values (Level 2) in the consolidated balance sheets as of December 31, 2014 and 2013: | ||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
(In Thousands) | Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||||||||
Account | Value | Account | Value | |||||||||||||||||||||
Derivatives Designated as Hedging Instruments | ||||||||||||||||||||||||
Asset derivatives: | Accrued expenses | $ | 82 | Accrued expenses | $ | 31 | ||||||||||||||||||
Aluminum futures contracts | ||||||||||||||||||||||||
Liability derivatives: | Accrued expenses | $ | (318 | ) | Accrued expenses | $ | (178 | ) | ||||||||||||||||
Aluminum futures contracts | ||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||||||||||
Asset derivatives: | Accrued expenses | $ | 7 | Accrued expenses | $ | — | ||||||||||||||||||
Aluminum futures contracts | ||||||||||||||||||||||||
Liability derivatives: | Accrued expenses | $ | (7 | ) | Accrued expenses | $ | — | |||||||||||||||||
Aluminum futures contracts | ||||||||||||||||||||||||
Net asset (liability) | $ | (236 | ) | $ | (147 | ) | ||||||||||||||||||
In the event that a counterparty to an aluminum fixed-price forward sales contract chooses not to take delivery of its aluminum extrusions, the customer is contractually obligated to compensate Aluminum Extrusions for any losses on the related aluminum futures and/or forward contracts through the date of cancellation. The offsetting asset and liability positions included in the table above are associated with the unwinding of aluminum futures contracts due to such cancellations. | ||||||||||||||||||||||||
Film Products used future fixed Euro-denominated contractual payments for equipment being purchased as part of its multi-year capacity expansion project at the film products manufacturing facility in Cabo de Santo Agostinho, Brazil. The Company used fixed rate Euro forward contracts with various settlement dates through February 2014 to hedge exchange rate exposure on these obligations. The Company had fixed rate forward contracts with outstanding notional amounts of €2.1 million as of December 31, 2013 (none at December 31, 2014). | ||||||||||||||||||||||||
The table below summarizes the location and gross amounts of foreign currency forward contract fair values (Level 2) in the consolidated balance sheets as of December 31, 2014 and 2013: | ||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
(In Thousands) | Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||||||||
Account | Value | Account | Value | |||||||||||||||||||||
Derivatives Designated as Hedging Instruments | ||||||||||||||||||||||||
Asset derivatives: | $ | — | Prepaid expenses | $ | 47 | |||||||||||||||||||
Foreign currency forward contracts | and other | |||||||||||||||||||||||
Net asset (liability) | $ | — | $ | 47 | ||||||||||||||||||||
Tredegar receives Euro-based royalty payments relating to its operations in Europe. From time to time Tredegar uses zero-cost collar currency options to hedge a portion of its exposure to changes in cash flows due to variability in U.S. Dollar and Euro exchange rates. There were no outstanding notional amounts on these collars at December 31, 2014 and 2013 as there were no derivatives outstanding related to the hedging of royalty payments with currency options. | ||||||||||||||||||||||||
The counterparties to the Company’s forward purchase commitments are major aluminum brokers and suppliers, and the counterparties to aluminum futures contracts are major financial institutions. Fixed-price forward sales contracts are only made available to the best and most credit-worthy customers. The counterparties to Tredegar’s foreign currency futures and zero-cost collar contracts are major financial institutions. | ||||||||||||||||||||||||
The pretax effect on net income (loss) and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for years ended December 31, 2014, 2013, and 2012 is summarized in the tables below: | ||||||||||||||||||||||||
(In Thousands) | Cash Flow Derivative Hedges | |||||||||||||||||||||||
Aluminum Futures Contracts | Foreign Currency Forwards and Options | |||||||||||||||||||||||
Years Ended December 31, | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Amount of pre-tax gain (loss) recognized in other comprehensive income | $ | 542 | $ | (868 | ) | $ | (232 | ) | $ | (120 | ) | $ | (77 | ) | $ | 1,421 | ||||||||
Location of gain (loss) reclassified from accumulated other comprehensive income into net income (effective portion) | Cost of | Cost of | Cost of | Cost of | ||||||||||||||||||||
sales | sales | sales | sales | |||||||||||||||||||||
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion) | $ | 631 | $ | (583 | ) | $ | (1,026 | ) | $ | 16 | $ | — | $ | — | ||||||||||
Gains and losses on the ineffective portion of derivative instruments or derivative instruments that were not designated as hedging instruments were not significant in 2014, 2013 and 2012. For the years ended December 31, 2014, 2013 and 2012, unrealized net losses from hedges that were discontinued were not significant. As of December 31, 2014, the Company expects $0.2 million of unrealized after-tax losses on derivative instruments reported in accumulated other comprehensive income to be reclassified to earnings within the next 12 months. |
Accrued_Expenses
Accrued Expenses | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Accrued Liabilities [Abstract] | ||||||||||||||||
Accrued Expenses | ACCRUED EXPENSES | |||||||||||||||
Accrued expenses consist of the following: | ||||||||||||||||
(In Thousands) | 2014 | 2013 | ||||||||||||||
Vacation | $ | 7,266 | $ | 7,077 | ||||||||||||
Payrolls, related taxes and medical and other benefits | 4,119 | 5,679 | ||||||||||||||
Incentive compensation | 3,803 | 4,148 | ||||||||||||||
Workers’ compensation and disabilities | 3,007 | 2,753 | ||||||||||||||
Accrued utilities | 2,186 | 2,494 | ||||||||||||||
Taxes other than federal income and payroll | 841 | 2,153 | ||||||||||||||
Contractual indemnification claims (see note 3) | — | 2,604 | ||||||||||||||
Other | 10,827 | 15,250 | ||||||||||||||
Total | $ | 32,049 | $ | 42,158 | ||||||||||||
A reconciliation of the beginning and ending balances of accrued expenses associated with asset impairments and costs associated with exit and disposal activities for each of the three years in the period ended December 31, 2014 is as follows: | ||||||||||||||||
(In Thousands) | Severance | Asset Impairments | Other (a) | Total | ||||||||||||
Balance at January 1, 2012 | $ | 197 | $ | — | $ | — | $ | 197 | ||||||||
For the year ended December 31, 2012: | ||||||||||||||||
Charges | 1,562 | 1,077 | 2,255 | 4,894 | ||||||||||||
Cash spend | (1,463 | ) | — | (1,670 | ) | (3,133 | ) | |||||||||
Charges against assets | — | (1,077 | ) | — | (1,077 | ) | ||||||||||
Balance at December 31, 2012 | 296 | — | 585 | 881 | ||||||||||||
For the year ended December 31, 2013: | ||||||||||||||||
Charges | 671 | 172 | 569 | 1,412 | ||||||||||||
Cash spend | (636 | ) | — | (798 | ) | (1,434 | ) | |||||||||
Charges against assets | — | (172 | ) | — | (172 | ) | ||||||||||
Balance at December 31, 2013 | 331 | — | 356 | 687 | ||||||||||||
For the year ended December 31, 2014: | ||||||||||||||||
Charges | 2,668 | 227 | 131 | 3,026 | ||||||||||||
Cash spend | (2,753 | ) | — | (286 | ) | (3,039 | ) | |||||||||
Charges against assets | — | (227 | ) | — | (227 | ) | ||||||||||
Balance at December 31, 2014 | $ | 246 | $ | — | $ | 201 | $ | 447 | ||||||||
(a) | Other includes other shutdown-related costs associated with the shutdown of the Company’s aluminum extrusions manufacturing facility in Kentland, Indiana. | |||||||||||||||
See Note 18 for more information on plant shutdowns, asset impairments and restructurings of continuing operations. |
Debt_And_Credit_Agreements
Debt And Credit Agreements | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Debt And Credit Agreements | DEBT AND CREDIT AGREEMENTS | |||||||||||
On April 23, 2012, Tredegar entered into a $350 million five-year, unsecured revolving credit facility (the “Credit Agreement”), with an option to increase that amount by an additional $75 million. The Credit Agreement replaced the previous $300 million four-year, unsecured revolving credit facility that was due to expire on June 21, 2014. In connection with the refinancing, the Company borrowed $102 million under the Credit Agreement, which was used, together with available cash on hand, to repay all indebtedness under the previous revolving credit facility. | ||||||||||||
Borrowings under the Credit Agreement bear an interest rate of LIBOR plus a credit spread and commitment fees charged on the unused amount under the Credit Agreement at various indebtedness-to-adjusted-EBITDA levels as follows: | ||||||||||||
Pricing Under Credit Revolving Agreement (Basis Points) | ||||||||||||
Indebtedness-to-Adjusted EBITDA Ratio | Credit Spread | Commitment | ||||||||||
Over LIBOR | Fee | |||||||||||
> 2.0x but <=.0x | 200 | 35 | ||||||||||
> 1.0x but <=0x | 175 | 30 | ||||||||||
<=.0x | 150 | 25 | ||||||||||
At December 31, 2014, the interest cost on debt borrowed under the Credit Agreement was priced at one-month LIBOR plus the applicable credit spread of 175 basis points. | ||||||||||||
The most restrictive covenants in the Credit Agreement include: | ||||||||||||
• | Maximum indebtedness-to-adjusted EBITDA of 3.0x; | |||||||||||
• | Minimum adjusted EBIT-to-interest expense of 2.5x; | |||||||||||
• | Maximum aggregate distributions to shareholders over the term of the Credit Agreement of $100 million plus, beginning with the fiscal quarter ended March 31, 2012, 50% of net income; and | |||||||||||
• | Minimum shareholders’ equity (as defined in the Credit Agreement) at any point during the term of the Credit Agreement of at least $320 million increased on a cumulative basis at the end of each fiscal quarter, beginning with the fiscal quarter ended March 31, 2012, by an amount equal to 50% of net income (to the extent positive). | |||||||||||
At December 31, 2014, based upon the most restrictive covenants within the Credit Agreement, available credit under the Credit Agreement was approximately $155 million. Total debt due and outstanding at December 31, 2014 is summarized below: | ||||||||||||
Debt Due and Outstanding at December 31, 2014 | ||||||||||||
(In Thousands) | ||||||||||||
Year Due | Credit | Other | Total Debt | |||||||||
Agreement | Due | |||||||||||
2015 | $ | — | $ | — | $ | — | ||||||
2016 | — | — | — | |||||||||
2017 | 137,250 | — | 137,250 | |||||||||
2018 | — | — | — | |||||||||
2019 | — | — | — | |||||||||
Total | $ | 137,250 | $ | — | $ | 137,250 | ||||||
Tredegar believes that it was in compliance with all of its debt covenants as of December 31, 2014. Noncompliance with any of the debt covenants may have a material adverse effect on financial condition or liquidity in the event such noncompliance cannot be cured or should the Company be unable to obtain a waiver from the lenders. Renegotiation of the covenant through an amendment to the Credit Agreement may effectively cure the noncompliance, but may have an effect on financial condition or liquidity depending upon how the covenant is renegotiated. |
Shareholder_Rights_Agreement
Shareholder Rights Agreement | 12 Months Ended |
Dec. 31, 2014 | |
Warrants and Rights Note Disclosure [Abstract] | |
Shareholder Rights Agreement | SHAREHOLDER RIGHTS AGREEMENT |
Pursuant to the Second Amended and Restated Rights Agreement (the “Rights Agreement”), dated as of November 18, 2013, with Computershare Trust Company, N.A., as Rights Agent, one purchase right (a “Right”) was attached to each outstanding share of Tredegar’s Common Stock. Each Right entitled the registered holder to purchase from Tredegar one one-hundredth of a share of Tredegar’s Series A Participating Cumulative Preferred Stock (the “Preferred Stock”) at an exercise price of $150, subject to adjustment (the “Purchase Price”). Unless otherwise noted in the Rights Agreement, the Rights would have become exercisable, if not earlier redeemed, only if a person or group (i) acquires beneficial ownership of 20% or more of the outstanding shares of the Company’s Common Stock or (ii) commences, or publicly discloses an intention to commence, a tender offer or exchange offer that would result in beneficial ownership by a person or group of 20% or more of the outstanding shares of the Company’s Common Stock (in each case thereby becoming an “Acquiring Person”). | |
On February 19, 2014, Tredegar’s Board of Directors authorized the termination of the Rights Agreement and the redemption of all of the outstanding Rights, at a redemption price of $.01 per Right to be paid in cash to shareholders of record as of the close of business on March 3, 2014, with the payment date of such redemption price to be on March 7, 2014. The corresponding redemption payment of $0.3 million was made in 2014. |
Stock_Option_And_Stock_Award_P
Stock Option And Stock Award Plans | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||
Stock Option And Stock Award Plans | STOCK OPTION AND STOCK AWARD PLANS | ||||||||||||||||||||||||||||||||
Tredegar has one equity incentive plan under which stock options may be granted to purchase a specified number of shares of common stock at a price no lower than the fair market value on the date of grant and for a term not to exceed 10 years. In addition, the Company has one other equity incentive plan under which there are options that remain outstanding, but no future grants can be made. Prior to 2012, employee options ordinarily vested two years from the date of grant. Employee options granted in 2012 and thereafter ordinarily vest over a four-year period, with a quarter of the options granted vesting on each year on the grant date anniversary. The option plans also permit the grant of stock appreciation rights (“SARs”), stock, restricted stock, stock unit awards and incentive awards. Restricted stock grants ordinarily vest three years from the date of grant based upon continued employment and/or the achievement of certain performance targets. No SARs have been granted since 1992 and none are currently outstanding. | |||||||||||||||||||||||||||||||||
A summary of stock options outstanding at December 31, 2014, 2013 and 2012, and changes during those years, is presented below: | |||||||||||||||||||||||||||||||||
Option Exercise Price/Share | |||||||||||||||||||||||||||||||||
Number of | Range | Weighted | |||||||||||||||||||||||||||||||
Options | Average | ||||||||||||||||||||||||||||||||
Outstanding at January 1, 2012 | 1,121,500 | $ | 14.06 | to | $ | 19.84 | $ | 17.4 | |||||||||||||||||||||||||
Granted | 182,100 | 18.51 | to | 19.4 | 19.34 | ||||||||||||||||||||||||||||
Forfeited and Expired | (50,300 | ) | 15.8 | to | 19.84 | 19.34 | |||||||||||||||||||||||||||
Exercised | (176,600 | ) | 14.72 | to | 18.12 | 16.33 | |||||||||||||||||||||||||||
Outstanding at December 31, 2012 | 1,076,700 | 14.06 | to | 19.84 | 17.81 | ||||||||||||||||||||||||||||
Granted | 184,700 | 24.84 | to | 30.01 | 24.97 | ||||||||||||||||||||||||||||
Forfeited and Expired | (34,000 | ) | 15.11 | to | 24.84 | 21.1 | |||||||||||||||||||||||||||
Exercised | (180,600 | ) | 14.27 | to | 19.84 | 17.32 | |||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 1,046,800 | 14.06 | to | 30.01 | 19.06 | ||||||||||||||||||||||||||||
Granted | 181,476 | 19.84 | to | 22.49 | 22.41 | ||||||||||||||||||||||||||||
Forfeited and Expired | (22,581 | ) | 15.8 | to | 24.84 | 21.42 | |||||||||||||||||||||||||||
Exercised | (41,575 | ) | 15.8 | to | 19.84 | 17.55 | |||||||||||||||||||||||||||
Outstanding at December 31, 2014 | 1,164,120 | $ | 14.06 | to | $ | 30.01 | $ | 19.59 | |||||||||||||||||||||||||
The following table summarizes additional information about stock options outstanding and exercisable at December 31, 2014: | |||||||||||||||||||||||||||||||||
Options Outstanding at | Options Exercisable at | ||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2014 | ||||||||||||||||||||||||||||||||
Weighted Average | Aggregate Intrinsic Value | Aggregate Intrinsic Value | |||||||||||||||||||||||||||||||
Range of | Shares | Remaining Contractual Life (Years) | Exercise | (In Thousands) | Shares | Weighted | (In Thousands) | ||||||||||||||||||||||||||
Exercise Prices | Price | Average | |||||||||||||||||||||||||||||||
Exercise | |||||||||||||||||||||||||||||||||
Price | |||||||||||||||||||||||||||||||||
$ | — | to | $ | 15 | 26,000 | 0.9 | $ | 14.06 | $ | 219 | 26,000 | $ | 14.06 | $ | 219 | ||||||||||||||||||
15.01 | to | 17.5 | 314,500 | 1.2 | 16.53 | 1,873 | 314,500 | 16.53 | 1,873 | ||||||||||||||||||||||||
17.51 | to | 20 | 488,870 | 3.3 | 19.03 | 1,693 | 417,550 | 18.97 | 1,470 | ||||||||||||||||||||||||
20.01 | to | 25 | 330,250 | 8.7 | 23.61 | — | 40,875 | 24.84 | — | ||||||||||||||||||||||||
25.01 | to | 30.01 | 4,500 | 8.6 | 30.01 | — | 1,125 | 30.01 | — | ||||||||||||||||||||||||
Total | 1,164,120 | 4.2 | $ | 19.59 | $ | 3,785 | 800,050 | $ | 18.17 | $ | 3,562 | ||||||||||||||||||||||
The following table summarizes additional information about non-vested restricted stock outstanding at December 31, 2014: | |||||||||||||||||||||||||||||||||
Non-vested Restricted Stock | Maximum Non-vested Restricted Stock Units Issuable Upon Satisfaction of Certain Performance Criteria | ||||||||||||||||||||||||||||||||
Number | Weighted Avg. Grant Date Fair Value/Share | Grant Date | Number | Weighted Avg. Grant Date Fair Value/Share | Grant Date | ||||||||||||||||||||||||||||
of Shares | Fair Value | of Shares | Fair Value | ||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | ||||||||||||||||||||||||||||||||
Outstanding at January 1, 2012 | 126,150 | $ | 18.25 | $ | 2,302 | 85,000 | $ | 19.35 | $ | 1,645 | |||||||||||||||||||||||
Granted | 94,949 | 19.06 | 1,810 | 87,200 | 18.79 | 1,638 | |||||||||||||||||||||||||||
Vested | (60,357 | ) | 18.01 | (1,087 | ) | — | — | — | |||||||||||||||||||||||||
Forfeited | (16,842 | ) | 18.82 | (317 | ) | (80,400 | ) | 19.31 | (1,553 | ) | |||||||||||||||||||||||
Outstanding at December 31, 2012 | 143,900 | 18.82 | 2,708 | 91,800 | 18.85 | 1,730 | |||||||||||||||||||||||||||
Granted | 93,425 | 25.45 | 2,378 | 77,200 | 27.82 | 2,148 | |||||||||||||||||||||||||||
Vested | (58,175 | ) | 20.15 | (1,172 | ) | — | — | — | |||||||||||||||||||||||||
Forfeited | (21,300 | ) | 20.7 | (441 | ) | (36,700 | ) | 19.83 | (728 | ) | |||||||||||||||||||||||
Outstanding at December 31, 2013 | 157,850 | 22 | 3,473 | 132,300 | 23.81 | 3,150 | |||||||||||||||||||||||||||
Granted | 95,707 | 22.18 | 2,123 | 59,675 | 21.54 | 1,285 | |||||||||||||||||||||||||||
Vested | (54,921 | ) | 20.73 | (1,139 | ) | — | — | — | |||||||||||||||||||||||||
Forfeited | (10,578 | ) | 21.76 | (230 | ) | (62,262 | ) | 19.18 | (1,194 | ) | |||||||||||||||||||||||
Outstanding at December 31, 2014 | 188,058 | $ | 22.48 | $ | 4,227 | 129,713 | $ | 24.99 | $ | 3,241 | |||||||||||||||||||||||
The total intrinsic value of stock options exercised was $0.1 million in 2014, $1.3 million in 2013 and $0.5 million in 2012. The grant-date fair value of stock option-based awards vested was $0.7 million in 2014, $1.7 million in 2013 and $2.1 million in 2012. As of December 31, 2014, there was unrecognized compensation cost of $1.3 million related to stock option-based awards and $2.3 million related to non-vested restricted stock and other stock-based awards. This cost is expected to be recognized over the remaining weighted average period of 1.4 years for stock option-based awards and 1.4 years for non-vested restricted stock and other stock-based awards. | |||||||||||||||||||||||||||||||||
Stock options exercisable totaled 800,050 at December 31, 2014 and 769,825 shares at December 31, 2013. Stock options available for grant totaled 2,198,235 shares at December 31, 2014. |
Retirement_Plans_And_Other_Pos
Retirement Plans And Other Postretirement Benefits | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||
Retirement Plans And Other Postretirement Benefits | RETIREMENT PLANS AND OTHER POSTRETIREMENT BENEFITS | |||||||||||||||||||||||||
Tredegar sponsors noncontributory defined benefit (pension) plans covering certain current and former employees. The plans for salaried and hourly employees currently in effect are based on a formula using the participant’s years of service and compensation or using the participant’s years of service and a dollar amount. The plan is closed to new participants, and pay for active participants of the plan was frozen as of December 31, 2007. Beginning in 2014, with the exception of plan participants at two of the Company’s U.S. manufacturing facilities, the plan no longer accrues benefits associated with crediting employees for service, thereby freezing all future benefits under the plan. | ||||||||||||||||||||||||||
In addition to providing pension benefits, the Company provides postretirement life insurance and health care benefits for certain groups of employees. Tredegar and retirees share in the cost of postretirement health care benefits, with employees hired on or before January 1, 1993, receiving a fixed subsidy to cover a portion of their health care premiums. The Company eliminated prescription drug coverage for Medicare-eligible retirees as of January 1, 2006. Consequently, Tredegar is not eligible for any federal subsidies. | ||||||||||||||||||||||||||
The following tables reconcile the changes in benefit obligations and plan assets in 2014 and 2013, and reconcile the funded status to prepaid or accrued cost at December 31, 2014 and 2013: | ||||||||||||||||||||||||||
Pension Benefits | Other Post- | |||||||||||||||||||||||||
Retirement Benefits | ||||||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 275,166 | $ | 302,285 | $ | 7,858 | $ | 8,879 | ||||||||||||||||||
Service cost | 869 | 3,754 | 43 | 58 | ||||||||||||||||||||||
Interest cost | 13,397 | 12,338 | 387 | 345 | ||||||||||||||||||||||
Effect of actuarial (gains) losses related to the following: | ||||||||||||||||||||||||||
Discount rate change | 32,089 | (26,848 | ) | 732 | (746 | ) | ||||||||||||||||||||
Retirement rate assumptions and mortality table adjustments | 17,331 | (144 | ) | (131 | ) | — | ||||||||||||||||||||
Retiree medical participation rate change | — | — | (390 | ) | — | |||||||||||||||||||||
Other | 490 | (3,058 | ) | 218 | (382 | ) | ||||||||||||||||||||
Plan participant contributions | — | — | 681 | 683 | ||||||||||||||||||||||
Benefits paid | (13,916 | ) | (13,161 | ) | (1,026 | ) | (979 | ) | ||||||||||||||||||
Benefit obligation, end of year | $ | 325,426 | $ | 275,166 | $ | 8,372 | $ | 7,858 | ||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||
Plan assets at fair value, beginning of year | $ | 232,705 | $ | 219,035 | $ | — | $ | — | ||||||||||||||||||
Actual return on plan assets | 7,466 | 21,657 | — | — | ||||||||||||||||||||||
Employer contributions | 2,762 | 5,174 | 345 | 296 | ||||||||||||||||||||||
Plan participant contributions | — | — | 681 | 683 | ||||||||||||||||||||||
Benefits paid | (13,916 | ) | (13,161 | ) | (1,026 | ) | (979 | ) | ||||||||||||||||||
Plan assets at fair value, end of year | $ | 229,017 | $ | 232,705 | $ | — | $ | — | ||||||||||||||||||
Funded status of the plans | $ | (96,409 | ) | $ | (42,461 | ) | $ | (8,372 | ) | $ | (7,858 | ) | ||||||||||||||
Amounts recognized in the consolidated balance sheets: | ||||||||||||||||||||||||||
Accrued expenses (current) | $ | 130 | $ | — | $ | 456 | $ | — | ||||||||||||||||||
Other noncurrent liabilities | 96,279 | 42,461 | 7,916 | 7,858 | ||||||||||||||||||||||
Net amount recognized | $ | 96,409 | $ | 42,461 | $ | 8,372 | $ | 7,858 | ||||||||||||||||||
Assumptions used for financial reporting purposes to compute net benefit income or cost and benefit obligations for continuing operations, and the components of net periodic benefit income or cost for continuing operations, are as follows: | ||||||||||||||||||||||||||
Pension Benefits | Other Post- | |||||||||||||||||||||||||
Retirement Benefits | ||||||||||||||||||||||||||
(In Thousands, Except Percentages) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations: | ||||||||||||||||||||||||||
Discount rate | 4.17 | % | 4.99 | % | 4.21 | % | 4.11 | % | 4.88 | % | 4.1 | % | ||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost: | ||||||||||||||||||||||||||
Discount rate | 4.99 | % | 4.21 | % | 4.95 | % | 4.88 | % | 4.1 | % | 4.9 | % | ||||||||||||||
Expected long-term return on plan assets | 7.75 | % | 7.75 | % | 8 | % | n/a | n/a | n/a | |||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||||||||||
Service cost | $ | 869 | $ | 3,754 | $ | 3,657 | $ | 43 | $ | 58 | $ | 58 | ||||||||||||||
Interest cost | 13,397 | 12,338 | 13,084 | 387 | 345 | 385 | ||||||||||||||||||||
Expected return on plan assets | (18,301 | ) | (17,430 | ) | (19,108 | ) | — | — | — | |||||||||||||||||
Amortization of prior service costs and gains or losses | 10,688 | 15,028 | 10,377 | (190 | ) | (210 | ) | (241 | ) | |||||||||||||||||
Settlement/curtailment | 81 | 28 | 99 | — | — | — | ||||||||||||||||||||
Net periodic benefit cost | $ | 6,734 | $ | 13,718 | $ | 8,109 | $ | 240 | $ | 193 | $ | 202 | ||||||||||||||
Net benefit income or cost is determined using assumptions at the beginning of each year. Funded status is determined using assumptions at the end of each year. The amount of the accumulated benefit obligation is the same as the projected benefit obligation. At December 31, 2014, the effect of a 1% change in the health care cost trend rate assumptions would not impact the post-retirement obligation. | ||||||||||||||||||||||||||
Expected benefit payments for continuing operations over the next five years and in the aggregate for 2020-2024 are as follows: | ||||||||||||||||||||||||||
(In Thousands) | Pension | Other Post- | ||||||||||||||||||||||||
Benefits | Retirement | |||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||
2015 | $ | 15,282 | $ | 456 | ||||||||||||||||||||||
2016 | 15,932 | 471 | ||||||||||||||||||||||||
2017 | 16,527 | 480 | ||||||||||||||||||||||||
2018 | 17,004 | 489 | ||||||||||||||||||||||||
2019 | 17,555 | 494 | ||||||||||||||||||||||||
2020—2024 | 93,535 | 2,511 | ||||||||||||||||||||||||
Amounts recognized in 2014, 2013 and 2012 before related deferred income taxes in accumulated other comprehensive income consist of: | ||||||||||||||||||||||||||
Pension | Other Post-Retirement | |||||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Prior service cost (benefit) | $ | 87 | $ | 270 | $ | (887 | ) | $ | — | $ | — | $ | — | |||||||||||||
Net actuarial (gain) loss | 166,678 | 116,519 | 167,009 | (1,154 | ) | (1,773 | ) | (855 | ) | |||||||||||||||||
Pension expense is expected to be $12.3 million in 2015 as the unfavorable impact of the decrease in the discount rate and change to the mortality rate are partially offset by the freezing all future service benefits for certain plan participants. The amounts before related deferred income taxes in accumulated other comprehensive income that are expected to be recognized as components of net periodic benefit or cost during 2015 are as follows: | ||||||||||||||||||||||||||
(In Thousands) | Pension | Other Post- | ||||||||||||||||||||||||
Retirement | ||||||||||||||||||||||||||
Prior service cost (benefit) | $ | 24 | $ | — | ||||||||||||||||||||||
Net actuarial (gain) loss | 16,107 | (160 | ) | |||||||||||||||||||||||
The percentage composition of assets held by pension plans for continuing operations at December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||||||||||||||||
% Composition of Plan Assets | ||||||||||||||||||||||||||
at December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
Pension plans related to continuing operations: | ||||||||||||||||||||||||||
Fixed income securities | 14.5 | % | 14 | % | 14.7 | % | ||||||||||||||||||||
Large/mid-capitalization equity securities | 13.7 | 13.8 | 10.9 | |||||||||||||||||||||||
Small-capitalization equity securities | 4.3 | 4.8 | 5.4 | |||||||||||||||||||||||
International and emerging market equity securities | 11 | 11.7 | 10 | |||||||||||||||||||||||
Total equity securities | 29 | 30.3 | 26.3 | |||||||||||||||||||||||
Private equity and hedge funds | 51.2 | 48.3 | 50 | |||||||||||||||||||||||
Other assets | 5.3 | 7.4 | 9 | |||||||||||||||||||||||
Total for continuing operations | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||
Tredegar’s targeted allocation percentage for pension plan assets and the expected long-term rate of return on assets used to determine its benefit obligation at December 31, 2014 are as follows: | ||||||||||||||||||||||||||
Target % Composition of Plan Assets * | Expected Long-term Return % | |||||||||||||||||||||||||
Pension plans related to continuing operations: | ||||||||||||||||||||||||||
Fixed income securities | 32 | % | 5.5 | % | ||||||||||||||||||||||
Large/mid-capitalization equity securities | 10 | 8.8 | ||||||||||||||||||||||||
Small-capitalization equity securities | 4 | 9.9 | ||||||||||||||||||||||||
International and emerging market equity securities | 13 | 9.8 | ||||||||||||||||||||||||
Total equity securities | 27 | 9.4 | ||||||||||||||||||||||||
Private equity and hedge funds | 41 | 7.8 | ||||||||||||||||||||||||
Total for continuing operations | 100 | % | 7.5 | % | ||||||||||||||||||||||
* | Target percentages for the composition of plan assets represents a neutral position within the approved range of | |||||||||||||||||||||||||
allocations for such assets. | ||||||||||||||||||||||||||
Expected long-term returns are estimated by asset class and generally are based on inflation-adjusted historical returns, volatilities, risk premiums and managed asset premiums. The portfolio of fixed income securities is structured with maturities that generally match estimated benefit payments over the next 1-2 years. Other assets are primarily comprised of cash and contracts with insurance companies. The Company’s primary investment objective is to maximize total return with a strong emphasis on the preservation of capital, and it believes that over the long-term a diversified portfolio of fixed income securities, equity securities, hedge funds and private equity funds has a better risk-return profile than fixed income securities alone. The average remaining duration of benefit payments for the pension plans is about 12.7 years. The Company expects its required contributions to be approximately $2.4 million in 2015. | ||||||||||||||||||||||||||
Estimates of the fair value of assets held by the Company’s pension plans are provided by third parties not affiliated with Tredegar. At December 31, 2014 and 2013, the pension plan assets are categorized by level within the fair value measurement hierarchy as follows: | ||||||||||||||||||||||||||
(In Thousands) | Total | Quoted Prices | Significant | Significant | ||||||||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||||
Balances at December 31, 2014: | ||||||||||||||||||||||||||
Large/mid-capitalization equity securities | $ | 31,401 | $ | 31,401 | $ | — | $ | — | ||||||||||||||||||
Small-capitalization equity securities | 9,827 | 9,827 | — | — | ||||||||||||||||||||||
International and emerging market equity securities | 25,224 | 11,471 | 13,753 | — | ||||||||||||||||||||||
Fixed income securities | 33,281 | 12,661 | 20,620 | — | ||||||||||||||||||||||
Private equity and hedge funds | 117,276 | — | 106,201 | 11,075 | ||||||||||||||||||||||
Other assets | 1,741 | 1,741 | — | — | ||||||||||||||||||||||
Total plan assets at fair value | $ | 218,750 | $ | 67,101 | $ | 140,574 | $ | 11,075 | ||||||||||||||||||
Contracts with insurance companies | 10,267 | |||||||||||||||||||||||||
Total plan assets, December 31, 2014 | $ | 229,017 | ||||||||||||||||||||||||
Balances at December 31, 2013: | ||||||||||||||||||||||||||
Large/mid-capitalization equity securities | $ | 32,134 | $ | 32,134 | $ | — | $ | — | ||||||||||||||||||
Small-capitalization equity securities | 11,063 | 11,063 | — | — | ||||||||||||||||||||||
International and emerging market equity securities | 27,271 | 13,488 | 13,783 | — | ||||||||||||||||||||||
Fixed income securities | 32,601 | 17,770 | 14,831 | — | ||||||||||||||||||||||
Private equity and hedge funds | 112,345 | — | 103,531 | 8,814 | ||||||||||||||||||||||
Other assets | 7,871 | 7,871 | — | — | ||||||||||||||||||||||
Total plan assets at fair value | $ | 223,285 | $ | 82,326 | $ | 132,145 | $ | 8,814 | ||||||||||||||||||
Contracts with insurance companies | 9,420 | |||||||||||||||||||||||||
Total plan assets, December 31, 2013 | $ | 232,705 | ||||||||||||||||||||||||
For fair value measurements of plan assets using significant unobservable inputs (Level 3), a reconciliation of the balances from January 1, 2013 to December 31, 2014 are as follows: | ||||||||||||||||||||||||||
(In Thousands) | Private equity and | |||||||||||||||||||||||||
hedge funds | ||||||||||||||||||||||||||
Balance at January 1, 2013 | $ | 8,356 | ||||||||||||||||||||||||
Purchases | 2,864 | |||||||||||||||||||||||||
Sales | — | |||||||||||||||||||||||||
Distributions | (2,567 | ) | ||||||||||||||||||||||||
Actual return on plan assets still held at year end | 161 | |||||||||||||||||||||||||
Transfers in and/or out of Level 3 | — | |||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 8,814 | ||||||||||||||||||||||||
Purchases | 4,142 | |||||||||||||||||||||||||
Sales | — | |||||||||||||||||||||||||
Distributions | (2,088 | ) | ||||||||||||||||||||||||
Actual return on plan assets still held at year end | 207 | |||||||||||||||||||||||||
Transfers in and/or out of Level 3 | — | |||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 11,075 | ||||||||||||||||||||||||
Tredegar also has a non-qualified supplemental pension plan covering certain employees. Effective December 31, 2005, further participation in this plan was terminated and benefit accruals for existing participants were frozen. The plan was designed to restore all or a part of the pension benefits that would have been payable to designated participants from the principal pension plans if it were not for limitations imposed by income tax regulations. The projected benefit obligation relating to this unfunded plan was $2.4 million at December 31, 2014 and $2.4 million at December 31, 2013. Pension expense recognized for this plan was $0.1 million in 2014, $0.1 million in 2013 and $0.1 million in 2012. This information has been included in the preceding pension benefit tables. | ||||||||||||||||||||||||||
Approximately 81 employees at the Company’s film products manufacturing facility in Kerkrade, The Netherlands are covered by a collective bargaining agreement that includes participation in a multi-employer pension plan. Pension expense recognized for participation in this plan, which is equal to required contributions, was $0.5 million in 2014, $0.5 million in 2013 and $0.5 million in 2012. This information has been excluded from the preceding pension benefit tables. |
Savings_Plan
Savings Plan | 12 Months Ended | |
Dec. 31, 2014 | ||
Savings Plan [Abstract] | ||
Savings Plan | SAVINGS PLAN | |
Tredegar has a savings plan that allows eligible employees to voluntarily contribute a percentage of their compensation up to Internal Revenue Service (“IRS”) limitations. Effective January 1, 2007, the provisions of the savings plan provided the following benefits for salaried and certain hourly employees: | ||
• | The Company makes matching contributions to the savings plan of $1 for every $1 of employee contribution. The maximum matching contribution is currently 5% of base pay. | |
• | The savings plan includes immediate vesting for active employees of past matching contributions as well as future matching contributions when made (compared with the previous 5-year graded vesting) and automatic enrollment at 3% of base pay unless the employee opts out or elects a different percentage. | |
For February 1, 2014 through December 31, 2014, the Company reduced its matching contribution to the savings plan for salaried and non-union hourly employees to $0.50 for every $1 a participant contributes, with a maximum matching contribution of 5% of base pay during this period. The Company also has a non-qualified plan that restores matching benefits for employees suspended from the savings plan due to certain limitations imposed by income tax regulations. Charges recognized for these plans were $1.6 million in 2014, $2.6 million in 2013 and $2.5 million in 2012. The Company’s liability under the restoration plan was $1.7 million at December 31, 2014 (consisting of 74,190 phantom shares of common stock) and $2.2 million at December 31, 2013 (consisting of 75,726 phantom shares of common stock) and valued at the closing market price on those dates. | ||
The Tredegar Corporation Benefits Plan Trust (the “Trust”) purchased 7,200 shares of the Company’s common stock in 1998 for $0.2 million and 46,671 shares of its common stock in 1997 for $1.0 million, as a partial hedge against the phantom shares held in the restoration plan. There have been no shares purchased since 1997 except for re-invested dividends. The cost of the shares held by the Trust is shown as a reduction to shareholders’ equity in the consolidated balance sheets. |
Rental_Expense_And_Contractual
Rental Expense And Contractual Commitments | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases, Operating [Abstract] | |||||
Rental Expense And Contractual Commitments | RENTAL EXPENSE AND CONTRACTUAL COMMITMENTS | ||||
Rental expense for continuing operations was $3.6 million in 2014, $3.4 million in 2013 and $3.6 million in 2012. Rental commitments under all non-cancelable operating leases for continuing operations as of December 31, 2014, are as follows: | |||||
Year | Amount | ||||
(In Thousands) | |||||
2015 | $ | 2,379 | |||
2016 | 1,908 | ||||
2017 | 1,870 | ||||
2018 | 1,787 | ||||
2019 | 657 | ||||
Remainder | 1,327 | ||||
Total | $ | 9,928 | |||
Contractual obligations for plant construction and purchases of real property and equipment amounted to $4.9 million at December 31, 2014. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | INCOME TAXES | ||||||||||||
Income from continuing operations before income taxes and income taxes are as follows: | |||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | ||||||||||
Income from continuing operations before income taxes: | |||||||||||||
Domestic | $ | 38,402 | $ | 37,380 | $ | 35,488 | |||||||
Foreign | 7,014 | 15,552 | 26,016 | ||||||||||
Total | $ | 45,416 | $ | 52,932 | $ | 61,504 | |||||||
Current income taxes: | |||||||||||||
Federal | $ | 14,568 | $ | 15,988 | $ | 10,905 | |||||||
State | 2,178 | 1,416 | 796 | ||||||||||
Foreign | 4,102 | 4,737 | 7,372 | ||||||||||
Total | 20,848 | 22,141 | 19,073 | ||||||||||
Deferred income taxes: | |||||||||||||
Federal | (9,530 | ) | (2,933 | ) | 1,212 | ||||||||
State | (417 | ) | (852 | ) | 163 | ||||||||
Foreign | (1,514 | ) | (1,361 | ) | (2,129 | ) | |||||||
Total | (11,461 | ) | (5,146 | ) | (754 | ) | |||||||
Total income taxes | $ | 9,387 | $ | 16,995 | $ | 18,319 | |||||||
The significant differences between the U.S. federal statutory rate and the effective income tax rate for continuing operations are as follows: | |||||||||||||
Percent of Income Before Income | |||||||||||||
Taxes from Continuing Operations | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income tax expense at federal statutory rate | 35 | 35 | 35 | ||||||||||
State taxes, net of federal income tax benefit | 2.2 | 0.1 | 1.1 | ||||||||||
Tax contingency accruals and tax settlements | 2 | 2 | (0.5 | ) | |||||||||
Non-deductible expenses | 0.9 | 0.6 | 0.3 | ||||||||||
Foreign rate differences | (0.1 | ) | (0.7 | ) | (0.6 | ) | |||||||
Tax incentive | (0.1 | ) | (4.7 | ) | (7.0 | ) | |||||||
Valuation allowance for foreign operating loss carry-forwards | (0.4 | ) | 0.5 | (0.1 | ) | ||||||||
Research and development tax credit | (0.6 | ) | (0.4 | ) | — | ||||||||
Domestic Production Activities Deduction | (1.9 | ) | (1.4 | ) | (0.6 | ) | |||||||
Changes in estimates related to prior year tax provision | (2.3 | ) | (0.6 | ) | (0.5 | ) | |||||||
Unremitted earnings from foreign operations | (3.8 | ) | 0.9 | 0.6 | |||||||||
Valuation allowance for capital loss carry-forwards | (10.2 | ) | 0.8 | 1.9 | |||||||||
Other | — | — | 0.2 | ||||||||||
Effective income tax rate for continuing operations | 20.7 | 32.1 | 29.8 | ||||||||||
The reduction in income taxes from continuing operations in 2014 in comparison to prior years can be attributed to a pair of distinct tax adjustments. In recent years the Company has been evaluating various tax advantageous methods for executing its overall growth and international expansion strategies. The Company, having been authorized by its management in the fourth quarter of 2014 to proceed, implemented an international tax planning strategy that generated capital gains. These capital gains were offset against previously recorded capital losses on certain investments. Income taxes from continuing operations in 2014 therefore included the recognition of a tax benefit of $4.9 million related to a portion of its capital loss carryforwards that were previously offset by a valuation allowance associated with expected limitations on the utilization of historic capital losses carried over from the previous years. In addition, as previously discussed in Note 1, with the exception of Terphane Ltda., the Company accrues U.S. federal income taxes to the extent required under U.S. GAAP on unremitted earnings from foreign operations. As a result of changes in the underlying basis of certain foreign subsidiaries, income taxes from continuing operations in 2014 included an adjustment of $2.2 million in the fourth quarter, $1.7 million of which is a correction to prior years, to reverse previously accrued deferred tax liabilities accumulated over several years arising from changes in tax basis due to foreign currency translation adjustments and unremitted earnings. The corresponding prior period changes in the underlying basis of certain foreign subsidiaries primarily occurred before 2010, and the prior period components are not considered material to any period presented. | |||||||||||||
The Brazilian federal statutory income tax rate is a composite of 34.0% (25.0% of income tax and 9.0% of social contribution on income). Terphane’s manufacturing facility in Brazil was the beneficiary of certain income tax incentives that allowed for a reduction in the statutory Brazilian federal income tax rate levied on the operating profit of its products. These incentives produce a current tax rate of 15.25% for Terphane Ltda. (6.25% of income tax and 9.0% social contribution on income). The current incentives expired at the end of 2014. The Company anticipates that it will qualify for additional incentives that will extend beyond 2014, but future benefits will not be recorded until the amount and extent of these incentives are more fully known. The benefit from the tax incentives was $51,000 (0 cents per share), $2.5 million (8 cents per share) and $4.3 million (13 cents per share) in 2014, 2013 and 2012, respectively. | |||||||||||||
Deferred tax liabilities and deferred tax assets at December 31, 2014 and 2013, are as follows: | |||||||||||||
(In Thousands) | 2014 | 2013 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Amortization of goodwill and other intangibles | $ | 45,696 | $ | 46,738 | |||||||||
Depreciation | 27,550 | 29,994 | |||||||||||
Foreign currency translation gain adjustment | 4,233 | 8,620 | |||||||||||
Derivative financial instruments | 316 | 432 | |||||||||||
Total deferred tax liabilities | 77,795 | 85,784 | |||||||||||
Deferred tax assets: | |||||||||||||
Pensions | 34,214 | 14,813 | |||||||||||
Employee benefits | 11,597 | 11,124 | |||||||||||
Inventory | 6,221 | 2,292 | |||||||||||
Excess capital losses and book/tax basis differences on investments | 3,282 | 4,316 | |||||||||||
Tax benefit on state and foreign NOL and credit carryforwards | 2,967 | 1,871 | |||||||||||
Asset write-offs, divestitures and environmental accruals | 1,593 | 3,734 | |||||||||||
Timing adjustment for unrecognized tax benefits on uncertain tax positions, including portion relating to interest and penalties | 842 | 600 | |||||||||||
Allowance for doubtful accounts | 479 | 639 | |||||||||||
Other | 799 | 1,247 | |||||||||||
Deferred tax assets before valuation allowance | 61,994 | 40,636 | |||||||||||
Less: Valuation allowance | 14,577 | 20,019 | |||||||||||
Total deferred tax assets | 47,417 | 20,617 | |||||||||||
Net deferred tax liability | $ | 30,378 | $ | 65,167 | |||||||||
Included in the balance sheet: | |||||||||||||
Noncurrent deferred tax liabilities in excess of assets | $ | 39,255 | $ | 70,795 | |||||||||
Current deferred tax assets in excess of liabilities | 8,877 | 5,628 | |||||||||||
Net deferred tax liability | $ | 30,378 | $ | 65,167 | |||||||||
Except as noted below, the Company believes that it is more likely than not that future taxable income will exceed future tax deductible amounts thereby resulting in the realization of deferred tax assets. The Company has estimated gross state and foreign tax credits and net operating loss carryforwards of $3.0 million at December 31, 2014, which primarily expire at different points over the next 5 to 8 years. A valuation allowance of $2.8 million at December 31, 2014 and $1.7 million at December 31, 2013, respectively, is recorded against the tax benefit on state and foreign tax credits and net operating loss carryforwards generated by certain foreign and domestic subsidiaries that may not be recoverable in the carryforward period. The valuation allowance for excess capital losses from investments and other related items was decreased from $16.4 million at December 31, 2013 to $11.4 million at December 31, 2014 due to changes in the relative amounts of capital gains and losses generated during the year. The amount of the deferred tax asset considered realizable, however, could be adjusted in the near term if estimates of the fair value of certain investments during the carryforward period change. Tredegar continues to evaluate opportunities to utilize capital loss carryforwards prior to their expiration at various dates in the future. As circumstances and events warrant, allowances will be reversed when it is more likely than not that future taxable income will exceed deductible amounts, thereby resulting in the realization of deferred tax assets. The valuation allowance for asset impairments in foreign jurisdictions where the Company believes it is more likely than not that the deferred tax asset will not be realized was $0.4 million at December 31, 2014 and $1.9 million at December 31, 2013. | |||||||||||||
A reconciliation of the Company’s unrecognized uncertain tax positions since January 1, 2012, is shown below: | |||||||||||||
Years Ended December 31, | |||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance at beginning of period | $ | 2,239 | $ | 910 | $ | 1,025 | |||||||
Increase (decrease) due to tax positions taken in: | |||||||||||||
Current period | 619 | 643 | 432 | ||||||||||
Prior period | 397 | 686 | (21 | ) | |||||||||
Increase (decrease) due to settlements with taxing authorities | — | — | (398 | ) | |||||||||
Reductions due to lapse of statute of limitations | — | — | (128 | ) | |||||||||
Balance at end of period | $ | 3,255 | $ | 2,239 | $ | 910 | |||||||
Additional information related to unrecognized uncertain tax positions since January 1, 2012 is summarized below: | |||||||||||||
Years Ended December 31, | |||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | ||||||||||
Gross unrecognized tax benefits on uncertain tax positions (reflected in current income tax and other noncurrent liability accounts in the balance sheet) | $ | 3,255 | $ | 2,239 | $ | 910 | |||||||
Deferred income tax assets related to unrecognized tax benefits on uncertain tax positions (reflected in deferred income tax accounts in the balance sheet) | (726 | ) | (540 | ) | (212 | ) | |||||||
Net unrecognized tax benefits on uncertain tax positions, which would impact the effective tax rate if recognized | 2,529 | 1,699 | 698 | ||||||||||
Interest and penalties accrued on deductions taken relating to uncertain tax positions (approximately $150, $100 and $(300) reflected in income tax expense in the income statement in 2014, 2013 and 2012, respectively, with the balance shown in current income tax and other noncurrent liability accounts in the balance sheet) | 310 | 156 | 60 | ||||||||||
Related deferred income tax assets recognized on interest and penalties | (116 | ) | (60 | ) | (23 | ) | |||||||
Interest and penalties accrued on uncertain tax positions net of related deferred income tax benefits, which would impact the effective tax rate if recognized | 194 | 96 | 37 | ||||||||||
Total net unrecognized tax benefits on uncertain tax positions reflected in the balance sheet, which would impact the effective tax rate if recognized | $ | 2,723 | $ | 1,795 | $ | 735 | |||||||
Tredegar, or one of its subsidiaries, files income tax returns in the U.S. federal jurisdiction, various states and jurisdictions outside the U.S. With few exceptions, Tredegar is no longer subject to U.S. federal, state or non-U.S. income tax examinations by tax authorities for years before 2011. The Company anticipates that it is reasonably possible a state income tax audit may settle within the next 12 months, which could result in the recognition of up to approximately $1.4 million of the balance of unrecognized state tax positions. |
Losses_Associated_With_Plant_S
Losses Associated With Plant Shutdowns, Asset Impairments And Restructurings, Unusual Items, Gains From Sale Of Assets And Other Items | 12 Months Ended | |
Dec. 31, 2014 | ||
Restructuring and Related Activities [Abstract] | ||
Losses Associated With Plant Shutdowns, Asset Impairments And Restructurings, Unusual Items, Gains From Sale Of Assets And Other Items | LOSSES ASSOCIATED WITH PLANT SHUTDOWNS, ASSET IMPAIRMENTS AND RESTRUCTURINGS, UNUSUAL ITEMS, GAINS FROM SALE OF ASSETS AND OTHER ITEMS | |
Losses associated with plant shutdowns, asset impairments, restructurings and other charges for continuing operations in 2014 (as shown in the segment operating profit table in Note 5) totaled $13.8 million ($9.3 million after taxes), and unless otherwise noted below, are also included in “Asset impairments and costs associated with exit and disposal activities” in the consolidated statements of income. Results in 2014 included: | ||
• | A second quarter charge of $10.0 million ($6.8 million after taxes) associated with a one-time, lump sum license payment to the 3M Company (“3M”) after the Company settled all litigation issues associated with a patent infringement complaint (included in “Other income (expense), net” in the consolidated statements of income; see Note 19 for additional detail on this legal matter); | |
• | A fourth quarter charge of $0.5 million ($0.3 million after taxes), a third quarter charge of $0.4 million ($0.2 million after taxes), a second quarter charge of $0.6 million ($0.4 million after taxes) and a first quarter charge of $0.8 million ($0.5 million after taxes) in Film Products and a third quarter charge of $31,000 ($18,000 after taxes) in Aluminum Extrusions associated with severance and other employee-related costs associated with restructurings; | |
• | A fourth quarter charge of $0.7 million ($0.4 million after taxes), a third quarter charge of $75,000 ($46,000 after taxes) and a second quarter charge of $0.2 million ($0.1 million after taxes) related to expected future environmental costs at the aluminum extrusions manufacturing facility in Newnan, Georgia (included in “Cost of goods sold” in the consolidated statements of income); | |
• | A fourth quarter adjustment of previously accrued severance and other employee-related costs of $0.1 million ($63,000 after taxes) and a third quarter charge of $37,000 ($23,000 after taxes), a second quarter charge of $0.3 million ($0.2 million after taxes) and a first quarter charge of $0.5 million ($0.3 million after taxes) associated with the shutdown of the film products manufacturing facility in Red Springs, North Carolina, which includes net severance and other employee-related costs of $0.4 million and asset impairment and other shutdown-related charges of $0.3 million; | |
• | A fourth quarter gain of $0.1 million ($73,000 after taxes) related to the sale of a previously shutdown film products manufacturing facility in LaGrange, Georgia (included in “Other income (expense), net” in the consolidated statements of income); and | |
• | A fourth quarter charge of $11,000 ($7,000 after taxes), a third quarter charge of $20,000 ($12,000 after taxes) and a second quarter charge of $24,000 ($15,000 after taxes) associated with the shutdown of the aluminum extrusions manufacturing facility in Kentland, Indiana. | |
Results in 2014 include a net unrealized gain on the Company’s investment in kaléo (included in “Other income (expense), net” in the consolidated statements of income) of $2.0 million ($1.0 million after taxes). An unrealized loss on the Company’s investment in the Harbinger Fund (included in “Other income (expense), net” in the consolidated statements of income and “Corporate expenses, net” in the statement of net sales and operating profit by segment) of $0.8 million ($0.4 million after taxes) was recorded in 2014 as a result of a reduction in the fair value of the investment that is not expected to be temporary. Tredegar also realized a gain (included in “Other income (expense), net” in the consolidated statements of income) of $1.2 million ($0.8 million after taxes) on a sale of a portion of this investment property in 2014. See Note 4 for additional information on investments. | ||
Losses associated with plant shutdowns, asset impairments, restructurings and other charges for continuing operations in 2013 (as shown in the segment operating profit table in Note 5) totaled $3.4 million ($2.2 million after taxes), and unless otherwise noted below, are also included in “Asset impairments and costs associated with exit and disposal activities” in the consolidated statements of income. Results in 2013 included: | ||
• | A fourth quarter charge of $1.5 million ($0.9 million after taxes), a third quarter charge of $0.1 million ($62,000 after taxes) and a second quarter charge of $85,000 ($53,000 after taxes) related to expected future environmental costs at the aluminum extrusions manufacturing facility in Newnan, Georgia (included in “Cost of goods sold” in the consolidated statements of income); | |
• | A third quarter charge of $45,000 ($28,000 after taxes), a second quarter charge of $0.4 million ($0.2 million after taxes) and a first quarter charge of $0.2 million ($94,000 after taxes) associated with the shutdown of the aluminum extrusions manufacturing facility in Kentland, Indiana; | |
• | A fourth quarter charge of $0.3 million ($0.2 million after taxes) and a third quarter charge of $0.2 million ($83,000 after taxes) associated with the shutdown of the film products manufacturing facility in Red Springs, North Carolina, which includes severance and other employee related costs of $0.3 million and asset impairments of $0.2 million; | |
• | A fourth quarter charge of $0.3 million ($0.2 million after taxes) in Aluminum Extrusions and a first quarter charge of $0.1 million ($67,000 after taxes) in Film Products associated with severance and other employee related costs in connection with restructurings; | |
• | A second quarter charge of $90,000 ($54,000 after taxes) and a first quarter charge of $0.1 million ($63,000 after taxes) for integration-related expenses and other non-recurring transactions (included in “Selling, general and administrative expenses” in the consolidated statements of income) associated with the acquisition of AACOA by Aluminum Extrusions; and | |
• | A second quarter loss of $91,000 ($91,000 after taxes) related to the sale of previously impaired machinery and equipment at the film products manufacturing facility in Shanghai, China (included in “Other income (expense), net” in the consolidated statements of income). | |
Results in 2013 include an unrealized gain on the Company’s investment in kaléo (included in “Other income (expense), net” in the consolidated statements of income) of $3.4 million ($2.2 million after taxes). An unrealized loss on the Company’s investment in the Harbinger Fund (included in “Other income (expense), net” in the consolidated statements of income and “Corporate expenses, net” in the statement of net sales and operating profit by segment) of $0.4 million ($0.3 million after taxes) was recorded in 2013 as a result of a reduction in the fair value of the investment that is not expected to be temporary. Tredegar also recorded an unrealized loss on its investment property in Alleghany and Bath County, Virginia of $1.0 million ($0.6 million after taxes) in the second quarter of 2013 as a result of a reduction in the estimated fair value of the Company’s investment that was not expected to be temporary. See Note 4 for additional information on investments. | ||
Film Products closed its manufacturing facility in Red Springs, North Carolina in June 2014. The plant, which was a leased facility, was solely dedicated to producing babycare elastic laminate films for P&G, who has consolidated its North American suppliers for this product. The Red Springs manufacturing facility employed 66 people, and total charges incurred related to the shutdown, which primarily consisted of severance and other employee-related costs, were approximately $0.7 million in 2014 and $0.5 million in 2013. | ||
Losses associated with plant shutdowns, asset impairments, restructurings and other charges for continuing operations in 2012 (as shown in the segment operating profit table in Note 5) totaled $5.5 million ($3.6 million after taxes), and unless otherwise noted below, are also included in “Asset impairments and costs associated with exit and disposal activities” in the consolidated statements of income. Results in 2012 included: | ||
• | A fourth quarter charge of $0.9 million ($0.5 million after taxes), a third quarter charge of $0.8 million ($0.5 million after taxes), a second quarter charge of $1.0 million ($0.7 million after taxes) and a first quarter charge of $0.9 million ($0.5 million after taxes) associated with the shutdown of the aluminum extrusions manufacturing facility in Kentland, Indiana, which includes accelerated depreciation for property, plant and equipment of $2.4 million (included in “Cost of goods sold” in the consolidated statements of income), severance and other employee related expenses of $1.2 million and other shutdown-related charges of $2.3 million, partially offset by adjustments to inventories accounted for under the LIFO method of $1.5 million (included in “Cost of goods sold” in the consolidated statements of income) and gains on the sale of equipment of $0.8 million (included in “Other income (expense), net” in the consolidated statements of income); | |
• | A fourth quarter gain of $1.3 million ($0.7 million after taxes) in Film Products (included in “Other income (expense), net” in the consolidated statements of income) associated with an insurance recovery on idle equipment that was destroyed in a fire at an outside warehouse; | |
• | A fourth quarter charge of $0.9 million ($0.6 million after taxes) and a third quarter charge of $0.3 million ($0.2 million after taxes) for acquisition-related expenses (included in “Selling, general and administrative expenses” in the consolidated statements of income) associated with the acquisition of AACOA by Aluminum Extrusions (see discussion below for further detail); | |
• | A fourth quarter charge of $0.1 million ($0.1 million after taxes), a third quarter charge of $0.1 million ($0.1 million after taxes), a second quarter charge of $0.6 million ($0.4 million after taxes) and a first quarter charge of $0.3 million ($0.2 million after taxes) for integration-related expenses (included in “Selling, general and administrative expenses” in the consolidated statements of income) associated with the Film Products acquisition of Terphane; | |
• | A fourth quarter gain of $1.1 million ($0.6 million after taxes) related to the sale of assets associated with a previously shutdown film products manufacturing facility in LaGrange, Georgia; | |
• | A second quarter charge of $0.8 million ($0.5 million after taxes) for asset impairments associated with a previously shutdown film products manufacturing facility in LaGrange, Georgia; | |
• | A fourth quarter charge of $0.2 million ($0.1 million after taxes) and a second quarter charge of $0.1 million ($46,000 after taxes) in Film Products and a first quarter charge of $0.2 million ($0.1 million after taxes) in Aluminum Extrusions for severance and other employee-related costs in connection with restructurings; | |
• | A fourth quarter charge of $0.2 million ($0.2 million after taxes) for asset impairments in Film Products; | |
• | A fourth quarter charge of $0.2 million ($0.1 million after taxes) for integration-related expenses (included in “Selling, general and administrative expenses” in the consolidated statements of income) associated with the Aluminum Extrusions’ acquisition of AACOA; | |
• | A fourth quarter charge of $0.1 million ($0.1 million after taxes) associated with purchase accounting adjustments made to the value of inventory sold by Aluminum Extrusions after its acquisition of AACOA (included in “Cost of goods sold” in the consolidated statements of income); and | |
• | A fourth quarter charge of $0.1 million ($49,000 after taxes) related to expected future environmental costs at the aluminum extrusions manufacturing facility in Newnan, Georgia (included in “Cost of goods sold” in the consolidated statements of income). | |
Total acquisition-related expenses (included in “Selling, general and administrative expenses” in the consolidated statements of income) associated with the acquisition of AACOA by Aluminum Extrusions were $2.0 million in 2012. Acquisition-related expenses of $0.8 million were recorded to “Corporate expenses, net” in the statement of net sales and operating profit by segment in Note 5 during the first and second quarters of 2012, and as noted above, acquisitions-related expenses of $1.2 million were recorded to “Losses associated with plant shutdowns, asset impairments, restructurings and other charges” for Aluminum Extrusions in the statement of net sales and operating profit by segment in Note 5 during the third and fourth quarters of 2012. | ||
Results in 2012 include an unrealized gain from the Company’s investment in kaléo of $16.1 million ($10.2 million after taxes), which is accounted for under the fair value method. An unrealized loss on the Company’s investment in the Harbinger Fund of $1.1 million ($0.7 million after taxes) was recorded in 2012 as a result of a reduction in the fair value of the investment that is not expected to be temporary. See Note 4 for additional information on investments. | ||
Aluminum Extrusions closed its manufacturing facility in Kentland, Indiana in August 2012. The plant, whose core market was residential construction, previously employed 146 people. Charges incurred related to the shutdown were approximately $4.5 million, and included accelerated depreciation on property, plant and equipment of approximately $2.4 million, severance and other employee-related charges of approximately $1.2 million and other shutdown-related costs of approximately $1 million. Other shutdown-related costs are primarily comprised of equipment transfers and plant shutdown charges, partially offset by adjustment for inventories accounted for under the LIFO method. Most of these shutdown charges, which include cash expenditures of approximately $3.5 million, were recognized over a period of 18 months. | ||
Impairment charges were recognized to write down the machinery and equipment to the lower of their carrying value or estimated fair value. The estimated fair value of machinery and equipment that was evaluated for impairment was primarily based on estimates of the proceeds that the Company would receive if and/or when assets are sold. Estimates of the remaining fair value for the related machinery and equipment were based on both Level 2 and 3 inputs as defined under U.S. GAAP. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | CONTINGENCIES |
Tredegar is involved in various stages of investigation and remediation relating to environmental matters at certain current and former plant locations. Where the Company has determined the nature and scope of any required environmental remediation activity, estimates of cleanup costs have been obtained and accrued. As efforts continue to maintain compliance with applicable environmental laws and regulations, additional contingencies may be identified. If additional contingencies are identified, the Company’s practice is to determine the nature and scope of those contingencies, obtain and accrue estimates of the cost of remediation, and perform remediation. The Company does not believe that additional costs that could arise from those activities will have a material adverse effect on its financial position. However, those costs could have a material adverse effect on quarterly or annual operating results at that time. | |
The Company is involved in various other legal actions arising in the normal course of business. After taking into consideration the relevant information, the Company believes that it has sufficiently accrued for probable losses and that the actions will not have a material adverse effect on its financial position. However, the resolution of the actions in a future period could have a material adverse effect on quarterly or annual operating results at that time. | |
From time to time, the Company enters into transactions with third parties in connection with the sale of assets or businesses in which it agrees to indemnify the buyers or third parties involved in the transaction, or in which the sellers or third parties involved in the transaction agree to indemnify Tredegar, for certain liabilities or risks related to the assets or business. Also, in the ordinary course of its business, the Company may enter into agreements with third parties for the sale of goods or services that may contain indemnification provisions. In the event that an indemnification claim is asserted, liability for indemnification would be subject to an assessment of the underlying facts and circumstances under the terms of the applicable agreement. Further, any indemnification payments may be limited or barred by a monetary cap, a time limitation, or a deductible or basket. For these reasons, Tredegar is unable to estimate the maximum amount of the potential future liability under the indemnity provisions of these agreements. The Company does, however, accrue for losses for any known contingent liability, including those that may arise from indemnification provisions, when future payment is probable and the amount is reasonably estimable. The Company discloses contingent liabilities if the probability of loss is reasonably possible and material. | |
In November 2009, 3M filed a patent infringement complaint in the U.S. District Court for the District of Minnesota (“Minnesota District Court”) against the Company's film products business. The complaint alleged infringement upon elastic film technology patents held by 3M and sought unspecified compensatory and enhanced damages associated with sales of certain elastic film product lines, which include Film Products’ FabriFlex™ and FlexFeel™ family of products. | |
The Company and 3M settled all pending matters between the parties related to the patent infringement lawsuits filed by 3M. While the Company is confident in its position on the issues, because of the inherent risks associated with litigating patent lawsuits and the significant legal expenses expected to be incurred, the Company, without any admission of wrongdoing or fault of any kind, entered into a non-exclusive worldwide license agreement with 3M on June 26, 2014 for certain elastic film products, and on June 30, 2014, made a one-time, lump-sum payment of $10 million to 3M. | |
In 2011, Tredegar was notified by U.S. Customs and Border Protection (“U.S. Customs”) that certain film products exported by Terphane to the U.S. since November 6, 2008 could be subject to duties associated with an anti-dumping duty order on imported PET films from Brazil. The Company contested the applicability of these anti-dumping duties to the films exported by Terphane, and a request was filed with the U.S. Department of Commerce (“Commerce”) for clarification about whether the film products at issue are within the scope of the anti-dumping duty order. On January 8, 2013, Commerce issued a scope ruling confirming that the films are not subject to the order, provided that Terphane can establish to the satisfaction of U.S. Customs that the performance enhancing layer on those films is greater than 0.00001 inches thick. The films at issue are manufactured to specifications that exceed that threshold. On February 6, 2013, certain U.S. producers of PET film filed a summons with the U.S. Court of International Trade to appeal the scope ruling from Commerce. If U.S. Customs ultimately were to require the collection of anti-dumping duties because Commerce’s scope ruling was overturned on appeal, or otherwise, indemnifications for related liabilities are specifically provided for under the Purchase Agreement. In December 2014, the U.S. International Trade Commission voted to revoke the anti-dumping duty order on imported PET films from Brazil. The revocation, as a result of the vote by the International Trade Commission, was effective as of November 2013. On February 20, 2015, certain U.S. producers of PET Film filed a summons with the U.S. Court of International Trade to appeal the determination by the U.S. International Trade Commission. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Selected Quarterly Financial Data | SELECTED QUARTERLY FINANCIAL DATA | |||||||||||||||
Tredegar Corporation and Subsidiaries | ||||||||||||||||
(In Thousands, Except Per-Share Amounts) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
For the year ended December 31, 2014 | ||||||||||||||||
Sales | $ | 235,213 | $ | 236,965 | $ | 240,429 | $ | 239,219 | ||||||||
Gross profit | 37,749 | 38,480 | 34,582 | 34,109 | ||||||||||||
Income from continuing operations | 8,479 | 3,752 | 10,745 | 13,054 | ||||||||||||
Income (loss) from discontinued operations | — | — | 850 | — | ||||||||||||
Net income | $ | 8,479 | $ | 3,752 | $ | 11,595 | $ | 13,054 | ||||||||
Earnings (loss) per share: | ||||||||||||||||
Basic | ||||||||||||||||
Continuing operations | $ | 0.26 | $ | 0.12 | $ | 0.33 | $ | 0.4 | ||||||||
Discontinued operations | — | — | 0.03 | — | ||||||||||||
Net income | $ | 0.26 | $ | 0.12 | $ | 0.36 | $ | 0.4 | ||||||||
Diluted | ||||||||||||||||
Continuing operations | $ | 0.26 | $ | 0.11 | $ | 0.33 | $ | 0.4 | ||||||||
Discontinued operations | — | — | 0.03 | — | ||||||||||||
Net income | $ | 0.26 | $ | 0.11 | $ | 0.36 | $ | 0.4 | ||||||||
Shares used to compute earnings (loss) per share: | ||||||||||||||||
Basic | 32,242 | 32,312 | 32,319 | 32,335 | ||||||||||||
Diluted | 32,621 | 32,641 | 32,507 | 32,449 | ||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||
Sales | $ | 241,526 | $ | 243,530 | $ | 243,194 | $ | 231,096 | ||||||||
Gross profit | 36,836 | 37,540 | 37,253 | 34,417 | ||||||||||||
Income from continuing operations | 9,517 | 9,590 | 7,428 | 9,402 | ||||||||||||
Income (loss) from discontinued operations | (5,240 | ) | (8,300 | ) | (450 | ) | — | |||||||||
Net income (loss) | $ | 4,277 | $ | 1,290 | $ | 6,978 | $ | 9,402 | ||||||||
Earnings (loss) per share: | ||||||||||||||||
Basic | ||||||||||||||||
Continuing operations | $ | 0.3 | $ | 0.3 | $ | 0.23 | $ | 0.29 | ||||||||
Discontinued operations | (0.16 | ) | (0.26 | ) | (0.01 | ) | — | |||||||||
Net income (loss) | $ | 0.14 | $ | 0.04 | $ | 0.22 | $ | 0.29 | ||||||||
Diluted | ||||||||||||||||
Continuing operations | $ | 0.29 | $ | 0.29 | $ | 0.23 | $ | 0.29 | ||||||||
Discontinued operations | (0.16 | ) | (0.25 | ) | (0.02 | ) | — | |||||||||
Net income (loss) | $ | 0.13 | $ | 0.04 | $ | 0.21 | $ | 0.29 | ||||||||
Shares used to compute earnings (loss) per share: | ||||||||||||||||
Basic | 32,076 | 32,187 | 32,201 | 32,222 | ||||||||||||
Diluted | 32,480 | 32,635 | 32,658 | 32,622 | ||||||||||||
Net income (loss) from continuing operations in the fourth quarter of 2014 includes the reduction in income taxes from continuing operations in 2014 in comparison to the prior year as a result of a pair of distinct tax adjustments. Income taxes in the fourth quarter of 2014 included the recognition of a tax benefit for a portion of the Company’s capital loss carryforwards of $4.8 million. These capital loss carryforwards were previously offset by a valuation allowance associated with expected limitations on the utilization of these assumed capital losses. In addition, as previously discussed in Note 1, with the exception of Terphane Ltda., the Company accrues U.S. federal income taxes to the extent required under U.S. GAAP on unremitted earnings from foreign operations. As a result of changes in the underlying basis of certain foreign subsidiaries, income taxes from continuing operations in 2014 included an adjustment of $2.2 million in the fourth quarter, $1.7 million of which is a correction to prior years, to reverse previously accrued deferred tax liabilities accumulated over several years arising from changes in tax basis due to foreign currency translation adjustments and unremitted earnings. The corresponding prior period changes in the underlying basis of certain foreign subsidiaries primarily occurred before 2010, and the prior period components are not considered material to any period presented. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Basis Of Presentation | Basis of Presentation. The consolidated financial statements include the accounts and operations of Tredegar and all of its majority-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. On February 12, 2008, Tredegar sold its aluminum extrusions business in Canada, and on November 20, 2012, the Company sold its mitigation banking business, Falling Springs, LLC (“Falling Springs”). All historical results for these businesses have been reflected as discontinued operations in these financial statements; however, cash flows for discontinued operations have not been separately disclosed in the consolidated statements of cash flows. See Note 3 regarding discontinued operations. | |||||||||||
The preparation of financial statements in conformity with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) requires Tredegar to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. | ||||||||||||
Foreign Currency Translation | Foreign Currency Translation. The financial statements of subsidiaries located outside the U.S., where the local currency is the functional currency, are translated into U.S. Dollars using exchange rates in effect at the period end for assets and liabilities and average exchange rates during each reporting period for results of operations. Adjustments resulting from the translation of these financial statements are reflected as a separate component of shareholders’ equity. There are no operating subsidiaries located outside the U.S. where the U.S. Dollar is the functional currency. | |||||||||||
Transaction and remeasurement gains or losses included in income were a loss of $1.5 million in 2014, a loss of $0.4 million in 2013 and a gain of $16,000 in 2012. These amounts do not include the effects between reporting periods that exchange rate changes have on income of the locations outside the U.S. that result from translation into U.S. Dollars. | ||||||||||||
Cash And Cash Equivalents | Cash and Cash Equivalents. Cash and cash equivalents consist of cash on hand in excess of daily operating requirements and highly liquid investments with original maturities of three months or less. At December 31, 2014 and 2013, Tredegar had cash and cash equivalents of $50.1 million and $52.6 million, respectively, including funds held in locations outside the U.S. of $40.5 million and $38.6 million, respectively. | |||||||||||
The Company’s policy permits investment of excess cash in marketable securities that have the highest credit ratings and maturities of less than one year. The primary objectives of the policy are safety of principal and liquidity. | ||||||||||||
Accounts And Other Receivables | Accounts and Other Receivables. Accounts receivable are stated at the amount invoiced to customers less allowances for doubtful accounts and sales returns. Accounts receivable are non-interest bearing and arise from the sale of product to customers under typical industry trade terms. Notes receivable are not significant. Past due amounts are determined based on established terms and charged-off when deemed uncollectible. The allowance for doubtful accounts is determined based on an assessment of probable losses taking into account past due amounts, customer credit profile, historical experience and current economic conditions. Other receivables include value-added taxes related to certain foreign subsidiaries and other miscellaneous receivables due within one year. | |||||||||||
Inventories | Inventories. Inventories are stated at the lower of cost or market, with cost determined on the last-in, first-out (“LIFO”) basis, the weighted average cost or the first-in, first-out basis. Cost elements included in work-in-process and finished goods inventories are raw materials, direct labor and manufacturing overhead. | |||||||||||
Property, Plant And Equipment | Property, Plant and Equipment. Accounts include costs of assets constructed or purchased, related delivery and installation costs and interest incurred on significant capital projects during their construction periods. Expenditures for renewals and betterments also are capitalized, but expenditures for repairs and maintenance are expensed as incurred. The cost and accumulated depreciation applicable to assets retired or sold are removed from the respective accounts, and gains or losses thereon are included in income. | |||||||||||
Capital expenditures for property, plant and equipment include capitalized interest. Capitalized interest included in capital expenditures for property, plant and equipment was $1.1 million, $0.9 million and $0.2 million in 2014, 2013 and 2012, respectively. | ||||||||||||
Depreciation is computed primarily by the straight-line method based on the estimated useful lives of the assets that, except for isolated exceptions, range from 5 to 40 years for buildings and land improvements and 2 to 20 years for machinery and equipment. | ||||||||||||
Investments In Private Entities With Less Than Or Equal To 50% Voting Ownership Interest | Investments in Private Entities with Less Than or Equal to 50% Voting Ownership Interest. The Company accounts for its investments in private entities where its voting ownership is less than or equal to 50% based on the facts and circumstances surrounding the investment. Investments are required to be accounted for under the consolidation method in situations where Tredegar is the primary beneficiary of a variable interest entity. The primary beneficiary is the party that has a controlling financial interest in a variable interest entity. The Company is deemed to have a controlling financial interest if it has (i) the power to direct activities of the variable interest entity that most significantly impact its economic performance and (ii) the obligation to absorb losses or the right to receive benefits from the variable interest entity that could potentially be significant to its operations. | |||||||||||
If the Company is not deemed to be the primary beneficiary in an investment in a variable interest entity then it selects either: (i) the fair value method or (ii) either (a) the cost method if it does not have significant influence over operating and financial policies of the investee or (b) the equity method if it does have significant influence. | ||||||||||||
For those investments measured at fair value, U.S. GAAP requires disclosure of the level within the fair value hierarchy in which fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). | ||||||||||||
Goodwill And Other Intangibles | Goodwill and Other Intangibles. The excess of the purchase price over the fair value of identifiable net assets of acquired companies is allocated to goodwill. The Company assesses goodwill for impairment when events or circumstances indicate that the carrying value may not be recoverable, or, at a minimum, on an annual basis (December 1st of each year). The Company’s significant reporting units in Film Products include Polyethylene Films and PET Films. There are two reporting units in Aluminum Extrusions, Bonnell Aluminum and AACOA. Each of these reporting units has separately identifiable operating net assets (operating assets including goodwill and intangible assets net of operating liabilities). | |||||||||||
All goodwill in Aluminum Extrusions is associated with the AACOA reporting unit. A goodwill impairment charge of $30.6 million ($30.6 million after taxes), which represented the entire goodwill balance in the Bonnell Aluminum reporting unit, was recognized in 2009. | ||||||||||||
The Company estimates the fair value of its reporting units using discounted cash flow analysis and comparative enterprise value-to-EBITDA (earnings before interest, taxes, depreciation and amortization) multiples. The goodwill of Polyethylene Films reporting unit was tested for impairment at the annual testing date, with the estimated fair value of this reporting unit substantially exceeding the carrying value of its net assets. The goodwill of PET Films reporting unit was also tested for impairment at December 1, 2014, with the estimated fair value of this reporting unit exceeding the carrying value of its net assets by approximately 31%. The goodwill of AACOA is associated with the October 2012 acquisition of AACOA, Inc. (“AACOA”), and estimated fair value of this reporting unit exceeded the carrying value of its net assets by approximately 63% at December 1, 2014. | ||||||||||||
Impairment Of Long-Lived Assets | Impairment of Long-Lived Assets. The Company reviews long-lived assets for possible impairment when events indicate that an impairment may exist. For assets that are held and used in operations, if events indicate that an asset may be impaired, the Company estimates the future unlevered pre-tax cash flows expected to result from the use of the asset and its eventual disposition. Assets are grouped for this purpose at the lowest level for which there are identifiable and independent cash flows. If the sum of these undiscounted pre-tax cash flows is less than the carrying amount of the asset, an impairment loss is calculated. Measurement of the impairment loss is the amount by which the carrying amount exceeds the estimated fair value of the asset group. | |||||||||||
Assets that are held for sale are reported at the lower of their carrying amount or estimated fair value less cost to sell, with an impairment loss recognized for any write-down required. | ||||||||||||
Pension Costs And Postretirement Benefit Costs Other Than Pensions | Pension Costs and Postretirement Benefit Costs Other than Pensions. Pension costs and postretirement benefit costs other than pensions are accrued over the period employees provide service to Tredegar. Liabilities and expenses for pension plans and other postretirement benefits are determined using actuarial methodologies and incorporate significant assumptions, including the rate used to discount the future estimated liability, the long-term rate of return on plan assets, and several assumptions relating to the employee workforce. The Company recognizes the funded status of its pension and other postretirement plans in the accompanying consolidated balance sheets. Tredegar’s policy is to fund its pension plans at amounts not less than the minimum requirements of the Employee Retirement Income Security Act (“ERISA”) of 1974 and to fund postretirement benefits other than pensions when claims are incurred. | |||||||||||
Revenue Recognition | Revenue Recognition. Revenue from the sale of products, which is shown net of estimated sales returns and allowances, is recognized when title has passed to the customer, the price of the product is fixed and determinable, and collectability is reasonably assured. Amounts billed to customers related to freight have been classified as sales in the accompanying consolidated statements of income. The cost of freight has been classified as a separate line in the accompanying consolidated statements of income. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction between Tredegar and its customers (such as value-added taxes) are accounted for on a net basis and therefore excluded from revenues. | |||||||||||
Research & Development ("R&D") Costs | Research & Development (“R&D”) Costs. R&D costs are expensed as incurred and include primarily salaries, wages, employee benefits, equipment depreciation, facility costs and the cost of materials consumed relating to R&D efforts. R&D costs include a reasonable allocation of indirect costs. | |||||||||||
Income Taxes | Income Taxes. Income taxes are recognized during the period in which transactions enter into the determination of income for financial reporting purposes, with deferred income taxes being provided at enacted statutory tax rates on the differences between the financial reporting and tax bases of assets and liabilities (see Note 17). Deferred U.S. federal income taxes have not been recorded for the undistributed earnings for Terphane Ltda. (a subsidiary of Film Products) because of the Company’s intent to permanently reinvest these earnings. Because of the accumulation of significant losses related to foreign currency translations at Terphane Ltda. as of December 31, 2014, there were no unrecorded deferred tax liabilities associated with the U.S. federal income taxes and foreign withholding taxes on undistributed earnings indefinitely invested outside the U.S. The Company accrues U.S. federal income taxes to the extent permitted under U.S. GAAP on unremitted earnings of all other foreign subsidiaries. | |||||||||||
A valuation allowance is recorded in the period when the Company determines that it is more likely than not that all or a portion of deferred tax assets may not be realized. The establishment and removal of a valuation allowance requires the Company to consider all positive and negative evidence and make a judgmental decision regarding the amount of valuation allowance required as of a reporting date. The benefit of an uncertain tax position is included in the accompanying financial statements when the Company determines that it is more likely than not that the position will be sustained, based on the technical merits of the position, if the taxing authority examines the position and the dispute is litigated. This determination is made on the basis of all the facts, circumstances and information available as of the reporting date. | ||||||||||||
Earnings Per Share | Earnings Per Share. Basic earnings per share is computed using the weighted average number of shares of common stock outstanding. Diluted earnings per share is computed using the weighted average common and potentially dilutive common equivalent shares outstanding, determined as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Weighted average shares outstanding used to compute basic earnings per share | 32,302,108 | 32,171,751 | 32,032,343 | |||||||||
Incremental shares attributable to stock options and restricted stock | 251,746 | 427,528 | 160,233 | |||||||||
Shares used to compute diluted earnings per share | 32,553,854 | 32,599,279 | 32,192,576 | |||||||||
Incremental shares attributable to stock options and restricted stock are computed using the average market price during the related period. The average out-of-the-money options to purchase shares that were excluded from the calculation of incremental shares attributable to stock options and restricted stock were 320,849 in 2014, 31,167 in 2013 and 632,050 in 2012. | ||||||||||||
Stock-Based Employee Compensation Plans | Stock-Based Employee Compensation Plans. Compensation expense is recorded on all share-based awards based upon its calculated fair value over the requisite service period using the graded-vesting method. The fair value of stock option awards was estimated as of the grant date using the Black-Scholes options-pricing model. The fair value of restricted stock awards was estimated as of the grant date using the closing stock price on that date. | |||||||||||
The assumptions used in this model for valuing Tredegar stock options granted in 2014, 2013 and 2012 are as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Dividend yield | 1.3 | % | 1.1 | % | 0.9 | % | ||||||
Weighted average volatility percentage | 43.5 | % | 48.3 | % | 48.7 | % | ||||||
Weighted average risk-free interest rate | 2 | % | 1.1 | % | 1 | % | ||||||
Holding period (years): | ||||||||||||
Officers | 6 | 6 | 6 | |||||||||
Management | 5 | 5 | 5 | |||||||||
Weighted average exercise price at date of grant (also weighted average market price at date of grant): | ||||||||||||
Officers | $ | 22.49 | $ | 24.84 | $ | 19.3 | ||||||
Management | 22.33 | 25.1 | 19.4 | |||||||||
The dividend yield is the dividend yield on common stock at the date of grant, which the Company believes is a reasonable estimate of the expected yield during the holding period. The expected volatility is based on the historical volatility of Tredegar’s common stock using a sequential period of historical data equal to the expected holding period of the option. The Company has no reason to believe that future volatility for this period is likely to differ from the past. The assumed risk-free interest rate is based on observed interest rates (zero coupon U.S. Treasury debt securities) appropriate for the expected holding period. The expected holding period and forfeiture assumptions are based on historical experience. Estimated forfeiture assumptions are reviewed through the vesting period. Adjustments are made if actual forfeitures differ from previous estimates. The cumulative effect of a change in estimated forfeitures is recognized in the period of the change. | ||||||||||||
Financial Instruments | Financial Instruments. Tredegar uses derivative financial instruments for the purpose of hedging aluminum price volatility and currency exchange rate exposures that exist as part of transactions associated with ongoing business operations. The Company’s derivative financial instruments are designated as and qualify as cash flow hedges and are recognized in the accompanying balance sheet at fair value. A change in the fair value of the derivative that is highly effective as and that is designated and qualifies as a cash flow hedge is recorded in other comprehensive income. Gains and losses reported in other comprehensive income (loss) are reclassified to earnings in the periods in which earnings are affected by the variability of cash flows of the hedged transaction. Such gains and losses are reported on the same line as the underlying hedged item, and the cash flows related to financial instruments are classified in the consolidated statements of cash flows in a manner consistent with those of the transactions being hedged. Any hedge ineffectiveness (which represents the amount by which the changes in the fair value of the derivative exceed the variability in the cash flows of the forecasted transaction) is recorded in current period earnings. The amount of gains and losses recognized for hedge ineffectiveness were not material in 2014, 2013 and 2012. | |||||||||||
The Company’s policy requires that it formally document all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. The Company also formally assesses (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the fair value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative is not (or has ceased to be) highly effective as a hedge, the Company discontinues hedge accounting prospectively. | ||||||||||||
As a policy, Tredegar does not engage in speculative or leveraged transactions, nor does it hold or issue financial instruments for trading purposes. Additional disclosure of the utilization of derivative hedging instruments is included in Note 9. | ||||||||||||
Comprehensive Income (Loss) | Comprehensive Income (Loss). Comprehensive income (loss) is defined as net income or loss and other comprehensive income or loss. Other comprehensive income (loss) includes changes in foreign currency translation adjustments, unrealized gains and losses on derivative financial instruments, prior service costs and net gains or losses from pension and other postretirement benefit plans arising during the period and amortization of these prior service costs and net gains or losses adjustments, all recorded net of deferred income taxes. | |||||||||||
Recently Issued Accounting Standards | Recently Issued Accounting Standards. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||
Schedule Of Diluted Earnings Per Share Computed Using Weighted Average Common And Potentially Dilutive Common Equivalent Shares Outstanding | Diluted earnings per share is computed using the weighted average common and potentially dilutive common equivalent shares outstanding, determined as follows: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Weighted average shares outstanding used to compute basic earnings per share | 32,302,108 | 32,171,751 | 32,032,343 | |||||||||||||
Incremental shares attributable to stock options and restricted stock | 251,746 | 427,528 | 160,233 | |||||||||||||
Shares used to compute diluted earnings per share | 32,553,854 | 32,599,279 | 32,192,576 | |||||||||||||
Schedule Of Assumptions For Valuing Stock Options Granted | The assumptions used in this model for valuing Tredegar stock options granted in 2014, 2013 and 2012 are as follows: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Dividend yield | 1.3 | % | 1.1 | % | 0.9 | % | ||||||||||
Weighted average volatility percentage | 43.5 | % | 48.3 | % | 48.7 | % | ||||||||||
Weighted average risk-free interest rate | 2 | % | 1.1 | % | 1 | % | ||||||||||
Holding period (years): | ||||||||||||||||
Officers | 6 | 6 | 6 | |||||||||||||
Management | 5 | 5 | 5 | |||||||||||||
Weighted average exercise price at date of grant (also weighted average market price at date of grant): | ||||||||||||||||
Officers | $ | 22.49 | $ | 24.84 | $ | 19.3 | ||||||||||
Management | 22.33 | 25.1 | 19.4 | |||||||||||||
Schedule Of Stock Options Granted And Related Estimated Fair Value At Date Of Grant | Tredegar stock options granted during 2014, 2013 and 2012, and related estimated fair value at the date of grant, are as follows: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Stock options granted (number of shares): | ||||||||||||||||
Officers | 87,820 | 94,400 | 99,600 | |||||||||||||
Management | 93,656 | 90,300 | 82,500 | |||||||||||||
Total | 181,476 | 184,700 | 182,100 | |||||||||||||
Estimated weighted average fair value of options per share at date of grant: | ||||||||||||||||
Officers | $ | 9.21 | $ | 10.37 | $ | 8.07 | ||||||||||
Management | 7.6 | 9.65 | 7.31 | |||||||||||||
Total estimated fair value of stock options granted (in thousands) | $ | 1,521 | $ | 1,850 | $ | 1,449 | ||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the year ended December 31, 2014: | |||||||||||||||
(In Thousands) | Foreign currency translation adjustment | Gain (loss) on derivative financial instruments | Pension and other post-retirement benefit adjustments | Total | ||||||||||||
Beginning balance, January 1, 2014 | $ | (19,205 | ) | $ | 765 | $ | (71,848 | ) | $ | (90,288 | ) | |||||
Other comprehensive income (loss) before reclassifications | (28,065 | ) | 294 | (38,730 | ) | (66,501 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (403 | ) | 6,997 | 6,594 | |||||||||||
Net other comprehensive income (loss) - current period | (28,065 | ) | (109 | ) | (31,733 | ) | (59,907 | ) | ||||||||
Ending balance, December 31, 2014 | $ | (47,270 | ) | $ | 656 | $ | (103,581 | ) | $ | (150,195 | ) | |||||
The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the year ended December 31, 2013: | ||||||||||||||||
(In Thousands) | Foreign currency translation adjustment | Gain (loss) on derivative financial instruments | Pension and other post-retirement benefit adjustments | Total | ||||||||||||
Beginning balance, January 1, 2013 | $ | 131 | $ | 993 | $ | (103,471 | ) | $ | (102,347 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (19,336 | ) | (590 | ) | 22,203 | 2,277 | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 362 | 9,420 | 9,782 | ||||||||||||
Net other comprehensive income (loss) - current period | (19,336 | ) | (228 | ) | 31,623 | 12,059 | ||||||||||
Ending balance, December 31, 2013 | $ | (19,205 | ) | $ | 765 | $ | (71,848 | ) | $ | (90,288 | ) | |||||
Reclassification out of Accumulated Other Comprehensive Income | Reclassifications of balances out of accumulated other comprehensive income (loss) into net income during 2014 are summarized as follows: | |||||||||||||||
(In Thousands) | Amount reclassified from other comprehensive income | Location of gain (loss) reclassified from accumulated other comprehensive income to net income | ||||||||||||||
Gain (loss) on derivative financial instruments: | ||||||||||||||||
Aluminum future contracts, before taxes | $ | 631 | Cost of sales | |||||||||||||
Foreign currency forward contracts, before taxes | 16 | Cost of sales | ||||||||||||||
Total, before taxes | 647 | |||||||||||||||
Income tax expense (benefit) | 244 | Income taxes | ||||||||||||||
Total, net of tax | $ | 403 | ||||||||||||||
Amortization of pension and other post-retirement benefits: | ||||||||||||||||
Actuarial gain (loss) and prior service costs, before taxes | $ | (10,579 | ) | (a) | ||||||||||||
Income tax expense (benefit) | (3,582 | ) | Income taxes | |||||||||||||
Total, net of tax | $ | (6,997 | ) | |||||||||||||
(a) This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 14 for additional detail). | ||||||||||||||||
Reclassifications of balances out of accumulated other comprehensive income (loss) into net income during 2013 are summarized as follows: | ||||||||||||||||
(In Thousands) | Amount reclassified from other comprehensive income | Location of gain (loss) reclassified from accumulated other comprehensive income to net income | ||||||||||||||
Gain (loss) on derivative financial instruments: | ||||||||||||||||
Aluminum future contracts, before taxes | $ | (583 | ) | Cost of sales | ||||||||||||
Foreign currency forward contracts, before taxes | — | |||||||||||||||
Total, before taxes | (583 | ) | ||||||||||||||
Income tax expense (benefit) | (221 | ) | Income taxes | |||||||||||||
Total, net of tax | $ | (362 | ) | |||||||||||||
Amortization of pension and other post-retirement benefits: | ||||||||||||||||
Actuarial gain (loss) and prior service costs, before taxes | $ | (14,818 | ) | (a) | ||||||||||||
Income tax expense (benefit) | (5,398 | ) | Income taxes | |||||||||||||
Total, net of tax | $ | (9,420 | ) | |||||||||||||
(a) This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 14 for additional detail). |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Acquisition [Line Items] | |||||
Schedule Of Supplemental Pro Forma Results | Supplemental unaudited pro forma results for the year ended December 31, 2012 are as follows: | ||||
(In Thousands, Except Per Share Data) | 2012 | ||||
Sales | $ | 946,594 | |||
Income from continuing operations | 44,816 | ||||
Earnings per share from continuing operations: | |||||
Basic | $ | 1.4 | |||
Diluted | 1.39 | ||||
AACOA | |||||
Business Acquisition [Line Items] | |||||
Schedule Of Preliminary Estimated Purchase Price Allocation | Based upon management’s valuation of the fair value of tangible and intangible assets acquired (net of cash acquired) and liabilities assumed, the purchase price allocation was as follows: | ||||
(In Thousands) | |||||
Accounts receivable | $ | 12,477 | |||
Inventories | 4,708 | ||||
Property, plant & equipment | 15,116 | ||||
Identifiable intangible assets: | |||||
Customer relationships | 4,800 | ||||
Trade names | 4,800 | ||||
Proprietary technology | 3,400 | ||||
Noncompete agreements | 1,600 | ||||
Other assets (current & noncurrent) | 42 | ||||
Trade payables & accrued expenses | (6,574 | ) | |||
Total identifiable net assets | 40,369 | ||||
Purchase price, net of cash received | 54,065 | ||||
Goodwill | $ | 13,696 | |||
Schedule Of Amortized Periods For Acquired Intangible Assets | The goodwill and other intangible asset balances associated with this acquisition will be deductible for tax purposes. Intangible assets acquired in the purchase of AACOA are being amortized over the following periods: | ||||
Identifiable Intangible Asset | Useful Life (Yrs) | ||||
Customer relationships | 10 | ||||
Proprietary technology | 10-Jun | ||||
Trade names | Indefinite | ||||
Noncompete agreements | 2 | ||||
Terphane | |||||
Business Acquisition [Line Items] | |||||
Schedule Of Preliminary Estimated Purchase Price Allocation | |||||
Schedule Of Amortized Periods For Acquired Intangible Assets |
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||
Schedule Of Fair Value Method Investments, Balance Sheets And Income Statements | The condensed balance sheets for kaléo at December 31, 2014 and 2013 and related condensed statements of operations for the last three years ended December 31, 2014, that were reported by kaléo, are provided below: | |||||||||||||||||
December 31, | December 31, | |||||||||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Assets: | Liabilities & Equity: | |||||||||||||||||
Cash & short-term investments | $ | 117,589 | $ | 33,560 | Long-term debt, net of discount, current portion | $ | — | $ | 5,414 | |||||||||
Restricted cash | 14,498 | — | Other current liabilities | 8,123 | 4,845 | |||||||||||||
Other current assets | 17,916 | 5,682 | Other noncurrent liabilities | 1,247 | 3,098 | |||||||||||||
Property & equipment | 10,824 | 10,559 | Long-term debt, net of discount | 149,471 | 9,372 | |||||||||||||
Patents | 2,702 | 2,433 | Redeemable preferred stock | 22,946 | 21,970 | |||||||||||||
Other long-term assets | 2,857 | 445 | Equity | (15,401 | ) | 7,980 | ||||||||||||
Total assets | $ | 166,386 | $ | 52,679 | Total liabilities & equity | $ | 166,386 | $ | 52,679 | |||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Revenues & Expenses: | ||||||||||||||||||
Revenues | $ | 21,156 | $ | 15,305 | $ | 38,179 | ||||||||||||
Cost of goods sold | (3,801 | ) | — | — | ||||||||||||||
Expenses and other, net (a) | (48,447 | ) | (18,631 | ) | (13,073 | ) | ||||||||||||
Income tax (expense) benefit | 8,100 | 1,586 | (9,642 | ) | ||||||||||||||
Net income (loss) | $ | (22,992 | ) | $ | (1,740 | ) | $ | 15,464 | ||||||||||
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Schedule Of Segment Reporting Information By Segment | |||||||||||||||||||||||||
Net Sales | |||||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Film Products | $ | 578,687 | $ | 621,239 | $ | 611,877 | |||||||||||||||||||
Aluminum Extrusions | 344,346 | 309,482 | 245,465 | ||||||||||||||||||||||
Total net sales | 923,033 | 930,721 | 857,342 | ||||||||||||||||||||||
Add back freight | 28,793 | 28,625 | 24,846 | ||||||||||||||||||||||
Sales as shown in consolidated statements of income | $ | 951,826 | $ | 959,346 | $ | 882,188 | |||||||||||||||||||
Operating Profit | |||||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Film Products: | |||||||||||||||||||||||||
Ongoing operations | $ | 58,054 | $ | 70,966 | $ | 69,950 | |||||||||||||||||||
Plant shutdowns, asset impairments, restructurings and other (a) | (12,827 | ) | (671 | ) | (109 | ) | |||||||||||||||||||
Aluminum Extrusions: | |||||||||||||||||||||||||
Ongoing operations | 25,664 | 18,291 | 9,037 | ||||||||||||||||||||||
Plant shutdowns, asset impairments, restructurings and other (a) | (976 | ) | (2,748 | ) | (5,427 | ) | |||||||||||||||||||
Total | 69,915 | 85,838 | 73,451 | ||||||||||||||||||||||
Interest income | 588 | 594 | 418 | ||||||||||||||||||||||
Interest expense | 2,713 | 2,870 | 3,590 | ||||||||||||||||||||||
Gain on investment accounted for under the fair value method (a) | 2,000 | 3,400 | 16,100 | ||||||||||||||||||||||
Gain on sale of investment property (a) | 1,208 | — | — | ||||||||||||||||||||||
Unrealized loss on investment property (a) | — | 1,018 | — | ||||||||||||||||||||||
Stock option-based compensation expense | 1,272 | 1,155 | 1,432 | ||||||||||||||||||||||
Corporate expenses, net (a) | 24,310 | 31,857 | 23,443 | ||||||||||||||||||||||
Income from continuing operations before income taxes | 45,416 | 52,932 | 61,504 | ||||||||||||||||||||||
Income taxes (a) | 9,387 | 16,995 | 18,319 | ||||||||||||||||||||||
Income from continuing operations | 36,029 | 35,937 | 43,185 | ||||||||||||||||||||||
Income (loss) from discontinued operations (a) | 850 | (13,990 | ) | (14,934 | ) | ||||||||||||||||||||
Net income | $ | 36,879 | $ | 21,947 | $ | 28,251 | |||||||||||||||||||
Schedule Of Identifiable Assets | |||||||||||||||||||||||||
Identifiable Assets | |||||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | |||||||||||||||||||||||
Film Products | $ | 546,210 | $ | 556,873 | |||||||||||||||||||||
Aluminum Extrusions | 143,328 | 134,928 | |||||||||||||||||||||||
Subtotal | 689,538 | 691,801 | |||||||||||||||||||||||
General corporate (b) | 49,032 | 48,590 | |||||||||||||||||||||||
Cash and cash equivalents (d) | 50,056 | 52,617 | |||||||||||||||||||||||
Total | $ | 788,626 | $ | 793,008 | |||||||||||||||||||||
Schedule Of Depreciation And Amortization, Capital Expenditures | |||||||||||||||||||||||||
Depreciation and Amortization | Capital Expenditures | ||||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Film Products | $ | 30,730 | $ | 35,332 | $ | 39,202 | $ | 38,806 | $ | 64,867 | $ | 30,484 | |||||||||||||
Aluminum Extrusions | 9,974 | 9,202 | 9,984 | 6,092 | 14,742 | 2,332 | |||||||||||||||||||
Subtotal | 40,704 | 44,534 | 49,186 | 44,898 | 79,609 | 32,816 | |||||||||||||||||||
General corporate | 114 | 121 | 73 | — | 52 | 436 | |||||||||||||||||||
Continuing operations | 40,818 | 44,655 | 49,259 | 44,898 | 79,661 | 33,252 | |||||||||||||||||||
Discontinued operations | — | — | 10 | — | — | — | |||||||||||||||||||
Total | $ | 40,818 | $ | 44,655 | $ | 49,269 | $ | 44,898 | $ | 79,661 | $ | 33,252 | |||||||||||||
Schedule Of Net Sales By Geographic Area | |||||||||||||||||||||||||
Net Sales by Geographic Area (d) | |||||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
United States | $ | 542,395 | $ | 534,346 | $ | 480,041 | |||||||||||||||||||
Exports from the United States to: | |||||||||||||||||||||||||
Asia | 72,597 | 82,235 | 57,639 | ||||||||||||||||||||||
Canada | 47,391 | 46,481 | 46,948 | ||||||||||||||||||||||
Europe | 10,874 | 6,984 | 5,186 | ||||||||||||||||||||||
Latin America | 3,116 | 3,505 | 3,145 | ||||||||||||||||||||||
Operations outside the United States: | |||||||||||||||||||||||||
Brazil | 97,954 | 109,415 | 121,373 | ||||||||||||||||||||||
The Netherlands | 74,329 | 68,471 | 67,758 | ||||||||||||||||||||||
Hungary | 39,457 | 43,482 | 41,285 | ||||||||||||||||||||||
China | 26,109 | 28,702 | 30,636 | ||||||||||||||||||||||
India | 8,811 | 7,100 | 3,331 | ||||||||||||||||||||||
Total (c) | $ | 923,033 | $ | 930,721 | $ | 857,342 | |||||||||||||||||||
Schedule Of Identifiable Assets By Geographic Area, Property, Plant & Equipment, Net By Geographic Area | |||||||||||||||||||||||||
Identifiable Assets | Property, Plant & Equipment, | ||||||||||||||||||||||||
by Geographic Area (d) | Net by Geographic Area (d) | ||||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
United States (b) | $ | 409,272 | $ | 419,234 | $ | 115,189 | $ | 141,444 | |||||||||||||||||
Operations outside the United States: | |||||||||||||||||||||||||
Brazil | 212,186 | 191,415 | 119,066 | 99,956 | |||||||||||||||||||||
The Netherlands | 23,729 | 32,156 | 9,117 | 14,172 | |||||||||||||||||||||
China | 23,037 | 25,165 | 14,141 | 14,430 | |||||||||||||||||||||
Hungary | 13,440 | 17,681 | 5,829 | 7,461 | |||||||||||||||||||||
India | 7,874 | 6,150 | 5,575 | 4,007 | |||||||||||||||||||||
General corporate (b) | 49,032 | 48,590 | 1,040 | 1,090 | |||||||||||||||||||||
Cash and cash equivalents (d) | 50,056 | 52,617 | n/a | n/a | |||||||||||||||||||||
Total | $ | 788,626 | $ | 793,008 | $ | 269,957 | $ | 282,560 | |||||||||||||||||
Schedule Of Net Sales By Product Group | |||||||||||||||||||||||||
Net Sales by Product Group | |||||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Film Products: | |||||||||||||||||||||||||
Personal care materials | $ | 317,080 | $ | 339,559 | $ | 327,161 | |||||||||||||||||||
Flexible packaging films | 114,348 | 125,712 | 138,028 | ||||||||||||||||||||||
Surface protection films | 90,129 | 90,182 | 69,627 | ||||||||||||||||||||||
Polyethylene overwrap and polypropylene films | 44,263 | 56,590 | 63,796 | ||||||||||||||||||||||
Films for other markets | 12,867 | 9,196 | 13,265 | ||||||||||||||||||||||
Subtotal | 578,687 | 621,239 | 611,877 | ||||||||||||||||||||||
Aluminum Extrusions: | |||||||||||||||||||||||||
Nonresidential building & construction | 200,707 | 179,437 | 165,159 | ||||||||||||||||||||||
Consumer durables | 44,897 | 39,565 | 12,259 | ||||||||||||||||||||||
Machinery & equipment | 26,907 | 21,936 | 8,773 | ||||||||||||||||||||||
Automotive | 22,272 | 19,919 | 11,757 | ||||||||||||||||||||||
Residential building & construction | 21,470 | 22,055 | 23,555 | ||||||||||||||||||||||
Distribution | 15,318 | 13,115 | 15,227 | ||||||||||||||||||||||
Electrical | 12,775 | 13,455 | 8,735 | ||||||||||||||||||||||
Subtotal | 344,346 | 309,482 | 245,465 | ||||||||||||||||||||||
Total | $ | 923,033 | $ | 930,721 | $ | 857,342 | |||||||||||||||||||
Accounts_And_Other_Receivables1
Accounts And Other Receivables (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounts and Notes Receivable, Net [Abstract] | |||||||||||||
Schedule Of Accounts And Other Receivable | Accounts and other receivables consist of the following: | ||||||||||||
(In Thousands) | 2014 | 2013 | |||||||||||
Trade, less allowance for doubtful accounts and sales returns of $2,610 in 2014 and $3,327 in 2013 | $ | 106,093 | $ | 94,684 | |||||||||
Other | 7,248 | 4,562 | |||||||||||
Total | $ | 113,341 | $ | 99,246 | |||||||||
Schedule Of Reconciliation Of The Beginning And Ending Balances Of The Allowance For Doubtful Accounts And Sales Returns | A reconciliation of the beginning and ending balances of the allowance for doubtful accounts and sales returns for the three years ended December 31, 2014 is as follows: | ||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance, beginning of year | $ | 3,327 | $ | 3,552 | $ | 3,539 | |||||||
Charges to expense | 1,344 | 1,874 | 1,589 | ||||||||||
Recoveries | (1,654 | ) | (1,760 | ) | (1,076 | ) | |||||||
Write-offs | (153 | ) | (285 | ) | (588 | ) | |||||||
Foreign exchange and other | (254 | ) | (54 | ) | 88 | ||||||||
Balance, end of year | $ | 2,610 | $ | 3,327 | $ | 3,552 | |||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory, Net [Abstract] | |||||||||
Schedule Of Inventories | Inventories consist of the following: | ||||||||
(In Thousands) | 2014 | 2013 | |||||||
Finished goods | $ | 17,559 | $ | 14,953 | |||||
Work-in-process | 10,089 | 7,750 | |||||||
Raw materials | 25,227 | 24,477 | |||||||
Stores, supplies and other | 21,433 | 23,483 | |||||||
Total | $ | 74,308 | $ | 70,663 | |||||
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Schedule Of Goodwill And Other Intangibles | The components of goodwill and other intangibles at December 31, 2014 and 2013, and related amortization periods for continuing operations are as follows: | ||||||||||||
(In Thousands) | 2014 | 2013 | Amortization Periods | ||||||||||
Goodwill | $ | 169,687 | $ | 172,788 | Not amortized | ||||||||
Other identifiable intangibles: | |||||||||||||
Customer relationships (cost basis of $29,117 in 2014 and $31,357 in 2013) | 21,620 | 25,962 | 10-12 years | ||||||||||
Proprietary technology (cost basis of $18,228 in 2014 and $18,851 in 2013) | 11,824 | 14,356 | Not more than 15 years | ||||||||||
Trade names | 11,998 | 12,594 | Indefinite life | ||||||||||
Non-compete agreements (cost basis of $4,154 in 2014 and 2013) | — | 600 | 2 years | ||||||||||
Total carrying value of other intangibles | 45,442 | 53,512 | |||||||||||
Total carrying value of goodwill and other intangibles | $ | 215,129 | $ | 226,300 | |||||||||
Reconciliation Of The Beginning And Ending Balance Of Goodwill | A reconciliation of the beginning and ending balance of goodwill for each of the three years in the period ended December 31, 2014 is as follows: | ||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | ||||||||||
Net carrying value of goodwill, beginning of year | $ | 172,788 | $ | 176,620 | $ | 165,372 | |||||||
Acquisitions | — | — | 13,695 | ||||||||||
Increase (decrease) due to foreign currency translation | (3,101 | ) | (3,832 | ) | (2,447 | ) | |||||||
Net carrying value of goodwill, end of year | $ | 169,687 | $ | 172,788 | $ | 176,620 | |||||||
Schedule Of Expected Amortization Expense | Amortization expense for continuing operations over the next five years is expected to be as follows: | ||||||||||||
Year | Amount | ||||||||||||
(In Thousands) | |||||||||||||
2015 | $ | 4,741 | |||||||||||
2016 | 4,702 | ||||||||||||
2017 | 4,702 | ||||||||||||
2018 | 4,702 | ||||||||||||
2019 | 4,568 | ||||||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||||||||
Schedule Of Pretax Effect On Net Income (Loss) And Other Comprehensive Income (Loss) Of Derivative Instruments Classified As Cash Flow Hedges | The pretax effect on net income (loss) and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for years ended December 31, 2014, 2013, and 2012 is summarized in the tables below: | |||||||||||||||||||||||
(In Thousands) | Cash Flow Derivative Hedges | |||||||||||||||||||||||
Aluminum Futures Contracts | Foreign Currency Forwards and Options | |||||||||||||||||||||||
Years Ended December 31, | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Amount of pre-tax gain (loss) recognized in other comprehensive income | $ | 542 | $ | (868 | ) | $ | (232 | ) | $ | (120 | ) | $ | (77 | ) | $ | 1,421 | ||||||||
Location of gain (loss) reclassified from accumulated other comprehensive income into net income (effective portion) | Cost of | Cost of | Cost of | Cost of | ||||||||||||||||||||
sales | sales | sales | sales | |||||||||||||||||||||
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion) | $ | 631 | $ | (583 | ) | $ | (1,026 | ) | $ | 16 | $ | — | $ | — | ||||||||||
Aluminum Futures Contracts | ||||||||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||||||||
Summary Of Location And Fair Value Of Derivative Financial Instruments | The table below summarizes the location and gross amounts of aluminum derivative contract fair values (Level 2) in the consolidated balance sheets as of December 31, 2014 and 2013: | |||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
(In Thousands) | Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||||||||
Account | Value | Account | Value | |||||||||||||||||||||
Derivatives Designated as Hedging Instruments | ||||||||||||||||||||||||
Asset derivatives: | Accrued expenses | $ | 82 | Accrued expenses | $ | 31 | ||||||||||||||||||
Aluminum futures contracts | ||||||||||||||||||||||||
Liability derivatives: | Accrued expenses | $ | (318 | ) | Accrued expenses | $ | (178 | ) | ||||||||||||||||
Aluminum futures contracts | ||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||||||||||
Asset derivatives: | Accrued expenses | $ | 7 | Accrued expenses | $ | — | ||||||||||||||||||
Aluminum futures contracts | ||||||||||||||||||||||||
Liability derivatives: | Accrued expenses | $ | (7 | ) | Accrued expenses | $ | — | |||||||||||||||||
Aluminum futures contracts | ||||||||||||||||||||||||
Net asset (liability) | $ | (236 | ) | $ | (147 | ) | ||||||||||||||||||
Foreign Currency Forward Contracts | ||||||||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||||||||
Summary Of Location And Fair Value Of Derivative Financial Instruments | The table below summarizes the location and gross amounts of foreign currency forward contract fair values (Level 2) in the consolidated balance sheets as of December 31, 2014 and 2013: | |||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
(In Thousands) | Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||||||||
Account | Value | Account | Value | |||||||||||||||||||||
Derivatives Designated as Hedging Instruments | ||||||||||||||||||||||||
Asset derivatives: | $ | — | Prepaid expenses | $ | 47 | |||||||||||||||||||
Foreign currency forward contracts | and other | |||||||||||||||||||||||
Net asset (liability) | $ | — | $ | 47 | ||||||||||||||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Accrued Liabilities [Abstract] | ||||||||||||||||
Schedule Of Accrued Expenses | Accrued expenses consist of the following: | |||||||||||||||
(In Thousands) | 2014 | 2013 | ||||||||||||||
Vacation | $ | 7,266 | $ | 7,077 | ||||||||||||
Payrolls, related taxes and medical and other benefits | 4,119 | 5,679 | ||||||||||||||
Incentive compensation | 3,803 | 4,148 | ||||||||||||||
Workers’ compensation and disabilities | 3,007 | 2,753 | ||||||||||||||
Accrued utilities | 2,186 | 2,494 | ||||||||||||||
Taxes other than federal income and payroll | 841 | 2,153 | ||||||||||||||
Contractual indemnification claims (see note 3) | — | 2,604 | ||||||||||||||
Other | 10,827 | 15,250 | ||||||||||||||
Total | $ | 32,049 | $ | 42,158 | ||||||||||||
Schedule Of Reconciliation Of Beginning And Ending Balances Of Accrued Expenses Associated With Asset Impairments And Costs Associated With Exit And Disposal Activities | A reconciliation of the beginning and ending balances of accrued expenses associated with asset impairments and costs associated with exit and disposal activities for each of the three years in the period ended December 31, 2014 is as follows: | |||||||||||||||
(In Thousands) | Severance | Asset Impairments | Other (a) | Total | ||||||||||||
Balance at January 1, 2012 | $ | 197 | $ | — | $ | — | $ | 197 | ||||||||
For the year ended December 31, 2012: | ||||||||||||||||
Charges | 1,562 | 1,077 | 2,255 | 4,894 | ||||||||||||
Cash spend | (1,463 | ) | — | (1,670 | ) | (3,133 | ) | |||||||||
Charges against assets | — | (1,077 | ) | — | (1,077 | ) | ||||||||||
Balance at December 31, 2012 | 296 | — | 585 | 881 | ||||||||||||
For the year ended December 31, 2013: | ||||||||||||||||
Charges | 671 | 172 | 569 | 1,412 | ||||||||||||
Cash spend | (636 | ) | — | (798 | ) | (1,434 | ) | |||||||||
Charges against assets | — | (172 | ) | — | (172 | ) | ||||||||||
Balance at December 31, 2013 | 331 | — | 356 | 687 | ||||||||||||
For the year ended December 31, 2014: | ||||||||||||||||
Charges | 2,668 | 227 | 131 | 3,026 | ||||||||||||
Cash spend | (2,753 | ) | — | (286 | ) | (3,039 | ) | |||||||||
Charges against assets | — | (227 | ) | — | (227 | ) | ||||||||||
Balance at December 31, 2014 | $ | 246 | $ | — | $ | 201 | $ | 447 | ||||||||
(a) | Other includes other shutdown-related costs associated with the shutdown of the Company’s aluminum extrusions manufacturing facility in Kentland, Indiana. |
Debt_And_Credit_Agreements_Tab
Debt And Credit Agreements (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Schedule Of Borrowings Under Credit Agreement At Various Indebtedness To Adjusted EBITDA Levels | Borrowings under the Credit Agreement bear an interest rate of LIBOR plus a credit spread and commitment fees charged on the unused amount under the Credit Agreement at various indebtedness-to-adjusted-EBITDA levels as follows: | |||||||||||
Pricing Under Credit Revolving Agreement (Basis Points) | ||||||||||||
Indebtedness-to-Adjusted EBITDA Ratio | Credit Spread | Commitment | ||||||||||
Over LIBOR | Fee | |||||||||||
> 2.0x but <=.0x | 200 | 35 | ||||||||||
> 1.0x but <=0x | 175 | 30 | ||||||||||
<=.0x | 150 | 25 | ||||||||||
Summary Of Total Debt Due And Outstanding | At December 31, 2014, based upon the most restrictive covenants within the Credit Agreement, available credit under the Credit Agreement was approximately $155 million. Total debt due and outstanding at December 31, 2014 is summarized below: | |||||||||||
Debt Due and Outstanding at December 31, 2014 | ||||||||||||
(In Thousands) | ||||||||||||
Year Due | Credit | Other | Total Debt | |||||||||
Agreement | Due | |||||||||||
2015 | $ | — | $ | — | $ | — | ||||||
2016 | — | — | — | |||||||||
2017 | 137,250 | — | 137,250 | |||||||||
2018 | — | — | — | |||||||||
2019 | — | — | — | |||||||||
Total | $ | 137,250 | $ | — | $ | 137,250 | ||||||
Stock_Option_And_Stock_Award_P1
Stock Option And Stock Award Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||
Summary Of Stock Options Outstanding | A summary of stock options outstanding at December 31, 2014, 2013 and 2012, and changes during those years, is presented below: | ||||||||||||||||||||||||||||||||
Option Exercise Price/Share | |||||||||||||||||||||||||||||||||
Number of | Range | Weighted | |||||||||||||||||||||||||||||||
Options | Average | ||||||||||||||||||||||||||||||||
Outstanding at January 1, 2012 | 1,121,500 | $ | 14.06 | to | $ | 19.84 | $ | 17.4 | |||||||||||||||||||||||||
Granted | 182,100 | 18.51 | to | 19.4 | 19.34 | ||||||||||||||||||||||||||||
Forfeited and Expired | (50,300 | ) | 15.8 | to | 19.84 | 19.34 | |||||||||||||||||||||||||||
Exercised | (176,600 | ) | 14.72 | to | 18.12 | 16.33 | |||||||||||||||||||||||||||
Outstanding at December 31, 2012 | 1,076,700 | 14.06 | to | 19.84 | 17.81 | ||||||||||||||||||||||||||||
Granted | 184,700 | 24.84 | to | 30.01 | 24.97 | ||||||||||||||||||||||||||||
Forfeited and Expired | (34,000 | ) | 15.11 | to | 24.84 | 21.1 | |||||||||||||||||||||||||||
Exercised | (180,600 | ) | 14.27 | to | 19.84 | 17.32 | |||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 1,046,800 | 14.06 | to | 30.01 | 19.06 | ||||||||||||||||||||||||||||
Granted | 181,476 | 19.84 | to | 22.49 | 22.41 | ||||||||||||||||||||||||||||
Forfeited and Expired | (22,581 | ) | 15.8 | to | 24.84 | 21.42 | |||||||||||||||||||||||||||
Exercised | (41,575 | ) | 15.8 | to | 19.84 | 17.55 | |||||||||||||||||||||||||||
Outstanding at December 31, 2014 | 1,164,120 | $ | 14.06 | to | $ | 30.01 | $ | 19.59 | |||||||||||||||||||||||||
Summary Of Additional Information On Stock Options Outstanding And Exercisable | The following table summarizes additional information about stock options outstanding and exercisable at December 31, 2014: | ||||||||||||||||||||||||||||||||
Options Outstanding at | Options Exercisable at | ||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2014 | ||||||||||||||||||||||||||||||||
Weighted Average | Aggregate Intrinsic Value | Aggregate Intrinsic Value | |||||||||||||||||||||||||||||||
Range of | Shares | Remaining Contractual Life (Years) | Exercise | (In Thousands) | Shares | Weighted | (In Thousands) | ||||||||||||||||||||||||||
Exercise Prices | Price | Average | |||||||||||||||||||||||||||||||
Exercise | |||||||||||||||||||||||||||||||||
Price | |||||||||||||||||||||||||||||||||
$ | — | to | $ | 15 | 26,000 | 0.9 | $ | 14.06 | $ | 219 | 26,000 | $ | 14.06 | $ | 219 | ||||||||||||||||||
15.01 | to | 17.5 | 314,500 | 1.2 | 16.53 | 1,873 | 314,500 | 16.53 | 1,873 | ||||||||||||||||||||||||
17.51 | to | 20 | 488,870 | 3.3 | 19.03 | 1,693 | 417,550 | 18.97 | 1,470 | ||||||||||||||||||||||||
20.01 | to | 25 | 330,250 | 8.7 | 23.61 | — | 40,875 | 24.84 | — | ||||||||||||||||||||||||
25.01 | to | 30.01 | 4,500 | 8.6 | 30.01 | — | 1,125 | 30.01 | — | ||||||||||||||||||||||||
Total | 1,164,120 | 4.2 | $ | 19.59 | $ | 3,785 | 800,050 | $ | 18.17 | $ | 3,562 | ||||||||||||||||||||||
Summary Of Additional Information On Non-Vested Restricted Stock Outstanding | The following table summarizes additional information about non-vested restricted stock outstanding at December 31, 2014: | ||||||||||||||||||||||||||||||||
Non-vested Restricted Stock | Maximum Non-vested Restricted Stock Units Issuable Upon Satisfaction of Certain Performance Criteria | ||||||||||||||||||||||||||||||||
Number | Weighted Avg. Grant Date Fair Value/Share | Grant Date | Number | Weighted Avg. Grant Date Fair Value/Share | Grant Date | ||||||||||||||||||||||||||||
of Shares | Fair Value | of Shares | Fair Value | ||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | ||||||||||||||||||||||||||||||||
Outstanding at January 1, 2012 | 126,150 | $ | 18.25 | $ | 2,302 | 85,000 | $ | 19.35 | $ | 1,645 | |||||||||||||||||||||||
Granted | 94,949 | 19.06 | 1,810 | 87,200 | 18.79 | 1,638 | |||||||||||||||||||||||||||
Vested | (60,357 | ) | 18.01 | (1,087 | ) | — | — | — | |||||||||||||||||||||||||
Forfeited | (16,842 | ) | 18.82 | (317 | ) | (80,400 | ) | 19.31 | (1,553 | ) | |||||||||||||||||||||||
Outstanding at December 31, 2012 | 143,900 | 18.82 | 2,708 | 91,800 | 18.85 | 1,730 | |||||||||||||||||||||||||||
Granted | 93,425 | 25.45 | 2,378 | 77,200 | 27.82 | 2,148 | |||||||||||||||||||||||||||
Vested | (58,175 | ) | 20.15 | (1,172 | ) | — | — | — | |||||||||||||||||||||||||
Forfeited | (21,300 | ) | 20.7 | (441 | ) | (36,700 | ) | 19.83 | (728 | ) | |||||||||||||||||||||||
Outstanding at December 31, 2013 | 157,850 | 22 | 3,473 | 132,300 | 23.81 | 3,150 | |||||||||||||||||||||||||||
Granted | 95,707 | 22.18 | 2,123 | 59,675 | 21.54 | 1,285 | |||||||||||||||||||||||||||
Vested | (54,921 | ) | 20.73 | (1,139 | ) | — | — | — | |||||||||||||||||||||||||
Forfeited | (10,578 | ) | 21.76 | (230 | ) | (62,262 | ) | 19.18 | (1,194 | ) | |||||||||||||||||||||||
Outstanding at December 31, 2014 | 188,058 | $ | 22.48 | $ | 4,227 | 129,713 | $ | 24.99 | $ | 3,241 | |||||||||||||||||||||||
Retirement_Plans_And_Other_Pos1
Retirement Plans And Other Postretirement Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||
Reconciliation Of Changes In Benefit Obligations And Plan Assets | The following tables reconcile the changes in benefit obligations and plan assets in 2014 and 2013, and reconcile the funded status to prepaid or accrued cost at December 31, 2014 and 2013: | |||||||||||||||||||||||||
Pension Benefits | Other Post- | |||||||||||||||||||||||||
Retirement Benefits | ||||||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 275,166 | $ | 302,285 | $ | 7,858 | $ | 8,879 | ||||||||||||||||||
Service cost | 869 | 3,754 | 43 | 58 | ||||||||||||||||||||||
Interest cost | 13,397 | 12,338 | 387 | 345 | ||||||||||||||||||||||
Effect of actuarial (gains) losses related to the following: | ||||||||||||||||||||||||||
Discount rate change | 32,089 | (26,848 | ) | 732 | (746 | ) | ||||||||||||||||||||
Retirement rate assumptions and mortality table adjustments | 17,331 | (144 | ) | (131 | ) | — | ||||||||||||||||||||
Retiree medical participation rate change | — | — | (390 | ) | — | |||||||||||||||||||||
Other | 490 | (3,058 | ) | 218 | (382 | ) | ||||||||||||||||||||
Plan participant contributions | — | — | 681 | 683 | ||||||||||||||||||||||
Benefits paid | (13,916 | ) | (13,161 | ) | (1,026 | ) | (979 | ) | ||||||||||||||||||
Benefit obligation, end of year | $ | 325,426 | $ | 275,166 | $ | 8,372 | $ | 7,858 | ||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||
Plan assets at fair value, beginning of year | $ | 232,705 | $ | 219,035 | $ | — | $ | — | ||||||||||||||||||
Actual return on plan assets | 7,466 | 21,657 | — | — | ||||||||||||||||||||||
Employer contributions | 2,762 | 5,174 | 345 | 296 | ||||||||||||||||||||||
Plan participant contributions | — | — | 681 | 683 | ||||||||||||||||||||||
Benefits paid | (13,916 | ) | (13,161 | ) | (1,026 | ) | (979 | ) | ||||||||||||||||||
Plan assets at fair value, end of year | $ | 229,017 | $ | 232,705 | $ | — | $ | — | ||||||||||||||||||
Funded status of the plans | $ | (96,409 | ) | $ | (42,461 | ) | $ | (8,372 | ) | $ | (7,858 | ) | ||||||||||||||
Amounts recognized in the consolidated balance sheets: | ||||||||||||||||||||||||||
Accrued expenses (current) | $ | 130 | $ | — | $ | 456 | $ | — | ||||||||||||||||||
Other noncurrent liabilities | 96,279 | 42,461 | 7,916 | 7,858 | ||||||||||||||||||||||
Net amount recognized | $ | 96,409 | $ | 42,461 | $ | 8,372 | $ | 7,858 | ||||||||||||||||||
Components Of Net Periodic Benefit Income Or Cost For Continuing Operations | Assumptions used for financial reporting purposes to compute net benefit income or cost and benefit obligations for continuing operations, and the components of net periodic benefit income or cost for continuing operations, are as follows: | |||||||||||||||||||||||||
Pension Benefits | Other Post- | |||||||||||||||||||||||||
Retirement Benefits | ||||||||||||||||||||||||||
(In Thousands, Except Percentages) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations: | ||||||||||||||||||||||||||
Discount rate | 4.17 | % | 4.99 | % | 4.21 | % | 4.11 | % | 4.88 | % | 4.1 | % | ||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost: | ||||||||||||||||||||||||||
Discount rate | 4.99 | % | 4.21 | % | 4.95 | % | 4.88 | % | 4.1 | % | 4.9 | % | ||||||||||||||
Expected long-term return on plan assets | 7.75 | % | 7.75 | % | 8 | % | n/a | n/a | n/a | |||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||||||||||
Service cost | $ | 869 | $ | 3,754 | $ | 3,657 | $ | 43 | $ | 58 | $ | 58 | ||||||||||||||
Interest cost | 13,397 | 12,338 | 13,084 | 387 | 345 | 385 | ||||||||||||||||||||
Expected return on plan assets | (18,301 | ) | (17,430 | ) | (19,108 | ) | — | — | — | |||||||||||||||||
Amortization of prior service costs and gains or losses | 10,688 | 15,028 | 10,377 | (190 | ) | (210 | ) | (241 | ) | |||||||||||||||||
Settlement/curtailment | 81 | 28 | 99 | — | — | — | ||||||||||||||||||||
Net periodic benefit cost | $ | 6,734 | $ | 13,718 | $ | 8,109 | $ | 240 | $ | 193 | $ | 202 | ||||||||||||||
Schedule Of Expected Benefit Payments For Continuing Operations | Expected benefit payments for continuing operations over the next five years and in the aggregate for 2020-2024 are as follows: | |||||||||||||||||||||||||
(In Thousands) | Pension | Other Post- | ||||||||||||||||||||||||
Benefits | Retirement | |||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||
2015 | $ | 15,282 | $ | 456 | ||||||||||||||||||||||
2016 | 15,932 | 471 | ||||||||||||||||||||||||
2017 | 16,527 | 480 | ||||||||||||||||||||||||
2018 | 17,004 | 489 | ||||||||||||||||||||||||
2019 | 17,555 | 494 | ||||||||||||||||||||||||
2020—2024 | 93,535 | 2,511 | ||||||||||||||||||||||||
Schedule Of Amounts Recognized Before Related Deferred Income Taxes In Accumulated Other Comprehensive Income | Amounts recognized in 2014, 2013 and 2012 before related deferred income taxes in accumulated other comprehensive income consist of: | |||||||||||||||||||||||||
Pension | Other Post-Retirement | |||||||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Prior service cost (benefit) | $ | 87 | $ | 270 | $ | (887 | ) | $ | — | $ | — | $ | — | |||||||||||||
Net actuarial (gain) loss | 166,678 | 116,519 | 167,009 | (1,154 | ) | (1,773 | ) | (855 | ) | |||||||||||||||||
Schedule Of Amounts Before Related Deferred Income Taxes In Accumulated Other Comprehensive Income That Are Expected To Be Recognized As Components Of Net Periodic Benefit Or Cost | The amounts before related deferred income taxes in accumulated other comprehensive income that are expected to be recognized as components of net periodic benefit or cost during 2015 are as follows: | |||||||||||||||||||||||||
(In Thousands) | Pension | Other Post- | ||||||||||||||||||||||||
Retirement | ||||||||||||||||||||||||||
Prior service cost (benefit) | $ | 24 | $ | — | ||||||||||||||||||||||
Net actuarial (gain) loss | 16,107 | (160 | ) | |||||||||||||||||||||||
Schedule Of Percentage Composition Of Assets Held By Pension Plans | The percentage composition of assets held by pension plans for continuing operations at December 31, 2014, 2013 and 2012 are as follows: | |||||||||||||||||||||||||
% Composition of Plan Assets | ||||||||||||||||||||||||||
at December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
Pension plans related to continuing operations: | ||||||||||||||||||||||||||
Fixed income securities | 14.5 | % | 14 | % | 14.7 | % | ||||||||||||||||||||
Large/mid-capitalization equity securities | 13.7 | 13.8 | 10.9 | |||||||||||||||||||||||
Small-capitalization equity securities | 4.3 | 4.8 | 5.4 | |||||||||||||||||||||||
International and emerging market equity securities | 11 | 11.7 | 10 | |||||||||||||||||||||||
Total equity securities | 29 | 30.3 | 26.3 | |||||||||||||||||||||||
Private equity and hedge funds | 51.2 | 48.3 | 50 | |||||||||||||||||||||||
Other assets | 5.3 | 7.4 | 9 | |||||||||||||||||||||||
Total for continuing operations | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||
Schedule Of Targeted Allocation Percentage For Pension Plan Assets And Expected Long-Term Rate Of Return On Assets | targeted allocation percentage for pension plan assets and the expected long-term rate of return on assets used to determine its benefit obligation at December 31, 2014 are as follows: | |||||||||||||||||||||||||
Target % Composition of Plan Assets * | Expected Long-term Return % | |||||||||||||||||||||||||
Pension plans related to continuing operations: | ||||||||||||||||||||||||||
Fixed income securities | 32 | % | 5.5 | % | ||||||||||||||||||||||
Large/mid-capitalization equity securities | 10 | 8.8 | ||||||||||||||||||||||||
Small-capitalization equity securities | 4 | 9.9 | ||||||||||||||||||||||||
International and emerging market equity securities | 13 | 9.8 | ||||||||||||||||||||||||
Total equity securities | 27 | 9.4 | ||||||||||||||||||||||||
Private equity and hedge funds | 41 | 7.8 | ||||||||||||||||||||||||
Total for continuing operations | 100 | % | 7.5 | % | ||||||||||||||||||||||
* | Target percentages for the composition of plan assets represents a neutral position within the approved range of | |||||||||||||||||||||||||
allocations for such assets. | ||||||||||||||||||||||||||
Schedule Of Pension Plan Assets Categorized By Level Within Fair Value Measurement Hierarchy | At December 31, 2014 and 2013, the pension plan assets are categorized by level within the fair value measurement hierarchy as follows: | |||||||||||||||||||||||||
(In Thousands) | Total | Quoted Prices | Significant | Significant | ||||||||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||||
Balances at December 31, 2014: | ||||||||||||||||||||||||||
Large/mid-capitalization equity securities | $ | 31,401 | $ | 31,401 | $ | — | $ | — | ||||||||||||||||||
Small-capitalization equity securities | 9,827 | 9,827 | — | — | ||||||||||||||||||||||
International and emerging market equity securities | 25,224 | 11,471 | 13,753 | — | ||||||||||||||||||||||
Fixed income securities | 33,281 | 12,661 | 20,620 | — | ||||||||||||||||||||||
Private equity and hedge funds | 117,276 | — | 106,201 | 11,075 | ||||||||||||||||||||||
Other assets | 1,741 | 1,741 | — | — | ||||||||||||||||||||||
Total plan assets at fair value | $ | 218,750 | $ | 67,101 | $ | 140,574 | $ | 11,075 | ||||||||||||||||||
Contracts with insurance companies | 10,267 | |||||||||||||||||||||||||
Total plan assets, December 31, 2014 | $ | 229,017 | ||||||||||||||||||||||||
Balances at December 31, 2013: | ||||||||||||||||||||||||||
Large/mid-capitalization equity securities | $ | 32,134 | $ | 32,134 | $ | — | $ | — | ||||||||||||||||||
Small-capitalization equity securities | 11,063 | 11,063 | — | — | ||||||||||||||||||||||
International and emerging market equity securities | 27,271 | 13,488 | 13,783 | — | ||||||||||||||||||||||
Fixed income securities | 32,601 | 17,770 | 14,831 | — | ||||||||||||||||||||||
Private equity and hedge funds | 112,345 | — | 103,531 | 8,814 | ||||||||||||||||||||||
Other assets | 7,871 | 7,871 | — | — | ||||||||||||||||||||||
Total plan assets at fair value | $ | 223,285 | $ | 82,326 | $ | 132,145 | $ | 8,814 | ||||||||||||||||||
Contracts with insurance companies | 9,420 | |||||||||||||||||||||||||
Total plan assets, December 31, 2013 | $ | 232,705 | ||||||||||||||||||||||||
Schedule Of Fair Value Measurements Of Plan Assets Using Significant Unobservable Inputs (Level 3), Reconciliation Of Balances | For fair value measurements of plan assets using significant unobservable inputs (Level 3), a reconciliation of the balances from January 1, 2013 to December 31, 2014 are as follows: | |||||||||||||||||||||||||
(In Thousands) | Private equity and | |||||||||||||||||||||||||
hedge funds | ||||||||||||||||||||||||||
Balance at January 1, 2013 | $ | 8,356 | ||||||||||||||||||||||||
Purchases | 2,864 | |||||||||||||||||||||||||
Sales | — | |||||||||||||||||||||||||
Distributions | (2,567 | ) | ||||||||||||||||||||||||
Actual return on plan assets still held at year end | 161 | |||||||||||||||||||||||||
Transfers in and/or out of Level 3 | — | |||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 8,814 | ||||||||||||||||||||||||
Purchases | 4,142 | |||||||||||||||||||||||||
Sales | — | |||||||||||||||||||||||||
Distributions | (2,088 | ) | ||||||||||||||||||||||||
Actual return on plan assets still held at year end | 207 | |||||||||||||||||||||||||
Transfers in and/or out of Level 3 | — | |||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 11,075 | ||||||||||||||||||||||||
Rental_Expense_And_Contractual1
Rental Expense And Contractual Commitments (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases, Operating [Abstract] | |||||
Schedule Of Rental Commitments Under All Non-Cancelable Operating Leases For Continuing Operation | Rental expense for continuing operations was $3.6 million in 2014, $3.4 million in 2013 and $3.6 million in 2012. Rental commitments under all non-cancelable operating leases for continuing operations as of December 31, 2014, are as follows: | ||||
Year | Amount | ||||
(In Thousands) | |||||
2015 | $ | 2,379 | |||
2016 | 1,908 | ||||
2017 | 1,870 | ||||
2018 | 1,787 | ||||
2019 | 657 | ||||
Remainder | 1,327 | ||||
Total | $ | 9,928 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule Of Income From Continuing Operations Before Income Taxes | Income from continuing operations before income taxes and income taxes are as follows: | ||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | ||||||||||
Income from continuing operations before income taxes: | |||||||||||||
Domestic | $ | 38,402 | $ | 37,380 | $ | 35,488 | |||||||
Foreign | 7,014 | 15,552 | 26,016 | ||||||||||
Total | $ | 45,416 | $ | 52,932 | $ | 61,504 | |||||||
Current income taxes: | |||||||||||||
Federal | $ | 14,568 | $ | 15,988 | $ | 10,905 | |||||||
State | 2,178 | 1,416 | 796 | ||||||||||
Foreign | 4,102 | 4,737 | 7,372 | ||||||||||
Total | 20,848 | 22,141 | 19,073 | ||||||||||
Deferred income taxes: | |||||||||||||
Federal | (9,530 | ) | (2,933 | ) | 1,212 | ||||||||
State | (417 | ) | (852 | ) | 163 | ||||||||
Foreign | (1,514 | ) | (1,361 | ) | (2,129 | ) | |||||||
Total | (11,461 | ) | (5,146 | ) | (754 | ) | |||||||
Total income taxes | $ | 9,387 | $ | 16,995 | $ | 18,319 | |||||||
Summary Of Effective Income Tax Rate For Continuing Operations | The significant differences between the U.S. federal statutory rate and the effective income tax rate for continuing operations are as follows: | ||||||||||||
Percent of Income Before Income | |||||||||||||
Taxes from Continuing Operations | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income tax expense at federal statutory rate | 35 | 35 | 35 | ||||||||||
State taxes, net of federal income tax benefit | 2.2 | 0.1 | 1.1 | ||||||||||
Tax contingency accruals and tax settlements | 2 | 2 | (0.5 | ) | |||||||||
Non-deductible expenses | 0.9 | 0.6 | 0.3 | ||||||||||
Foreign rate differences | (0.1 | ) | (0.7 | ) | (0.6 | ) | |||||||
Tax incentive | (0.1 | ) | (4.7 | ) | (7.0 | ) | |||||||
Valuation allowance for foreign operating loss carry-forwards | (0.4 | ) | 0.5 | (0.1 | ) | ||||||||
Research and development tax credit | (0.6 | ) | (0.4 | ) | — | ||||||||
Domestic Production Activities Deduction | (1.9 | ) | (1.4 | ) | (0.6 | ) | |||||||
Changes in estimates related to prior year tax provision | (2.3 | ) | (0.6 | ) | (0.5 | ) | |||||||
Unremitted earnings from foreign operations | (3.8 | ) | 0.9 | 0.6 | |||||||||
Valuation allowance for capital loss carry-forwards | (10.2 | ) | 0.8 | 1.9 | |||||||||
Other | — | — | 0.2 | ||||||||||
Effective income tax rate for continuing operations | 20.7 | 32.1 | 29.8 | ||||||||||
Schedule Of Deferred Tax Liabilities And Assets | Deferred tax liabilities and deferred tax assets at December 31, 2014 and 2013, are as follows: | ||||||||||||
(In Thousands) | 2014 | 2013 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Amortization of goodwill and other intangibles | $ | 45,696 | $ | 46,738 | |||||||||
Depreciation | 27,550 | 29,994 | |||||||||||
Foreign currency translation gain adjustment | 4,233 | 8,620 | |||||||||||
Derivative financial instruments | 316 | 432 | |||||||||||
Total deferred tax liabilities | 77,795 | 85,784 | |||||||||||
Deferred tax assets: | |||||||||||||
Pensions | 34,214 | 14,813 | |||||||||||
Employee benefits | 11,597 | 11,124 | |||||||||||
Inventory | 6,221 | 2,292 | |||||||||||
Excess capital losses and book/tax basis differences on investments | 3,282 | 4,316 | |||||||||||
Tax benefit on state and foreign NOL and credit carryforwards | 2,967 | 1,871 | |||||||||||
Asset write-offs, divestitures and environmental accruals | 1,593 | 3,734 | |||||||||||
Timing adjustment for unrecognized tax benefits on uncertain tax positions, including portion relating to interest and penalties | 842 | 600 | |||||||||||
Allowance for doubtful accounts | 479 | 639 | |||||||||||
Other | 799 | 1,247 | |||||||||||
Deferred tax assets before valuation allowance | 61,994 | 40,636 | |||||||||||
Less: Valuation allowance | 14,577 | 20,019 | |||||||||||
Total deferred tax assets | 47,417 | 20,617 | |||||||||||
Net deferred tax liability | $ | 30,378 | $ | 65,167 | |||||||||
Included in the balance sheet: | |||||||||||||
Noncurrent deferred tax liabilities in excess of assets | $ | 39,255 | $ | 70,795 | |||||||||
Current deferred tax assets in excess of liabilities | 8,877 | 5,628 | |||||||||||
Net deferred tax liability | $ | 30,378 | $ | 65,167 | |||||||||
Schedule Of Unrecognized Uncertain Tax Positions | A reconciliation of the Company’s unrecognized uncertain tax positions since January 1, 2012, is shown below: | ||||||||||||
Years Ended December 31, | |||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance at beginning of period | $ | 2,239 | $ | 910 | $ | 1,025 | |||||||
Increase (decrease) due to tax positions taken in: | |||||||||||||
Current period | 619 | 643 | 432 | ||||||||||
Prior period | 397 | 686 | (21 | ) | |||||||||
Increase (decrease) due to settlements with taxing authorities | — | — | (398 | ) | |||||||||
Reductions due to lapse of statute of limitations | — | — | (128 | ) | |||||||||
Balance at end of period | $ | 3,255 | $ | 2,239 | $ | 910 | |||||||
Schedule Of Additional Information Related To Unrecognized Uncertain Tax Positions | Additional information related to unrecognized uncertain tax positions since January 1, 2012 is summarized below: | ||||||||||||
Years Ended December 31, | |||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | ||||||||||
Gross unrecognized tax benefits on uncertain tax positions (reflected in current income tax and other noncurrent liability accounts in the balance sheet) | $ | 3,255 | $ | 2,239 | $ | 910 | |||||||
Deferred income tax assets related to unrecognized tax benefits on uncertain tax positions (reflected in deferred income tax accounts in the balance sheet) | (726 | ) | (540 | ) | (212 | ) | |||||||
Net unrecognized tax benefits on uncertain tax positions, which would impact the effective tax rate if recognized | 2,529 | 1,699 | 698 | ||||||||||
Interest and penalties accrued on deductions taken relating to uncertain tax positions (approximately $150, $100 and $(300) reflected in income tax expense in the income statement in 2014, 2013 and 2012, respectively, with the balance shown in current income tax and other noncurrent liability accounts in the balance sheet) | 310 | 156 | 60 | ||||||||||
Related deferred income tax assets recognized on interest and penalties | (116 | ) | (60 | ) | (23 | ) | |||||||
Interest and penalties accrued on uncertain tax positions net of related deferred income tax benefits, which would impact the effective tax rate if recognized | 194 | 96 | 37 | ||||||||||
Total net unrecognized tax benefits on uncertain tax positions reflected in the balance sheet, which would impact the effective tax rate if recognized | $ | 2,723 | $ | 1,795 | $ | 735 | |||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule Of Selected Quarterly Financial Data | Tredegar Corporation and Subsidiaries | |||||||||||||||
(In Thousands, Except Per-Share Amounts) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
For the year ended December 31, 2014 | ||||||||||||||||
Sales | $ | 235,213 | $ | 236,965 | $ | 240,429 | $ | 239,219 | ||||||||
Gross profit | 37,749 | 38,480 | 34,582 | 34,109 | ||||||||||||
Income from continuing operations | 8,479 | 3,752 | 10,745 | 13,054 | ||||||||||||
Income (loss) from discontinued operations | — | — | 850 | — | ||||||||||||
Net income | $ | 8,479 | $ | 3,752 | $ | 11,595 | $ | 13,054 | ||||||||
Earnings (loss) per share: | ||||||||||||||||
Basic | ||||||||||||||||
Continuing operations | $ | 0.26 | $ | 0.12 | $ | 0.33 | $ | 0.4 | ||||||||
Discontinued operations | — | — | 0.03 | — | ||||||||||||
Net income | $ | 0.26 | $ | 0.12 | $ | 0.36 | $ | 0.4 | ||||||||
Diluted | ||||||||||||||||
Continuing operations | $ | 0.26 | $ | 0.11 | $ | 0.33 | $ | 0.4 | ||||||||
Discontinued operations | — | — | 0.03 | — | ||||||||||||
Net income | $ | 0.26 | $ | 0.11 | $ | 0.36 | $ | 0.4 | ||||||||
Shares used to compute earnings (loss) per share: | ||||||||||||||||
Basic | 32,242 | 32,312 | 32,319 | 32,335 | ||||||||||||
Diluted | 32,621 | 32,641 | 32,507 | 32,449 | ||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||
Sales | $ | 241,526 | $ | 243,530 | $ | 243,194 | $ | 231,096 | ||||||||
Gross profit | 36,836 | 37,540 | 37,253 | 34,417 | ||||||||||||
Income from continuing operations | 9,517 | 9,590 | 7,428 | 9,402 | ||||||||||||
Income (loss) from discontinued operations | (5,240 | ) | (8,300 | ) | (450 | ) | — | |||||||||
Net income (loss) | $ | 4,277 | $ | 1,290 | $ | 6,978 | $ | 9,402 | ||||||||
Earnings (loss) per share: | ||||||||||||||||
Basic | ||||||||||||||||
Continuing operations | $ | 0.3 | $ | 0.3 | $ | 0.23 | $ | 0.29 | ||||||||
Discontinued operations | (0.16 | ) | (0.26 | ) | (0.01 | ) | — | |||||||||
Net income (loss) | $ | 0.14 | $ | 0.04 | $ | 0.22 | $ | 0.29 | ||||||||
Diluted | ||||||||||||||||
Continuing operations | $ | 0.29 | $ | 0.29 | $ | 0.23 | $ | 0.29 | ||||||||
Discontinued operations | (0.16 | ) | (0.25 | ) | (0.02 | ) | — | |||||||||
Net income (loss) | $ | 0.13 | $ | 0.04 | $ | 0.21 | $ | 0.29 | ||||||||
Shares used to compute earnings (loss) per share: | ||||||||||||||||
Basic | 32,076 | 32,187 | 32,201 | 32,222 | ||||||||||||
Diluted | 32,480 | 32,635 | 32,658 | 32,622 | ||||||||||||
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2009 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Interest Costs Capitalized | $1,100,000 | $900,000 | $200,000 | ||||
Foreign Currency Transaction Gain (Loss), before Tax | -1,500,000 | -400,000 | 16,000 | ||||
Cash and cash equivalents | 50,056,000 | [1] | 52,617,000 | [1] | 48,822,000 | 68,939,000 | |
Investments, percentage of voting ownership interest | 50.00% | ||||||
Goodwill, Impairment Loss | 30,600,000 | ||||||
Goodwill Impairment Loss Net Of Tax | 30,600,000 | ||||||
Incremental shares excluded from the calculation of incremental shares attributable to stock options and restricted stock | 320,849 | 31,167 | 632,050 | ||||
Foreign Country | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Cash and cash equivalents | $40,500,000 | $38,600,000 | |||||
Minimum | Buildings And Land Improvements | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Average useful life | 5 years | ||||||
Minimum | Machinery & equipment | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Average useful life | 2 years | ||||||
Maximum | Buildings And Land Improvements | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Average useful life | 40 years | ||||||
Maximum | Machinery & equipment | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Average useful life | 20 years | ||||||
PET Films | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Percentage estimated fair value of PET Films exceeded carrying value of net assets | 31.00% | ||||||
Aluminum Extrusions | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Number of reporting units | 2 | ||||||
AACOA | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Percentage estimated fair value of PET Films exceeded carrying value of net assets | 63.00% | ||||||
[1] | Information on exports and foreign operations are provided on the previous page. Cash and cash equivalents includes funds held in locations outside the U.S. of $40.5 million and $38.6 million at December 31, 2014 and 2013, respectively. Export sales relate almost entirely to Film Products. Operations outside the U.S. in The Netherlands, Hungary, China, Brazil and India also relate to Film Products. Sales from locations in The Netherlands and Hungary are primarily to customers located in Europe. Sales from locations in China (Guangzhou and Shanghai) are primarily to customers located in China, but also include other customers in Asia. |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Schedule Of Diluted Earnings Per Share Computed Using Weighted Average Common And Potentially Dilutive Common Equivalent Shares Outstanding) (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounting Policies [Abstract] | |||||||||||
Weighted average shares outstanding used to compute basic earnings per share | 32,335,000 | 32,319,000 | 32,312,000 | 32,242,000 | 32,222,000 | 32,201,000 | 32,187,000 | 32,076,000 | 32,302,108 | 32,171,751 | 32,032,343 |
Incremental shares attributable to stock options and restricted stock | 251,746 | 427,528 | 160,233 | ||||||||
Shares used to compute diluted earnings per share | 32,449,000 | 32,507,000 | 32,641,000 | 32,621,000 | 32,622,000 | 32,658,000 | 32,635,000 | 32,480,000 | 32,553,854 | 32,599,279 | 32,192,576 |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies (Schedule Of Assumptions For Valuing Stock Options Granted) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 1.30% | 1.10% | 0.90% |
Weighted average volatility percentage | 43.50% | 48.30% | 48.70% |
Weighted average risk-free interest rate | 2.00% | 1.10% | 1.00% |
Weighted average exercise price at date of grant (also weighted average market price at date of grant): | $22.41 | $24.97 | $19.34 |
Officers | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Holding period (years): | 6 years | 6 years | 6 years |
Weighted average exercise price at date of grant (also weighted average market price at date of grant): | $22.49 | $24.84 | $19.30 |
Management | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Holding period (years): | 5 years | 5 years | 5 years |
Weighted average exercise price at date of grant (also weighted average market price at date of grant): | $22.33 | $25.10 | $19.40 |
Summary_Of_Significant_Account6
Summary Of Significant Accounting Policies (Schedule Of Stock Options Granted And Related Estimated Fair Value At Date Of Grant) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock options granted (number of shares): | |||
Stock options granted (number of shares) | 181,476 | 184,700 | 182,100 |
Estimated weighted average fair value of options per share at date of grant: | |||
Total estimated fair value of stock options granted | $1,521 | $1,850 | $1,449 |
Officers | |||
Stock options granted (number of shares): | |||
Stock options granted (number of shares) | 87,820 | 94,400 | 99,600 |
Estimated weighted average fair value of options per share at date of grant: | |||
Estimated weighted average fair value of options per share at date of grant | $9.21 | $10.37 | $8.07 |
Management | |||
Stock options granted (number of shares): | |||
Stock options granted (number of shares) | 93,656 | 90,300 | 82,500 |
Estimated weighted average fair value of options per share at date of grant: | |||
Estimated weighted average fair value of options per share at date of grant | $7.60 | $9.65 | $7.31 |
Recovered_Sheet1
Summary of Significant Accounting Policies (Schedule of Accumulated Other Comprehensive Income (loss)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | ($90,288) | ($102,347) | |
Other comprehensive income (loss) before reclassifications | -66,501 | 2,277 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 6,594 | 9,782 | |
Other comprehensive income (loss) | -59,907 | 12,059 | -22,962 |
Ending balance | -150,195 | -90,288 | -102,347 |
Foreign currency translation adjustment | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | -19,205 | 131 | |
Other comprehensive income (loss) before reclassifications | -28,065 | -19,336 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | |
Other comprehensive income (loss) | -28,065 | -19,336 | |
Ending balance | -47,270 | -19,205 | |
Gain (loss) on derivative financial instruments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 765 | 993 | |
Other comprehensive income (loss) before reclassifications | 294 | -590 | |
Amounts reclassified from accumulated other comprehensive income (loss) | -403 | 362 | |
Other comprehensive income (loss) | -109 | -228 | |
Ending balance | 656 | 765 | |
Pension and other post-retirement benefit adjustments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | -71,848 | -103,471 | |
Other comprehensive income (loss) before reclassifications | -38,730 | 22,203 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 6,997 | 9,420 | |
Other comprehensive income (loss) | -31,733 | 31,623 | |
Ending balance | ($103,581) | ($71,848) |
Recovered_Sheet2
Summary of Significant Accounting Policies (Schedule of Reclassifications Out of AOCI) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Cost of goods sold | ($778,113) | ($784,675) | ($712,660) | |||
Income taxes | 9,387 | [1] | 16,995 | [1] | 18,319 | [1] |
Gain (loss) on derivative financial instruments | Reclassification out of Accumulated Other Comprehensive Income | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Total, before taxes | 647 | -583 | ||||
Income taxes | 244 | -221 | ||||
Total, net of tax | 403 | -362 | ||||
Pension and other post-retirement benefit adjustments | Reclassification out of Accumulated Other Comprehensive Income | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Actuarial gain (loss) and prior service costs, before taxes | -10,579 | [2] | -14,818 | [2] | ||
Income taxes | -3,582 | -5,398 | ||||
Total, net of tax | -6,997 | -9,420 | ||||
Aluminum Futures Contracts | Gain (loss) on derivative financial instruments | Reclassification out of Accumulated Other Comprehensive Income | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Cost of goods sold | 631 | -583 | ||||
Foreign Currency Forward Contracts | Gain (loss) on derivative financial instruments | Reclassification out of Accumulated Other Comprehensive Income | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Cost of goods sold | $16 | $0 | ||||
[1] | See Notes 1, 3, 4 and 18 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items. | |||||
[2] | This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 14 for additional detail). |
Acquisitions_Narratives_Detail
Acquisitions (Narratives) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 02, 2012 | Dec. 31, 2012 | Oct. 24, 2011 | |
Business Acquisition [Line Items] | ||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $0 | ($561,000) | $57,936,000 | |||||||||||
Sales | 239,219,000 | 240,429,000 | 236,965,000 | 235,213,000 | 231,096,000 | 243,194,000 | 243,530,000 | 241,526,000 | 951,826,000 | 959,346,000 | 882,188,000 | |||
Net income from continuing operations | 13,054,000 | 10,745,000 | 3,752,000 | 8,479,000 | 9,402,000 | 7,428,000 | 9,590,000 | 9,517,000 | 36,029,000 | 35,937,000 | 43,185,000 | |||
AACOA | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Percentage of outstanding equity interests acquired | 100.00% | |||||||||||||
Total purchase price | 54,100,000 | |||||||||||||
Cash received from seller | 600,000 | |||||||||||||
Financing used to fund purchase price from existing credit facility | 350,000,000 | |||||||||||||
Sales | 19,900,000 | |||||||||||||
Net income from continuing operations | 1,000,000 | |||||||||||||
Terphane | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Percentage of outstanding equity interests acquired | 100.00% | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 3,300,000 | |||||||||||||
Total purchase price | 182,700,000 | |||||||||||||
Available cash used to fund purchase price | 57,700,000 | |||||||||||||
Financing used to fund purchase price | $125,000,000 |
Acquisitions_Schedule_Of_Preli
Acquisitions (Schedule Of Preliminary Estimated Purchase Price Allocation) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 02, 2012 |
In Thousands, unless otherwise specified | |||||
Identifiable intangible assets: | |||||
Goodwill | $169,687 | $172,788 | $176,620 | $165,372 | |
AACOA | |||||
Business Acquisition [Line Items] | |||||
Accounts receivable | 12,477 | ||||
Inventories | 4,708 | ||||
Property, plant & equipment | 15,116 | ||||
Identifiable intangible assets: | |||||
Other assets (current & noncurrent) | 42 | ||||
Trade payables & accrued expenses | -6,574 | ||||
Total identifiable net assets | 40,369 | ||||
Purchase price, net of cash received | 54,065 | ||||
Goodwill | 13,696 | ||||
AACOA | Customer relationships | |||||
Identifiable intangible assets: | |||||
Identifiable intangible assets - Indefinite | 4,800 | ||||
AACOA | Trade names | |||||
Identifiable intangible assets: | |||||
Identifiable intangible assets - finite | 4,800 | ||||
AACOA | Proprietary technology | |||||
Identifiable intangible assets: | |||||
Identifiable intangible assets - Indefinite | 3,400 | ||||
AACOA | Noncompete agreements | |||||
Identifiable intangible assets: | |||||
Identifiable intangible assets - Indefinite | $1,600 |
Acquisitions_Schedule_Of_Amort
Acquisitions (Schedule Of Amortized Periods For Acquired Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Noncompete agreements | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Identifiable Intangible Asset, Useful Life (Yrs) | 2 years |
AACOA | Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Identifiable Intangible Asset, Useful Life (Yrs) | 10 years |
AACOA | Noncompete agreements | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Identifiable Intangible Asset, Useful Life (Yrs) | 2 years |
Minimum | Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Identifiable Intangible Asset, Useful Life (Yrs) | 10 years |
Minimum | AACOA | Proprietary technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Identifiable Intangible Asset, Useful Life (Yrs) | 6 years |
Maximum | Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Identifiable Intangible Asset, Useful Life (Yrs) | 12 years |
Maximum | AACOA | Proprietary technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Identifiable Intangible Asset, Useful Life (Yrs) | 10 years |
Acquisitions_Schedule_Of_Suppl
Acquisitions (Schedule Of Supplemental Pro Forma Results) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 |
Business Combinations [Abstract] | |
Sales | $946,594 |
Income from continuing operations | $44,816 |
Earnings per share from continuing operations: | |
Earnings per share from continuing operations, Basic (in usd per share) | $1.40 |
Earnings per share from continuing operations, Diluted (in usd per share) | $1.39 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Nov. 20, 2012 | Dec. 31, 2012 | Feb. 12, 2008 | Dec. 31, 2014 | Dec. 31, 2013 |
Falling Springs | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of membership interests | $16.60 | ||||
Proceeds from sale of business | 12.8 | ||||
Common stock received from sale of membership interests | 209,576 | ||||
Loss on sale of membership interests | 3.1 | ||||
Transaction-related expenses | 0.5 | ||||
Sales reclassified to discontinued operations | 3.2 | ||||
Net income reclassified to discontinued operations | 0.5 | ||||
Aluminum Extrusions Canada Business | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of business | 25 | ||||
Accrual for indemnifications under the purchase agreement related to environmental matters | 13.4 | -0.9 | 14 | ||
Accrual for indemnifications under the purchase agreement related to environmental matters, net of tax | $13.40 | ($0.90) | $14 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 02, 2007 | Dec. 31, 2008 | ||||
Investments, Other Investments [Line Items] | ||||||||
Gain (loss) on investment accounted for under the fair value method | $2,000,000 | $3,400,000 | $16,100,000 | |||||
kaleo | ||||||||
Investments, Other Investments [Line Items] | ||||||||
Total cash invested in private company | 7,500,000 | |||||||
Ownership interest percentage | 20.00% | |||||||
Gain (loss) on investment accounted for under the fair value method | 2,000,000 | [1] | 3,400,000 | [1] | 16,100,000 | [1] | ||
Unrealized gain (loss) on investments, net of tax | 1,000,000 | 2,200,000 | 10,200,000 | |||||
Weighted average cost of capital | 45.00% | 55.00% | 55.00% | |||||
Basis point decrease of weighted average cost of capital assumption | 5.00% | |||||||
Increase in fair value from five hundred point decrease in weighted average cost of capital assumption | 6,000,000 | |||||||
Basis point increase of weighted average cost of capital assumption | 5.00% | |||||||
Decrease in fair value from five hundred point increase in weighted average cost of capital assumption | 6,000,000 | |||||||
Harbinger | ||||||||
Investments, Other Investments [Line Items] | ||||||||
Total cash invested in private company | 10,000,000 | |||||||
Unrealized loss on investments under fair value method, other than temporary impairment | 800,000 | 400,000 | 1,100,000 | |||||
Unrealized loss on investments, net of tax | 400,000 | 300,000 | 700,000 | |||||
Withdrawal proceeds | 200,000 | 400,000 | 500,000 | |||||
Maximum | Harbinger | ||||||||
Investments, Other Investments [Line Items] | ||||||||
Percent ownership in investment (less than) | 2.00% | |||||||
Other Assets and Deferred Charges [Member] | kaleo | ||||||||
Investments, Other Investments [Line Items] | ||||||||
Carrying value | 39,100,000 | 37,100,000 | ||||||
Other Assets and Deferred Charges [Member] | Harbinger | ||||||||
Investments, Other Investments [Line Items] | ||||||||
Carrying value of investment | 1,800,000 | 2,800,000 | ||||||
Other Assets and Deferred Charges [Member] | Alleghany and Bath County, Virginia | ||||||||
Investments, Other Investments [Line Items] | ||||||||
Carrying value of investment | 2,600,000 | 5,900,000 | ||||||
Alleghany and Bath County, Virginia | ||||||||
Investments, Other Investments [Line Items] | ||||||||
Gain (Loss) on Disposition of Assets | 1,208,000 | 0 | 0 | |||||
Unrealized Gain (Loss) on Investment Property | 0 | 1,018,000 | 0 | |||||
Unrealized Gain Loss On Investment Property After Tax | -600,000 | |||||||
Gain (Loss) on Sale of Investment Property, After Tax | ($800,000) | |||||||
[1] | See Notes 1, 3, 4 and 18 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items. |
Investments_Schedule_Of_Fair_V
Investments (Schedule Of Fair Value Method Investments, Balance Sheets And Income Statements) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Assets | |||||||||||||||||
Cash and cash equivalents | $50,056 | [1] | $52,617 | [1] | $50,056 | [1] | $52,617 | [1] | $48,822 | $68,939 | |||||||
Net property, plant and equipment | 269,957 | 282,560 | 269,957 | 282,560 | |||||||||||||
Other assets and deferred charges | 47,798 | 49,641 | 47,798 | 49,641 | |||||||||||||
Total assets | 788,626 | [1] | 793,008 | [1] | 788,626 | [1] | 793,008 | [1] | |||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||
Long-term debt, net of discount | 137,250 | 139,000 | 137,250 | 139,000 | |||||||||||||
Equity | 372,029 | 402,664 | 372,029 | 402,664 | 372,252 | 396,907 | |||||||||||
Total liabilities and shareholders’ equity | 788,626 | 793,008 | 788,626 | 793,008 | |||||||||||||
Revenues & Expenses: | |||||||||||||||||
Cost of goods sold | 778,113 | 784,675 | 712,660 | ||||||||||||||
Income tax (expense) benefit | -9,387 | [2] | -16,995 | [2] | -18,319 | [2] | |||||||||||
Net income | 13,054 | 11,595 | 3,752 | 8,479 | 9,402 | 6,978 | 1,290 | 4,277 | 36,879 | 21,947 | 28,251 | ||||||
kaleo | |||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | 117,589 | 33,560 | 117,589 | 33,560 | |||||||||||||
Restricted cash | 14,498 | 0 | 14,498 | 0 | |||||||||||||
Other current assets | 17,916 | 5,682 | 17,916 | 5,682 | |||||||||||||
Net property, plant and equipment | 10,824 | 10,559 | 10,824 | 10,559 | |||||||||||||
Patents | 2,702 | 2,433 | 2,702 | 2,433 | |||||||||||||
Other assets and deferred charges | 2,857 | 445 | 2,857 | 445 | |||||||||||||
Total assets | 166,386 | 52,679 | 166,386 | 52,679 | |||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||
Long-term debt, net of discount, current portion | 0 | 5,414 | 0 | 5,414 | |||||||||||||
Other current liabilities | 8,123 | 4,845 | 8,123 | 4,845 | |||||||||||||
Liabilities, Other than Long-term Debt, Noncurrent | 1,247 | 3,098 | 1,247 | 3,098 | |||||||||||||
Long-term debt, net of discount | 149,471 | 9,372 | 149,471 | 9,372 | |||||||||||||
Redeemable preferred stock | 22,946 | 21,970 | 22,946 | 21,970 | |||||||||||||
Equity | -15,401 | 7,980 | -15,401 | 7,980 | |||||||||||||
Total liabilities and shareholders’ equity | 166,386 | 52,679 | 166,386 | 52,679 | |||||||||||||
Revenues & Expenses: | |||||||||||||||||
Revenues | 21,156 | 15,305 | 38,179 | ||||||||||||||
Cost of goods sold | 3,801 | 0 | 0 | ||||||||||||||
Expenses and other, net | 48,447 | 18,631 | 13,073 | ||||||||||||||
Income tax (expense) benefit | 8,100 | 1,586 | -9,642 | ||||||||||||||
Net income | ($22,992) | ($1,740) | $15,464 | ||||||||||||||
[1] | Information on exports and foreign operations are provided on the previous page. Cash and cash equivalents includes funds held in locations outside the U.S. of $40.5 million and $38.6 million at December 31, 2014 and 2013, respectively. Export sales relate almost entirely to Film Products. Operations outside the U.S. in The Netherlands, Hungary, China, Brazil and India also relate to Film Products. Sales from locations in The Netherlands and Hungary are primarily to customers located in Europe. Sales from locations in China (Guangzhou and Shanghai) are primarily to customers located in China, but also include other customers in Asia. | ||||||||||||||||
[2] | See Notes 1, 3, 4 and 18 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items. |
Business_Segments_Narrative_De
Business Segments (Narrative) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||
Net Sales | $923,033 | [1],[2] | $930,721 | [1],[2] | $857,342 | [1],[2] |
Film Products | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales | 578,687 | 621,239 | 611,877 | |||
Film Products | The Procter And Gamble Company | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales | $220,800 | $261,900 | $264,000 | |||
[1] | The difference between total consolidated sales as reported in the consolidated statements of income and segment, geographic and product group net sales reported in this note is freight of $28.8 million in 2014, $28.6 million in 2013 and $24.8 million in 2012. | |||||
[2] | Information on exports and foreign operations are provided on the previous page. Cash and cash equivalents includes funds held in locations outside the U.S. of $40.5 million and $38.6 million at December 31, 2014 and 2013, respectively. Export sales relate almost entirely to Film Products. Operations outside the U.S. in The Netherlands, Hungary, China, Brazil and India also relate to Film Products. Sales from locations in The Netherlands and Hungary are primarily to customers located in Europe. Sales from locations in China (Guangzhou and Shanghai) are primarily to customers located in China, but also include other customers in Asia. |
Business_Segments_Schedule_Of_
Business Segments (Schedule Of Segment Reporting Information By Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Revenue from External Customer [Line Items] | |||||||||||||||||
Total net sales | $923,033 | [1],[2] | $930,721 | [1],[2] | $857,342 | [1],[2] | |||||||||||
Add back freight | 28,793 | 28,625 | 24,846 | ||||||||||||||
Sales as shown in consolidated statements of income | 239,219 | 240,429 | 236,965 | 235,213 | 231,096 | 243,194 | 243,530 | 241,526 | 951,826 | 959,346 | 882,188 | ||||||
Total | 69,915 | 85,838 | 73,451 | ||||||||||||||
Interest income | 588 | 594 | 418 | ||||||||||||||
Interest expense | 2,713 | 2,870 | 3,590 | ||||||||||||||
Gain (loss) on investment accounted for under the fair value method | 2,000 | 3,400 | 16,100 | ||||||||||||||
Stock option-based compensation expense | 1,272 | 1,155 | 1,432 | ||||||||||||||
Corporate expenses, net | 24,310 | [3] | 31,857 | [3] | 23,443 | [3] | |||||||||||
Income from continuing operations before income taxes | 45,416 | 52,932 | 61,504 | ||||||||||||||
Income taxes | 9,387 | [3] | 16,995 | [3] | 18,319 | [3] | |||||||||||
Income from continuing operations | 13,054 | 10,745 | 3,752 | 8,479 | 9,402 | 7,428 | 9,590 | 9,517 | 36,029 | 35,937 | 43,185 | ||||||
Income (loss) from discontinued operations | 0 | 850 | 0 | 0 | 0 | -450 | -8,300 | -5,240 | 850 | [3] | -13,990 | [3] | -14,934 | [3] | |||
Net income | 13,054 | 11,595 | 3,752 | 8,479 | 9,402 | 6,978 | 1,290 | 4,277 | 36,879 | 21,947 | 28,251 | ||||||
Freight | 28,793 | 28,625 | 24,846 | ||||||||||||||
Cash and cash equivalents | 50,056 | [2] | 52,617 | [2] | 50,056 | [2] | 52,617 | [2] | 48,822 | 68,939 | |||||||
Foreign Country | |||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||
Cash and cash equivalents | 40,500 | 38,600 | 40,500 | 38,600 | |||||||||||||
Pension Benefits | |||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||
Defined benefit pension plan net liability | -96,409 | -42,461 | -96,409 | -42,461 | |||||||||||||
kaleo | |||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||
Gain (loss) on investment accounted for under the fair value method | 2,000 | [3] | 3,400 | [3] | 16,100 | [3] | |||||||||||
Income taxes | -8,100 | -1,586 | 9,642 | ||||||||||||||
Net income | -22,992 | -1,740 | 15,464 | ||||||||||||||
Cash and cash equivalents | 117,589 | 33,560 | 117,589 | 33,560 | |||||||||||||
Alleghany and Bath County, Virginia | |||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||
Gain (Loss) on Disposition of Assets | 1,208 | 0 | 0 | ||||||||||||||
Unrealized Gain (Loss) on Investment Property | 0 | 1,018 | 0 | ||||||||||||||
Aluminum Extrusions | |||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||
Total net sales | 344,346 | 309,482 | 245,465 | ||||||||||||||
Ongoing operations | 25,664 | 18,291 | 9,037 | ||||||||||||||
Plant shutdowns, asset impairments, restructurings and other | -976 | [3] | -2,748 | [3] | -5,427 | [3] | |||||||||||
Film Products | |||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||
Total net sales | 578,687 | 621,239 | 611,877 | ||||||||||||||
Ongoing operations | 58,054 | 70,966 | 69,950 | ||||||||||||||
Plant shutdowns, asset impairments, restructurings and other | ($12,827) | [3] | ($671) | [3] | ($109) | [3] | |||||||||||
[1] | The difference between total consolidated sales as reported in the consolidated statements of income and segment, geographic and product group net sales reported in this note is freight of $28.8 million in 2014, $28.6 million in 2013 and $24.8 million in 2012. | ||||||||||||||||
[2] | Information on exports and foreign operations are provided on the previous page. Cash and cash equivalents includes funds held in locations outside the U.S. of $40.5 million and $38.6 million at December 31, 2014 and 2013, respectively. Export sales relate almost entirely to Film Products. Operations outside the U.S. in The Netherlands, Hungary, China, Brazil and India also relate to Film Products. Sales from locations in The Netherlands and Hungary are primarily to customers located in Europe. Sales from locations in China (Guangzhou and Shanghai) are primarily to customers located in China, but also include other customers in Asia. | ||||||||||||||||
[3] | See Notes 1, 3, 4 and 18 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items. |
Business_Segments_Schedule_Of_1
Business Segments (Schedule Of Identifiable Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | ||||||
Revenue from External Customer [Line Items] | ||||||
Identifiable Assets, Total | $788,626 | [1] | $793,008 | [1] | ||
Cash and cash equivalents | 50,056 | [1] | 52,617 | [1] | 48,822 | 68,939 |
General Corporate | ||||||
Revenue from External Customer [Line Items] | ||||||
Identifiable Assets, Total | 49,032 | [1],[2] | 48,590 | [1],[2] | ||
Subtotal | ||||||
Revenue from External Customer [Line Items] | ||||||
Identifiable Assets, Total | 689,538 | 691,801 | ||||
Aluminum Extrusions | ||||||
Revenue from External Customer [Line Items] | ||||||
Identifiable Assets, Total | 143,328 | 134,928 | ||||
Film Products | ||||||
Revenue from External Customer [Line Items] | ||||||
Identifiable Assets, Total | $546,210 | $556,873 | ||||
[1] | Information on exports and foreign operations are provided on the previous page. Cash and cash equivalents includes funds held in locations outside the U.S. of $40.5 million and $38.6 million at December 31, 2014 and 2013, respectively. Export sales relate almost entirely to Film Products. Operations outside the U.S. in The Netherlands, Hungary, China, Brazil and India also relate to Film Products. Sales from locations in The Netherlands and Hungary are primarily to customers located in Europe. Sales from locations in China (Guangzhou and Shanghai) are primarily to customers located in China, but also include other customers in Asia. | |||||
[2] | The balance sheets include the funded status of each of the Company’s defined benefit pension and other postretirement plans. The funded status of the Company’s defined benefit pension plan was a net liability of $96.4 million and $42.5 million as of December 31, 2014 and 2013, respectively. See Note 14 for more information on the Company’s pension and other postretirement plans. |
Business_Segments_Schedule_Of_2
Business Segments (Schedule Of Depreciation And Amortization, Capital Expenditures) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | $40,818 | $44,655 | $49,269 |
Capital Expenditures | 44,898 | 79,661 | 33,252 |
Continuing Operations | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | 40,818 | 44,655 | 49,259 |
Capital Expenditures | 44,898 | 79,661 | 33,252 |
Discontinued Operations | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | 0 | 0 | 10 |
Capital Expenditures | 0 | ||
Film Products | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | 30,730 | 35,332 | 39,202 |
Capital Expenditures | 38,806 | 64,867 | 30,484 |
Aluminum Extrusions | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | 9,974 | 9,202 | 9,984 |
Capital Expenditures | 6,092 | 14,742 | 2,332 |
Subtotal | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | 40,704 | 44,534 | 49,186 |
Capital Expenditures | 44,898 | 79,609 | 32,816 |
General Corporate | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | 114 | 121 | 73 |
Capital Expenditures | $0 | $52 | $436 |
Business_Segments_Schedule_Of_3
Business Segments (Schedule Of Net Sales By Geographic Area) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||
Net Sales by Geographic Area, Total | $923,033 | [1],[2] | $930,721 | [1],[2] | $857,342 | [1],[2] |
United States | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales by Geographic Area, Total | 542,395 | [2] | 534,346 | [2] | 480,041 | [2] |
Exports From The United States | Asia | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales by Geographic Area, Total | 72,597 | [2] | 82,235 | [2] | 57,639 | [2] |
Exports From The United States | Canada | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales by Geographic Area, Total | 47,391 | [2] | 46,481 | [2] | 46,948 | [2] |
Exports From The United States | Europe | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales by Geographic Area, Total | 10,874 | [2] | 6,984 | [2] | 5,186 | [2] |
Exports From The United States | Latin America | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales by Geographic Area, Total | 3,116 | [2] | 3,505 | [2] | 3,145 | [2] |
Operations Outside The United States | Brazil | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales by Geographic Area, Total | 97,954 | [2] | 109,415 | [2] | 121,373 | [2] |
Operations Outside The United States | The Netherlands | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales by Geographic Area, Total | 74,329 | [2] | 68,471 | [2] | 67,758 | [2] |
Operations Outside The United States | Hungary | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales by Geographic Area, Total | 39,457 | [2] | 43,482 | [2] | 41,285 | [2] |
Operations Outside The United States | China | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales by Geographic Area, Total | 26,109 | [2] | 28,702 | [2] | 30,636 | [2] |
Operations Outside The United States | India | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales by Geographic Area, Total | $8,811 | [2] | $7,100 | [2] | $3,331 | [2] |
[1] | The difference between total consolidated sales as reported in the consolidated statements of income and segment, geographic and product group net sales reported in this note is freight of $28.8 million in 2014, $28.6 million in 2013 and $24.8 million in 2012. | |||||
[2] | Information on exports and foreign operations are provided on the previous page. Cash and cash equivalents includes funds held in locations outside the U.S. of $40.5 million and $38.6 million at December 31, 2014 and 2013, respectively. Export sales relate almost entirely to Film Products. Operations outside the U.S. in The Netherlands, Hungary, China, Brazil and India also relate to Film Products. Sales from locations in The Netherlands and Hungary are primarily to customers located in Europe. Sales from locations in China (Guangzhou and Shanghai) are primarily to customers located in China, but also include other customers in Asia. |
Business_Segments_Schedule_Of_4
Business Segments (Schedule Of Identifiable Assets By Geographic Area, Property, Plant & Equipment, Net By Geographic Area) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | ||||||
Segment Reporting Information [Line Items] | ||||||
Identifiable Assets by Geographic Area, Total | $788,626 | [1] | $793,008 | [1] | ||
Cash and cash equivalents | 50,056 | [1] | 52,617 | [1] | 48,822 | 68,939 |
Property, Plant & Equipment, Net by Geographic Area, Total | 269,957 | 282,560 | ||||
Property, Plant & Equipment, Net of Discontinued operations by Geographic Area, Total | 269,957 | [1] | 282,560 | [1] | ||
United States | ||||||
Segment Reporting Information [Line Items] | ||||||
Identifiable Assets by Geographic Area, Total | 409,272 | [1],[2] | 419,234 | [1],[2] | ||
Property, Plant & Equipment, Net by Geographic Area, Total | 115,189 | [1],[2] | 141,444 | [1],[2] | ||
General Corporate | ||||||
Segment Reporting Information [Line Items] | ||||||
Identifiable Assets by Geographic Area, Total | 49,032 | [1],[2] | 48,590 | [1],[2] | ||
Property, Plant & Equipment, Net by Geographic Area, Total | 1,040 | [1],[2] | 1,090 | [1],[2] | ||
Operations Outside The United States | Brazil | ||||||
Segment Reporting Information [Line Items] | ||||||
Identifiable Assets by Geographic Area, Total | 212,186 | [1] | 191,415 | [1] | ||
Property, Plant & Equipment, Net by Geographic Area, Total | 119,066 | [1] | 99,956 | [1] | ||
Operations Outside The United States | The Netherlands | ||||||
Segment Reporting Information [Line Items] | ||||||
Identifiable Assets by Geographic Area, Total | 23,729 | [1] | 32,156 | [1] | ||
Property, Plant & Equipment, Net by Geographic Area, Total | 9,117 | [1] | 14,172 | [1] | ||
Operations Outside The United States | China | ||||||
Segment Reporting Information [Line Items] | ||||||
Identifiable Assets by Geographic Area, Total | 23,037 | [1] | 25,165 | [1] | ||
Property, Plant & Equipment, Net by Geographic Area, Total | 14,141 | [1] | 14,430 | [1] | ||
Operations Outside The United States | Hungary | ||||||
Segment Reporting Information [Line Items] | ||||||
Identifiable Assets by Geographic Area, Total | 13,440 | [1] | 17,681 | [1] | ||
Property, Plant & Equipment, Net by Geographic Area, Total | 5,829 | [1] | 7,461 | [1] | ||
Operations Outside The United States | India | ||||||
Segment Reporting Information [Line Items] | ||||||
Identifiable Assets by Geographic Area, Total | 7,874 | [1] | 6,150 | [1] | ||
Property, Plant & Equipment, Net by Geographic Area, Total | $5,575 | [1] | $4,007 | [1] | ||
[1] | Information on exports and foreign operations are provided on the previous page. Cash and cash equivalents includes funds held in locations outside the U.S. of $40.5 million and $38.6 million at December 31, 2014 and 2013, respectively. Export sales relate almost entirely to Film Products. Operations outside the U.S. in The Netherlands, Hungary, China, Brazil and India also relate to Film Products. Sales from locations in The Netherlands and Hungary are primarily to customers located in Europe. Sales from locations in China (Guangzhou and Shanghai) are primarily to customers located in China, but also include other customers in Asia. | |||||
[2] | The balance sheets include the funded status of each of the Company’s defined benefit pension and other postretirement plans. The funded status of the Company’s defined benefit pension plan was a net liability of $96.4 million and $42.5 million as of December 31, 2014 and 2013, respectively. See Note 14 for more information on the Company’s pension and other postretirement plans. |
Business_Segments_Schedule_Of_5
Business Segments (Schedule Of Net Sales By Product Group) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Revenue from External Customer [Line Items] | ||||||
Net Sales by Product Group | $923,033 | [1],[2] | $930,721 | [1],[2] | $857,342 | [1],[2] |
Film Products | ||||||
Revenue from External Customer [Line Items] | ||||||
Net Sales by Product Group | 578,687 | 621,239 | 611,877 | |||
Aluminum Extrusions | ||||||
Revenue from External Customer [Line Items] | ||||||
Net Sales by Product Group | 344,346 | 309,482 | 245,465 | |||
Personal care materials | Film Products | ||||||
Revenue from External Customer [Line Items] | ||||||
Net Sales by Product Group | 317,080 | 339,559 | 327,161 | |||
Flexible packaging films | Film Products | ||||||
Revenue from External Customer [Line Items] | ||||||
Net Sales by Product Group | 114,348 | 125,712 | 138,028 | |||
Surface protection films | Film Products | ||||||
Revenue from External Customer [Line Items] | ||||||
Net Sales by Product Group | 90,129 | 90,182 | 69,627 | |||
Polyethylene overwrap and polypropylene films | Film Products | ||||||
Revenue from External Customer [Line Items] | ||||||
Net Sales by Product Group | 44,263 | 56,590 | 63,796 | |||
Films for other markets | Film Products | ||||||
Revenue from External Customer [Line Items] | ||||||
Net Sales by Product Group | 12,867 | 9,196 | 13,265 | |||
Subtotal | Film Products | ||||||
Revenue from External Customer [Line Items] | ||||||
Net Sales by Product Group | 578,687 | 621,239 | 611,877 | |||
Nonresidential building & construction | Aluminum Extrusions | ||||||
Revenue from External Customer [Line Items] | ||||||
Net Sales by Product Group | 200,707 | 179,437 | 165,159 | |||
Consumer durables | Aluminum Extrusions | ||||||
Revenue from External Customer [Line Items] | ||||||
Net Sales by Product Group | 44,897 | 39,565 | 12,259 | |||
Residential building & construction | Aluminum Extrusions | ||||||
Revenue from External Customer [Line Items] | ||||||
Net Sales by Product Group | 21,470 | 22,055 | 23,555 | |||
Machinery & equipment | Aluminum Extrusions | ||||||
Revenue from External Customer [Line Items] | ||||||
Net Sales by Product Group | 26,907 | 21,936 | 8,773 | |||
Automotive | Aluminum Extrusions | ||||||
Revenue from External Customer [Line Items] | ||||||
Net Sales by Product Group | 22,272 | 19,919 | 11,757 | |||
Distribution | Aluminum Extrusions | ||||||
Revenue from External Customer [Line Items] | ||||||
Net Sales by Product Group | 15,318 | 13,115 | 15,227 | |||
Electrical | Aluminum Extrusions | ||||||
Revenue from External Customer [Line Items] | ||||||
Net Sales by Product Group | 12,775 | 13,455 | 8,735 | |||
Subtotal | Aluminum Extrusions | ||||||
Revenue from External Customer [Line Items] | ||||||
Net Sales by Product Group | $344,346 | $309,482 | $245,465 | |||
[1] | The difference between total consolidated sales as reported in the consolidated statements of income and segment, geographic and product group net sales reported in this note is freight of $28.8 million in 2014, $28.6 million in 2013 and $24.8 million in 2012. | |||||
[2] | Information on exports and foreign operations are provided on the previous page. Cash and cash equivalents includes funds held in locations outside the U.S. of $40.5 million and $38.6 million at December 31, 2014 and 2013, respectively. Export sales relate almost entirely to Film Products. Operations outside the U.S. in The Netherlands, Hungary, China, Brazil and India also relate to Film Products. Sales from locations in The Netherlands and Hungary are primarily to customers located in Europe. Sales from locations in China (Guangzhou and Shanghai) are primarily to customers located in China, but also include other customers in Asia. |
Accounts_And_Other_Receivables2
Accounts And Other Receivables (Schedule Of Accounts And Other Receivable) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts and Notes Receivable, Net [Abstract] | ||
Trade, less allowance for doubtful accounts and sales returns of $2,610 in 2014 and $3,327 in 2013 | $106,093 | $94,684 |
Other | 7,248 | 4,562 |
Total | 113,341 | 99,246 |
Allowance for Doubtful Accounts and Sales Returns | $2,610 | $3,327 |
Accounts_And_Other_Receivables3
Accounts And Other Receivables (Schedule Of Reconciliation Of The Beginning And Ending Balances Of The Allowance For Doubtful Accounts And Sales Returns) (Details) (Allowance For Doubtful Accounts, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance For Doubtful Accounts | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance, beginning of year | $3,327 | $3,552 | $3,539 |
Charges to expense | 1,344 | 1,874 | 1,589 |
Recoveries | -1,654 | -1,760 | -1,076 |
Write-offs | -153 | -285 | -588 |
Foreign exchange and other | -254 | -54 | 88 |
Balance, end of year | $2,610 | $3,327 | $3,552 |
Inventories_Narrative_Details
Inventories (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Inventories [Line Items] | |||
Inventories stated on the LIFO basis | $12.20 | $10 | |
Inventories stated value below replacement costs | 18.3 | 15.8 | |
Cost of goods sold stated at below current replacement costs | 2.7 | ||
Film Products | |||
Inventories [Line Items] | |||
Cost of goods sold stated at below current replacement costs | 1 | 0.9 | 1.1 |
Aluminum Extrusions | |||
Inventories [Line Items] | |||
Cost of goods sold stated at below current replacement costs | $1.60 |
Inventories_Schedule_Of_Invent
Inventories (Schedule Of Inventories) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory, Net [Abstract] | ||
Finished goods | $17,559 | $14,953 |
Work-in-process | 10,089 | 7,750 |
Raw materials | 25,227 | 24,477 |
Stores, supplies and other | 21,433 | 23,483 |
Total | $74,308 | $70,663 |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | ||||
Mar. 31, 2009 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill [Line Items] | |||||
Goodwill impairment charge | $30,600,000 | ||||
Goodwill impairment charge, after taxes | 30,600,000 | ||||
Goodwill | 169,687,000 | 172,788,000 | 176,620,000 | 165,372,000 | |
Film Products | |||||
Goodwill [Line Items] | |||||
Goodwill | 156,000,000 | ||||
Aluminum Extrusions | |||||
Goodwill [Line Items] | |||||
Goodwill | $13,700,000 |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Schedule Of Goodwill And Other Intangibles) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill And Other Intangible Assets [Line Items] | ||||
Goodwill | $169,687 | $172,788 | $176,620 | $165,372 |
Identifiable intangible assets: | ||||
Total carrying value of other intangibles | 45,442 | 53,512 | ||
Intangible Assets, Net (Including Goodwill) | 215,129 | 226,300 | ||
Customer relationships | ||||
Identifiable intangible assets: | ||||
Other identifiable intangibles | 21,620 | 25,962 | ||
Other identifiable intangibles, cost basis | 29,117 | 31,357 | ||
Proprietary technology | ||||
Identifiable intangible assets: | ||||
Other identifiable intangibles | 11,824 | 14,356 | ||
Other identifiable intangibles, cost basis | 18,228 | 18,851 | ||
Noncompete agreements | ||||
Identifiable intangible assets: | ||||
Other identifiable intangibles | 0 | 600 | ||
Identifiable Intangible Asset, Useful Life (Yrs) | 2 years | |||
Other identifiable intangibles, cost basis | 4,154 | 4,154 | ||
Trade names | ||||
Identifiable intangible assets: | ||||
Trade names | $11,998 | $12,594 | ||
Minimum | Customer relationships | ||||
Identifiable intangible assets: | ||||
Identifiable Intangible Asset, Useful Life (Yrs) | 10 years | |||
Maximum | Customer relationships | ||||
Identifiable intangible assets: | ||||
Identifiable Intangible Asset, Useful Life (Yrs) | 12 years | |||
Maximum | Proprietary technology | ||||
Identifiable intangible assets: | ||||
Identifiable Intangible Asset, Useful Life (Yrs) | 15 years |
Goodwill_And_Other_Intangible_4
Goodwill And Other Intangible Assets (Reconciliation Of The Beginning And Ending Balance Of Goodwill) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | |||
Net carrying value of goodwill, beginning of year | $172,788 | $176,620 | $165,372 |
Acquisitions | 0 | 0 | 13,695 |
Increase (decrease) due to foreign currency translation | -3,101 | -3,832 | -2,447 |
Net carrying value of goodwill, end of year | $169,687 | $172,788 | $176,620 |
Goodwill_And_Other_Intangible_5
Goodwill And Other Intangible Assets (Schedule of Expected Amortization Expense) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2014 | $4,741 |
2015 | 4,702 |
2016 | 4,702 |
2017 | 4,702 |
2018 | $4,568 |
Financial_Instruments_Narrativ
Financial Instruments (Narrative) (Details) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | lb | Aluminum Futures Contracts | Aluminum Futures Contracts | Film Products | |
lb | USD ($) | USD ($) | EUR (€) | ||
Derivative [Line Items] | |||||
Notional amount | $8.60 | $8 | € 2.10 | ||
Weight of aluminum that hedged future purchase of aluminum to meet fixed-price forward sales contract obligations, lbs | 7,800,000 | 8,400,000 | |||
Amounts of unrealized after-tax gains on derivative instruments | $0.20 |
Financial_Instruments_Summary_
Financial Instruments (Summary Of Location And Fair Value Of Derivative Financial Instruments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Foreign Currency Forward Contracts | Designated as Hedging Instrument | Prepaid Expenses And Other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | $0 | $47 |
Net asset (liability) | 0 | 47 |
Aluminum Futures Contracts | Designated as Hedging Instrument | Accrued Expenses | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 82 | 31 |
Liability derivatives: Aluminum futures contracts | -318 | -178 |
Net asset (liability) | -236 | -147 |
Aluminum Futures Contracts | Not Designated as Hedging Instrument [Member] | Accrued Expenses | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 7 | 0 |
Liability derivatives: Aluminum futures contracts | ($7) | $0 |
Financial_Instruments_Schedule
Financial Instruments (Schedule Of Pretax Effect On Net Income (Loss) And Other Comprehensive Income (Loss) Of Derivative Instruments Classified As Cash Flow Hedges) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Foreign Currency Forwards And Options [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of pre-tax gain (loss) recognized in other comprehensive income | ($120) | ($77) | $1,421 |
Foreign Currency Forwards And Options [Member] | Cost of Sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion) | 16 | 0 | 0 |
Aluminum Futures Contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of pre-tax gain (loss) recognized in other comprehensive income | 542 | -868 | -232 |
Aluminum Futures Contracts | Cost of Sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion) | $631 | ($583) | ($1,026) |
Accrued_Expenses_Schedule_Of_A
Accrued Expenses (Schedule Of Accrued Expenses) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities [Abstract] | ||
Vacation | $7,266 | $7,077 |
Payrolls, related taxes and medical and other benefits | 4,119 | 5,679 |
Incentive compensation | 3,803 | 4,148 |
Workers’ compensation and disabilities | 3,007 | 2,753 |
Accrued Utilities, Current | 2,186 | 2,494 |
Contractual indemnification claims | 0 | 2,604 |
Taxes other than federal income and payroll | 841 | 2,153 |
Other | 10,827 | 15,250 |
Total | $32,049 | $42,158 |
Accrued_Expenses_Schedule_Of_R
Accrued Expenses (Schedule Of Reconciliation Of Beginning And Ending Balances Of Accrued Expenses Associated With Asset Impairments And Costs Associated With Exit And Disposal Activities) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Restructuring Reserve [Roll Forward] | ||||||
Beginning balance | $687 | $881 | $197 | |||
Charges | 3,026 | 1,412 | 4,894 | |||
Cash spend | -3,039 | -1,434 | -3,133 | |||
Charges against assets | -227 | -172 | -1,077 | |||
Ending balance | 447 | 687 | 881 | |||
Severance | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Beginning balance | 331 | 296 | 197 | |||
Charges | 2,668 | 671 | 1,562 | |||
Cash spend | -2,753 | -636 | -1,463 | |||
Ending balance | 246 | 331 | 296 | |||
Asset Impairments | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Beginning balance | 0 | 0 | 0 | |||
Charges | 227 | 172 | 1,077 | |||
Charges against assets | -227 | -172 | -1,077 | |||
Ending balance | 0 | 0 | 0 | |||
Other | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Beginning balance | 356 | [1] | 585 | [1] | 0 | [1] |
Charges | 131 | [1] | 569 | [1] | 2,255 | [1] |
Cash spend | -286 | [1] | -798 | [1] | -1,670 | [1] |
Ending balance | $201 | [1] | $356 | [1] | $585 | [1] |
[1] | Other includes other shutdown-related costs associated with the shutdown of the Company’s aluminum extrusions manufacturing facility in Kentland, Indiana. |
Debt_And_Credit_Agreements_Nar
Debt And Credit Agreements (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended |
Dec. 31, 2014 | Apr. 23, 2012 | |
Line of Credit Facility [Line Items] | ||
Credit spread over LIBOR, basis points | 1.75% | |
Line of credit facility, covenant terms, maximum debt to EBITDA ratio | 3 | |
Line of credit facility, covenant terms, minimum adjusted EBIT-to-interest expense ratio | 2.5 | |
Line of credit facility, covenant terms, maximum aggregate distributions | $100,000,000 | |
Line of credit facility, covenant terms, percentage of distributions to net income | 50.00% | |
Line of credit facility, covenant terms, minimum shareholders' equity | 320,000,000 | |
Line of credit facility, covenant terms, percentage of shareholders' equity to net income | 50.00% | |
Available credit under the Credit Agreement | 155,000,000 | |
Unsecured Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 350,000,000 | |
Line of credit facility, term | 5 years | |
Line of credit facility, option to increase additional amount | 75,000,000 | |
Amount borrowed under the Credit Agreement | 102,000,000 | |
Previous Unsecured Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $300,000,000 | |
Line of credit facility, term | 4 years |
Debt_And_Credit_Agreements_Sch
Debt And Credit Agreements (Schedule Of Borrowings Under Credit Agreement At Various Indebtedness To Adjusted EBITDA Levels) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | |
Credit Spread Over LIBOR | 1.75% |
Indebtedness-To-Adjusted EBITDA Ratio Greater Than 2.0x But Less Than Or Equal To 3.0x [Member] | |
Line of Credit Facility [Line Items] | |
Credit Spread Over LIBOR | 2.00% |
Commitment Fee | 0.35% |
Indebtedness-To-Adjusted EBITDA Ratio Greater Than 1.0x But Less Than Or Equal To 2.0x [Member] | |
Line of Credit Facility [Line Items] | |
Credit Spread Over LIBOR | 1.75% |
Commitment Fee | 0.30% |
Indebtedness-To-Adjusted EBITDA Ratio Less Than Or Equal To 1.0x [Member] | |
Line of Credit Facility [Line Items] | |
Indebtedness-to-Adjusted EBITDA Ratio | 1 |
Credit Spread Over LIBOR | 1.50% |
Commitment Fee | 0.25% |
Minimum | Indebtedness-To-Adjusted EBITDA Ratio Greater Than 2.0x But Less Than Or Equal To 3.0x [Member] | |
Line of Credit Facility [Line Items] | |
Indebtedness-to-Adjusted EBITDA Ratio | 2 |
Minimum | Indebtedness-To-Adjusted EBITDA Ratio Greater Than 1.0x But Less Than Or Equal To 2.0x [Member] | |
Line of Credit Facility [Line Items] | |
Indebtedness-to-Adjusted EBITDA Ratio | 1 |
Maximum | Indebtedness-To-Adjusted EBITDA Ratio Greater Than 2.0x But Less Than Or Equal To 3.0x [Member] | |
Line of Credit Facility [Line Items] | |
Indebtedness-to-Adjusted EBITDA Ratio | 3 |
Maximum | Indebtedness-To-Adjusted EBITDA Ratio Greater Than 1.0x But Less Than Or Equal To 2.0x [Member] | |
Line of Credit Facility [Line Items] | |
Indebtedness-to-Adjusted EBITDA Ratio | 2 |
Debt_And_Credit_Agreements_Sum
Debt And Credit Agreements (Summary Of Total Debt Due And Outstanding) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Maturities of Total Debt | |
2017 | $137,250 |
2018 | 0 |
2019 | 0 |
Total | 137,250 |
Credit Agreement | |
Maturities of Total Debt | |
2016 | 0 |
2017 | 137,250 |
Total | $137,250 |
Shareholder_Rights_Agreement_N
Shareholder Rights Agreement (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended |
Feb. 19, 2014 | Dec. 31, 2014 | |
Warrants and Rights Note Disclosure [Abstract] | ||
Exercise price of participating cumulative preferred stock, per share | $150 | |
Percentage of outstanding common stock shares to be acquired for exercise of rights (more than) | 20.00% | |
Share-Based Compensation Arrangement by Share-based Payment Award, Price Per RIght Redeemed by Board of DIrectors in Event Agreement is Not Approved | $0.01 | |
Shareholder Rights Redemption Payment | $323,000 |
Stock_Option_And_Stock_Award_P2
Stock Option And Stock Award Plans (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,164,120 | 1,046,800 | 1,076,700 | 1,121,500 |
Options may be granted to purchase specified number of common shares under stock option plan, maximum term | 10 years | |||
The total intrinsic value of stock options exercised | $100,000 | $1,300,000 | $500,000 | |
The grant-date fair value of stock option-based awards vested | 700,000 | 1,700,000 | 2,100,000 | |
Stock options exercisable | 800,050 | 769,825 | ||
Total stock options available for grant | 2,198,235 | |||
Restricted Stock | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Option vesting period | 3 years | |||
Stock Option-Based Awards | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Unrecognized compensation cost | 1,300,000 | |||
Weighted average period for the cost expected to be recognized | 1 year 4 months 26 days | |||
Non-Vested Restricted Stock And Other Stock-Based Awards | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Unrecognized compensation cost | $2,300,000 | |||
Weighted average period for the cost expected to be recognized | 1 year 4 months 26 days | |||
Granted Prior To 2012 | Employee Options | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Option vesting period | 2 years | |||
Granted In 2012 And Thereafter | Employee Options | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Option vesting period | 4 years | |||
Minimum | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award, Options, Outstanding, Exercise Price | $14.06 | $14.06 | $14.06 | 14.06 |
Stock_Option_And_Stock_Award_P3
Stock Option And Stock Award Plans (Summary Of Stock Options Outstanding) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Number of Options | |||
Number of Options, Outstanding, Beginning Balance | 1,046,800 | 1,076,700 | 1,121,500 |
Number of Options, Granted | 181,476 | 184,700 | 182,100 |
Number of Options, Forfeited and Expired | -22,581 | -34,000 | -50,300 |
Number of Options, Exercised | -41,575 | -180,600 | -176,600 |
Number of Options, Outstanding, Ending Balance | 1,164,120 | 1,046,800 | 1,076,700 |
Weighted Average | |||
Weighted Average Option Exercise Price/Share, Outstanding, Beginning Balance | $19.06 | $17.81 | $17.40 |
Weighted Average Option Exercise Price/Share, Granted | $22.41 | $24.97 | $19.34 |
Weighted Average Option Exercise Price/Share, Forfeited and Expired | $21.42 | $21.10 | $19.34 |
Weighted Average Option Exercise Price/Share, Exercised | $17.55 | $17.32 | $16.33 |
Weighted Average Option Exercise Price/Share, Outstanding, Ending Balance | $19.59 | $19.06 | $17.81 |
Minimum | |||
Option Exercise Price/Share Range | |||
Exercise Price, Outstanding, Beginning Balance | $14.06 | $14.06 | $14.06 |
Exercise Price, Granted | $19.84 | $24.84 | $18.51 |
Exercise Price, Forfeited and Expired | $15.80 | $15.11 | $15.80 |
Exercise Price, Exercised | $15.80 | $14.27 | $14.72 |
Exercise Price, Outstanding, Ending Balance | $14.06 | $14.06 | $14.06 |
Maximum | |||
Option Exercise Price/Share Range | |||
Exercise Price, Outstanding, Beginning Balance | $30.01 | $19.84 | $19.84 |
Exercise Price, Granted | $22.49 | $30.01 | $19.40 |
Exercise Price, Forfeited and Expired | $24.84 | $24.84 | $19.84 |
Exercise Price, Exercised | $19.84 | $19.84 | $18.12 |
Exercise Price, Outstanding, Ending Balance | $30.01 | $30.01 | $19.84 |
Stock_Option_And_Stock_Award_P4
Stock Option And Stock Award Plans (Summary Of Additional Information On Stock Options Outstanding And Exercisable) (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Shares | 1,164,120 |
Options Outstanding, Weighted Average, Remaining Contractual Life (Years) | 4 years 2 months 14 days |
Options Outstanding, Weighted Average, Exercise Price | $19.59 |
Options Outstanding, Aggregate Intrinsic Value | $3,785 |
Options Exercisable, Shares | 800,050 |
Options Exercisable, Weighted Average Exercise Price | $18.17 |
Options Exercisable, Aggregate Intrinsic Value | 3,562 |
- To 15.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum | $0 |
Range of Exercise Prices, Maximum | $15 |
Options Outstanding, Shares | 26,000 |
Options Outstanding, Weighted Average, Remaining Contractual Life (Years) | 0 years 10 months 24 days |
Options Outstanding, Weighted Average, Exercise Price | $14.06 |
Options Outstanding, Aggregate Intrinsic Value | 219 |
Options Exercisable, Shares | 26,000 |
Options Exercisable, Weighted Average Exercise Price | $14.06 |
Options Exercisable, Aggregate Intrinsic Value | 219 |
15.01 To 17.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum | $15.01 |
Range of Exercise Prices, Maximum | $17.50 |
Options Outstanding, Shares | 314,500 |
Options Outstanding, Weighted Average, Remaining Contractual Life (Years) | 1 year 2 months 13 days |
Options Outstanding, Weighted Average, Exercise Price | $16.53 |
Options Outstanding, Aggregate Intrinsic Value | 1,873 |
Options Exercisable, Shares | 314,500 |
Options Exercisable, Weighted Average Exercise Price | $16.53 |
Options Exercisable, Aggregate Intrinsic Value | 1,873 |
17.51 To 20.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum | $17.51 |
Range of Exercise Prices, Maximum | $20 |
Options Outstanding, Shares | 488,870 |
Options Outstanding, Weighted Average, Remaining Contractual Life (Years) | 3 years 3 months 19 days |
Options Outstanding, Weighted Average, Exercise Price | $19.03 |
Options Outstanding, Aggregate Intrinsic Value | 1,693 |
Options Exercisable, Shares | 417,550 |
Options Exercisable, Weighted Average Exercise Price | $18.97 |
Options Exercisable, Aggregate Intrinsic Value | 1,470 |
20.01 To 25.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum | $20.01 |
Range of Exercise Prices, Maximum | $25 |
Options Outstanding, Shares | 330,250 |
Options Outstanding, Weighted Average, Remaining Contractual Life (Years) | 8 years 8 months 12 days |
Options Outstanding, Weighted Average, Exercise Price | $23.61 |
Options Outstanding, Aggregate Intrinsic Value | 0 |
Options Exercisable, Shares | 40,875 |
Options Exercisable, Weighted Average Exercise Price | $24.84 |
Options Exercisable, Aggregate Intrinsic Value | 0 |
25.01 To 30.01 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum | $25.01 |
Range of Exercise Prices, Maximum | $30.01 |
Options Outstanding, Shares | 4,500 |
Options Outstanding, Weighted Average, Remaining Contractual Life (Years) | 8 years 7 months 7 days |
Options Outstanding, Weighted Average, Exercise Price | $30.01 |
Options Outstanding, Aggregate Intrinsic Value | 0 |
Options Exercisable, Shares | 1,125 |
Options Exercisable, Weighted Average Exercise Price | $30.01 |
Options Exercisable, Aggregate Intrinsic Value | $0 |
Stock_Option_And_Stock_Award_P5
Stock Option And Stock Award Plans (Summary Of Additional Information On Non-Vested Restricted Stock Outstanding) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Grant Date Fair Value, Vested | ($700) | ($1,700) | ($2,100) |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of Shares, Outstanding, Beginning Balance | 157,850 | 143,900 | 126,150 |
Number of Shares, Granted | 95,707 | 93,425 | 94,949 |
Number of Shares, Vested | -54,921 | -58,175 | -60,357 |
Number of Shares, Forfeited | -10,578 | -21,300 | -16,842 |
Number of Shares, Outstanding, Ending Balance | 188,058 | 157,850 | 143,900 |
Wgtd. Ave. Grant Date Fair Value/Sh., Beginning Balance | $22 | $18.82 | $18.25 |
Wgtd. Ave. Grant Date Fair Value/Sh., Granted | $22.18 | $25.45 | $19.06 |
Wgtd. Ave. Grant Date Fair Value/Sh., Vested | $20.73 | $20.15 | $18.01 |
Wgtd. Ave. Grant Date Fair Value/Sh., Forfeited | $21.76 | $20.70 | $18.82 |
Wgtd. Ave. Grant Date Fair Value/Sh., Ending Balance | $22.48 | $22 | $18.82 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Grant Date Fair Value, Outstanding, Beginning Balance | 3,473 | 2,708 | 2,302 |
Grant Date Fair Value, Granted | 2,123 | 2,378 | 1,810 |
Grant Date Fair Value, Vested | -1,139 | -1,172 | -1,087 |
Grant Date Fair Value, Forfeited | -230 | -441 | -317 |
Grant Date Fair Value, Outstanding, Ending Balance | 4,227 | 3,473 | 2,708 |
Maximum Non-Vested Restricted Stock Units Issuable Upon Satisfaction Of Certain Performance Criteria | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of Shares, Outstanding, Beginning Balance | 132,300 | 91,800 | 85,000 |
Number of Shares, Granted | 59,675 | 77,200 | 87,200 |
Number of Shares, Vested | 0 | 0 | 0 |
Number of Shares, Forfeited | -62,262 | -36,700 | -80,400 |
Number of Shares, Outstanding, Ending Balance | 129,713 | 132,300 | 91,800 |
Wgtd. Ave. Grant Date Fair Value/Sh., Beginning Balance | $23.81 | $18.85 | $19.35 |
Wgtd. Ave. Grant Date Fair Value/Sh., Granted | $21.54 | $27.82 | $18.79 |
Wgtd. Ave. Grant Date Fair Value/Sh., Vested | $0 | $0 | $0 |
Wgtd. Ave. Grant Date Fair Value/Sh., Forfeited | $19.18 | $19.83 | $19.31 |
Wgtd. Ave. Grant Date Fair Value/Sh., Ending Balance | $24.99 | $23.81 | $18.85 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Grant Date Fair Value, Outstanding, Beginning Balance | 3,150 | 1,730 | 1,645 |
Grant Date Fair Value, Granted | 1,285 | 2,148 | 1,638 |
Grant Date Fair Value, Vested | 0 | 0 | 0 |
Grant Date Fair Value, Forfeited | -1,194 | -728 | -1,553 |
Grant Date Fair Value, Outstanding, Ending Balance | $3,241 | $3,150 | $1,730 |
Retirement_Plans_And_Other_Pos2
Retirement Plans And Other Postretirement Benefits (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of change in health care cost trend rate assumptions would be immaterial | 1.00% | ||
Expected pension expense for next twelve months | $12,300,000 | ||
Term of estimated benefit payments for fixed income securities, minimum | 1 year | ||
Term of estimated benefit payments for fixed income securities, maximum | 2 years | ||
Defined benefit, average remaining duration of benefit payments for pension plans | 12 years 8 months 12 days | ||
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, expect to required contributions | 2,400,000 | ||
Unfunded Non-Qualified Supplemental Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation to unfunded plan | 2,400,000 | 2,400,000 | |
Pension Expense | 100,000 | 100,000 | 100,000 |
Films Manufacturing Facility In Kerkrade | Multiemployer Plans, Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of employees participating in pension plan | 81 | ||
Multi-employer pension plan, pension expenses | $500,000 | $500,000 | $500,000 |
Retirement_Plans_And_Other_Pos3
Retirement Plans And Other Postretirement Benefits (Reconciliation Of Changes In Benefit Obligations And Plan Assets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Amounts recognized in the consolidated balance sheets: | |||
Total plan assets | $229,017 | $232,705 | |
Pension Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of year | 275,166 | 302,285 | |
Service cost | 869 | 3,754 | 3,657 |
Interest cost | 13,397 | 12,338 | 13,084 |
Effect of actuarial (gains) losses related to the following: | |||
Discount rate change | 32,089 | -26,848 | |
Retirement rate assumptions and mortality table adjustments | 17,331 | -144 | |
Effect Of Actuarial (Gains) Losses, Retiree Medical Participation Rate Change | 0 | 0 | |
Other | 490 | -3,058 | |
Benefits paid | -13,916 | -13,161 | |
Benefit obligation, end of year | 325,426 | 275,166 | 302,285 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Plan assets at fair value, beginning of year | 232,705 | 219,035 | |
Actual return on plan assets | 7,466 | 21,657 | |
Employer contributions | 2,762 | 5,174 | |
Benefits paid | -13,916 | -13,161 | |
Plan assets at fair value, end of year | 229,017 | 232,705 | 219,035 |
Funded status of the plans | -96,409 | -42,461 | |
Amounts recognized in the consolidated balance sheets: | |||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 42,461 | ||
Net amount recognized | 96,409 | 42,461 | |
Other Post-Retirement Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of year | 7,858 | 8,879 | |
Service cost | 43 | 58 | 58 |
Interest cost | 387 | 345 | 385 |
Effect of actuarial (gains) losses related to the following: | |||
Discount rate change | 732 | -746 | |
Retirement rate assumptions and mortality table adjustments | -131 | 0 | |
Effect Of Actuarial (Gains) Losses, Retiree Medical Participation Rate Change | -390 | 0 | |
Other | 218 | -382 | |
Benefits paid | -1,026 | -979 | |
Benefit obligation, end of year | 8,372 | 7,858 | 8,879 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Plan assets at fair value, beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 345 | 296 | |
Benefits paid | -1,026 | -979 | |
Plan assets at fair value, end of year | 0 | 0 | 0 |
Funded status of the plans | -8,372 | -7,858 | |
Amounts recognized in the consolidated balance sheets: | |||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 7,916 | 7,858 | |
Net amount recognized | 8,372 | 7,858 | |
Defined Benefit Plan, Contributions by Plan Participants | 681 | 683 | |
Accrued Expenses | Pension Benefits | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | 130 | ||
Accrued Expenses | Other Post-Retirement Benefits | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | 456 | ||
Other Noncurrent Liabilities [Member] | Pension Benefits | |||
Amounts recognized in the consolidated balance sheets: | |||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | $96,279 |
Retirement_Plans_And_Other_Pos4
Retirement Plans And Other Postretirement Benefits (Components Of Net Periodic Benefit Income Or Cost For Continuing Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits | |||
Weighted-average assumptions used to determine benefit obligations: | |||
Discount rate | 4.17% | 4.99% | 4.21% |
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Discount rate | 4.99% | 4.21% | 4.95% |
Expected long-term return on plan assets | 7.75% | 7.75% | 8.00% |
Components of net periodic benefit cost: | |||
Service cost | $869 | $3,754 | $3,657 |
Interest cost | 13,397 | 12,338 | 13,084 |
Expected return on plan assets | -18,301 | -17,430 | -19,108 |
Amortization of prior service costs and gains or losses | 10,688 | 15,028 | 10,377 |
Settlement/curtailment | 81 | 28 | 99 |
Net periodic benefit cost | 6,734 | 13,718 | 8,109 |
Other Post-Retirement Benefits | |||
Weighted-average assumptions used to determine benefit obligations: | |||
Discount rate | 4.11% | 4.88% | 4.10% |
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Discount rate | 4.88% | 4.10% | 4.90% |
Components of net periodic benefit cost: | |||
Service cost | 43 | 58 | 58 |
Interest cost | 387 | 345 | 385 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service costs and gains or losses | -190 | -210 | -241 |
Settlement/curtailment | 0 | 0 | 0 |
Net periodic benefit cost | $240 | $193 | $202 |
Retirement_Plans_And_Other_Pos5
Retirement Plans And Other Postretirement Benefits (Schedule Of Expected Benefit Payments For Continuing Operations) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $15,282 |
2016 | 15,932 |
2017 | 16,527 |
2018 | 17,004 |
2019 | 17,555 |
2020-2024 | 93,535 |
Other Post-Retirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 456 |
2016 | 471 |
2017 | 480 |
2018 | 489 |
2019 | 494 |
2020-2024 | $2,511 |
Retirement_Plans_And_Other_Pos6
Retirement Plans And Other Postretirement Benefits (Schedule Of Amounts Recognized Before Related Deferred Income Taxes In Accumulated Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost (benefit) | $87 | $270 | ($887) |
Net actuarial (gain) loss | 166,678 | 116,519 | 167,009 |
Other Post-Retirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost (benefit) | 0 | 0 | 0 |
Net actuarial (gain) loss | ($1,154) | ($1,773) | ($855) |
Retirement_Plans_And_Other_Pos7
Retirement Plans And Other Postretirement Benefits (Schedule Of Amounts Before Related Deferred Income Taxes In Accumulated Other Comprehensive Income That Are Expected To Be Recognized As Components Of Net Periodic Benefit Or Cost) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service cost (benefit) | $24 |
Net actuarial (gain) loss | 16,107 |
Other Post-Retirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service cost (benefit) | 0 |
Net actuarial (gain) loss | ($160) |
Retirement_Plans_And_Other_Pos8
Retirement Plans And Other Postretirement Benefits (Schedule Of Percentage Composition Of Assets Held By Pension Plans) (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
% Composition of Plan Assets at December 31, Total for continuing operations | 100.00% | 100.00% | 100.00% |
Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Composition of Plan Assets at December 31, Total for continuing operations | 14.50% | 14.00% | 14.70% |
Large/mid-capitalization equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Composition of Plan Assets at December 31, Total for continuing operations | 13.70% | 13.80% | 10.90% |
Small-capitalization equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Composition of Plan Assets at December 31, Total for continuing operations | 4.30% | 4.80% | 5.40% |
International and emerging market equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Composition of Plan Assets at December 31, Total for continuing operations | 11.00% | 11.70% | 10.00% |
Total equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Composition of Plan Assets at December 31, Total for continuing operations | 29.00% | 30.30% | 26.30% |
Private equity and hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Composition of Plan Assets at December 31, Total for continuing operations | 51.20% | 48.30% | 50.00% |
Other assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Composition of Plan Assets at December 31, Total for continuing operations | 5.30% | 7.40% | 9.00% |
Retirement_Plans_And_Other_Pos9
Retirement Plans And Other Postretirement Benefits (Schedule Of Targeted Allocation Percentage For Pension Plan Assets And Expected Long-Term Rate Of Return On Assets) (Details) | 12 Months Ended | |
Dec. 31, 2014 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target % Composition of Plan Assets, Total for continuing operations | 100.00% | [1] |
Expected Long-term Return %, Total for continuing operations | 7.50% | |
Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target % Composition of Plan Assets, Total for continuing operations | 32.00% | [1] |
Expected Long-term Return %, Total for continuing operations | 5.50% | |
Large/mid-capitalization equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target % Composition of Plan Assets, Total for continuing operations | 10.00% | [1] |
Expected Long-term Return %, Total for continuing operations | 8.80% | |
Small-capitalization equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target % Composition of Plan Assets, Total for continuing operations | 4.00% | [1] |
Expected Long-term Return %, Total for continuing operations | 9.90% | |
International and emerging market equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target % Composition of Plan Assets, Total for continuing operations | 13.00% | [1] |
Expected Long-term Return %, Total for continuing operations | 9.80% | |
Total equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target % Composition of Plan Assets, Total for continuing operations | 27.00% | [1] |
Expected Long-term Return %, Total for continuing operations | 9.40% | |
Private equity and hedge funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target % Composition of Plan Assets, Total for continuing operations | 41.00% | [1] |
Expected Long-term Return %, Total for continuing operations | 7.80% | |
[1] | Target percentages for the composition of plan assets represents a neutral position within the approved range of allocations for such assets. |
Recovered_Sheet3
Retirement Plans And Other Postretirement Benefits (Schedule Of Pension Plan Assets Categorized By Level Within Fair Value Measurement Hierarchy) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Contracts with insurance companies | $10,267 | $9,420 |
Total plan assets | 229,017 | 232,705 |
Large/mid-capitalization equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 31,401 | 32,134 |
Small-capitalization equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 9,827 | 11,063 |
International and emerging market equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 25,224 | 27,271 |
Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 33,281 | 32,601 |
Private equity and hedge funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 117,276 | 112,345 |
Other assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 1,741 | 7,871 |
Total Plan Assets at Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 218,750 | 223,285 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 67,101 | 82,326 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Large/mid-capitalization equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 31,401 | 32,134 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Small-capitalization equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 9,827 | 11,063 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | International and emerging market equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 11,471 | 13,488 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 12,661 | 17,770 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Private equity and hedge funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 1,741 | 7,871 |
Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 140,574 | 132,145 |
Significant Other Observable Inputs (Level 2) | Large/mid-capitalization equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Small-capitalization equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | International and emerging market equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 13,753 | 13,783 |
Significant Other Observable Inputs (Level 2) | Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 20,620 | 14,831 |
Significant Other Observable Inputs (Level 2) | Private equity and hedge funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 106,201 | 103,531 |
Significant Other Observable Inputs (Level 2) | Other assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 11,075 | 8,814 |
Significant Unobservable Inputs (Level 3) | Large/mid-capitalization equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Small-capitalization equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | International and emerging market equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Private equity and hedge funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 11,075 | 8,814 |
Significant Unobservable Inputs (Level 3) | Other assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | $0 | $0 |
Recovered_Sheet4
Retirement Plans And Other Postretirement Benefits (Schedule Of Fair Value Measurements Of Plan Assets Using Significant Unobservable Inputs (Level 3), Reconciliation Of Balances) (Details) (Private equity and hedge funds, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Private equity and hedge funds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $8,814 | $8,356 |
Purchases | 4,142 | 2,864 |
Sales | 0 | 0 |
Distributions | -2,088 | -2,567 |
Actual return on plan assets still held at year end | 207 | 161 |
Ending Balance | $11,075 | $8,814 |
Savings_Plan_Details
Savings Plan (Details) (USD $) | 12 Months Ended | 11 Months Ended | 25 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 1998 | Dec. 31, 1997 | Dec. 31, 2014 | Jan. 31, 2014 | |
Savings Plan [Line Items] | |||||||
Previous savings plan's vesting period | 5 years | ||||||
Charges recognized | $1,600,000 | $2,600,000 | $2,500,000 | ||||
Number of common stock purchased | 7,200 | 46,671 | |||||
Amount of common stock purchased | 200,000 | 1,000,000 | |||||
Savings Plan | |||||||
Savings Plan [Line Items] | |||||||
Employee contribution to savings plan | 0.5 | 1 | |||||
Defined Contribution Plan Employer Employee Contribution | 1 | 1 | |||||
Maximum matching contribution | 5.00% | 5.00% | |||||
Percentage of enrollment of base pay | 3.00% | ||||||
Non Qualified Plan [Member] | |||||||
Savings Plan [Line Items] | |||||||
Liability under the restoration plan | $1,700,000 | $2,200,000 | $1,700,000 | ||||
Liability under the restoration plan, shares | 74,190 | 75,726 | 74,190 |
Rental_Expense_And_Contractual2
Rental Expense And Contractual Commitments (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Leases, Operating [Abstract] | |||
Rental expenses for continuing operations from the consecutive year | $3.60 | $3.40 | $3.60 |
Contractual obligations for plant construction and purchases of real property and equipment amounted | $4.90 |
Rental_Expense_And_Contractual3
Rental Expense And Contractual Commitments (Schedule Of Rental Commitments Under All Non-Cancelable Operating Leases For Continuing Operation) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Leases, Operating [Abstract] | |
2015 | $2,379 |
2016 | 1,908 |
2017 | 1,870 |
2018 | 1,787 |
2019 | 657 |
Remainder | 1,327 |
Total | $9,928 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Line Items] | ||||
Deferred Tax Benefit Expense Valuation Allowance Adj Capital Loss Carryforwards | $4,800,000 | $4,900,000 | ||
Deferred Tax Benefit Expense Unremitted Earnings FCTA | 2,200,000 | |||
Deferred Tax Expense Benefit Unremitted Earnings FCTA Out of Period Adj | 1,700,000 | |||
Benefit from the tax incentives | 100,000 | 2,500,000 | 4,300,000 | |
Benefit from the tax incentives, per share | $0 | $0.08 | $0.13 | |
Valuation allowance | 14,577,000 | 14,577,000 | 20,019,000 | |
Balance of unrecognized state tax positions | 1,400,000 | 1,400,000 | ||
State And Foreign Net Operating Loss Carryforwards | ||||
Income Taxes [Line Items] | ||||
Operating Loss Carryforwards | 3,000,000 | 3,000,000 | ||
Valuation allowance | 2,800,000 | 2,800,000 | 1,700,000 | |
Excess Capital Losses From Investments And Other Related Items | ||||
Income Taxes [Line Items] | ||||
Valuation allowance | 16,400,000 | 16,400,000 | 11,400,000 | |
Asset Impairments In Foreign Jurisdictions | ||||
Income Taxes [Line Items] | ||||
Valuation allowance | $400,000 | $400,000 | $1,900,000 | |
Terphane Ltda | ||||
Income Taxes [Line Items] | ||||
Income tax rate | 6.25% | |||
Current effective tax rate | 15.25% | |||
Percentage of social contribution on income included in current effective tax rate | 9.00% | |||
Brazilian | ||||
Income Taxes [Line Items] | ||||
Federal statutory income tax rate | 34.00% | |||
Income tax rate | 25.00% | |||
Percentage of social contribution on income included in federal statutory income tax rate | 9.00% | |||
Minimum | ||||
Income Taxes [Line Items] | ||||
Net Operating Loss Carrforward Expiration Period | 5 years | |||
Maximum | ||||
Income Taxes [Line Items] | ||||
Net Operating Loss Carrforward Expiration Period | 8 years |
Income_Taxes_Schedule_Of_Incom
Income Taxes (Schedule Of Income From Continuing Operations Before Income Taxes) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Income from continuing operations before income taxes: | ||||||
Domestic | $38,402 | $37,380 | $35,488 | |||
Foreign | 7,014 | 15,552 | 26,016 | |||
Income from continuing operations before income taxes | 45,416 | 52,932 | 61,504 | |||
Current income taxes: | ||||||
Federal | 14,568 | 15,988 | 10,905 | |||
State | 2,178 | 1,416 | 796 | |||
Foreign | 4,102 | 4,737 | 7,372 | |||
Current income taxes, Total | 20,848 | 22,141 | 19,073 | |||
Deferred income taxes: | ||||||
Federal | -9,530 | -2,933 | 1,212 | |||
State | -417 | -852 | 163 | |||
Foreign | -1,514 | -1,361 | -2,129 | |||
Deferred income taxes, Total | -11,461 | -5,146 | -754 | |||
Total income taxes | $9,387 | [1] | $16,995 | [1] | $18,319 | [1] |
[1] | See Notes 1, 3, 4 and 18 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items. |
Income_Taxes_Summary_of_Effect
Income Taxes (Summary of Effective Income Tax Rate For Continuing Operations) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense at federal statutory rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal income tax benefit | 2.20% | 0.10% | 1.10% |
Tax contingency accruals and tax settlements | 2.00% | 2.00% | -0.50% |
Non-deductible expenses | 0.90% | 0.60% | 0.30% |
Foreign rate differences | -0.10% | -0.70% | -0.60% |
Tax incentive | -0.10% | -4.70% | -7.00% |
Valuation allowance for foreign operating loss carry-forwards | -0.40% | 0.50% | -0.10% |
Research and development tax credit | -0.60% | -0.40% | 0.00% |
Domestic Production Activities Deduction | -1.90% | -1.40% | -0.60% |
Changes in estimates related to prior year tax provision | -2.30% | -0.60% | -0.50% |
Unremitted earnings from foreign operations | -3.80% | 0.90% | 0.60% |
Valuation allowance for capital loss carry-forwards | -10.20% | 0.80% | 1.90% |
Other | 0.00% | 0.00% | 0.20% |
Effective income tax rate for continuing operations | 20.70% | 32.10% | 29.80% |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Tax Liabilities And Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax liabilities: | ||
Amortization of goodwill and other intangibles | $45,696 | $46,738 |
Depreciation | 27,550 | 29,994 |
Foreign currency translation gain adjustment | 4,233 | 8,620 |
Derivative financial instruments | 316 | 432 |
Total deferred tax liabilities | 77,795 | 85,784 |
Deferred tax assets: | ||
Pensions | 34,214 | 14,813 |
Employee benefits | 11,597 | 11,124 |
Inventory | 6,221 | 2,292 |
Excess capital losses and book/tax basis differences on investments | 3,282 | 4,316 |
Tax benefit on state and foreign NOL and credit carryforwards | 2,967 | 1,871 |
Asset write-offs, divestitures and environmental accruals | 1,593 | 3,734 |
Timing adjustment for unrecognized tax benefits on uncertain tax positions, including portion relating to interest and penalties | 842 | 600 |
Allowance for doubtful accounts | 479 | 639 |
Other | 799 | 1,247 |
Deferred tax assets before valuation allowance | 61,994 | 40,636 |
Less: Valuation allowance | 14,577 | 20,019 |
Total deferred tax assets | 47,417 | 20,617 |
Net deferred tax liability | 30,378 | 65,167 |
Included in the balance sheet: | ||
Noncurrent deferred tax liabilities in excess of assets | 39,255 | 70,795 |
Current deferred tax assets in excess of liabilities | $8,877 | $5,628 |
Income_Taxes_Schedule_Of_Unrec
Income Taxes (Schedule Of Unrecognized Uncertain Tax Positions) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $2,239 | $910 | $1,025 |
Increase (decrease) due to tax positions taken in, Current period | 619 | 643 | 432 |
Increase (decrease) due to tax positions taken in, Prior period | 397 | 686 | -21 |
Increase (decrease) due to settlements with taxing authorities | 0 | 0 | -398 |
Reductions due to lapse of statute of limitations | 0 | 0 | -128 |
Balance at end of period | $3,255 | $2,239 | $910 |
Income_Taxes_Schedule_Of_Addit
Income Taxes (Schedule Of Additional Information Related To Unrecognized Uncertain Tax Positions) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ||||
Gross unrecognized tax benefits on uncertain tax positions (reflected in current income tax and other noncurrent liability accounts in the balance sheet) | $3,255 | $2,239 | $910 | $1,025 |
Deferred income tax assets related to unrecognized tax benefits on uncertain tax positions (reflected in deferred income tax accounts in the balance sheet) | -726 | -540 | -212 | |
Net unrecognized tax benefits on uncertain tax positions, which would impact the effective tax rate if recognized | 2,529 | 1,699 | 698 | |
Interest and penalties accrued on deductions taken relating to uncertain tax positions (approximately $150, $100 and $(300) reflected in income tax expense in the income statement in 2014, 2013 and 2012, respectively, with the balance shown in current income tax and other noncurrent liability accounts in the balance sheet) | 310 | 156 | 60 | |
Interest and penalties accrued on deductions taken relating to uncertain tax positions, reflected in income tax expense in the income statement | 150 | 100 | -300 | |
Related deferred income tax assets recognized on interest and penalties | -116 | -60 | -23 | |
Interest and penalties accrued on uncertain tax positions net of related deferred income tax benefits, which would impact the effective tax rate if recognized | 194 | 96 | 37 | |
Total net unrecognized tax benefits on uncertain tax positions reflected in the balance sheet, which would impact the effective tax rate if recognized | $2,723 | $1,795 | $735 |
Losses_Associated_With_Plant_S1
Losses Associated With Plant Shutdowns, Asset Impairments And Restructurings, Unusual Items, Gains From Sale Of Assets And Other Items (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 17 Months Ended | 6 Months Ended | |||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | Jun. 30, 2012 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Aug. 31, 2012 | ||||
employee | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Asset impairments | $993,000 | $1,639,000 | $2,185,000 | |||||||||||||||||||
Unrealized gain (loss) on investments under fair value method | 2,000,000 | 3,400,000 | 16,100,000 | |||||||||||||||||||
Losses Associated with Plant Shutdowns, Asset Impairments, Restructurings & Other | 13,800,000 | 3,400,000 | 5,500,000 | |||||||||||||||||||
Losses Associated with Plant Shutdowns, Asset Impairments, Restructurings & Other After Taxes | 9,300,000 | 2,200,000 | 3,600,000 | |||||||||||||||||||
Effect of LIFO inventory liquidation on income | 2,700,000 | |||||||||||||||||||||
kaleo | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Unrealized gain (loss) on investments under fair value method | 2,000,000 | [1] | 3,400,000 | [1] | 16,100,000 | [1] | ||||||||||||||||
Unrealized gain (loss) on investments, net of tax | 1,000,000 | 2,200,000 | 10,200,000 | |||||||||||||||||||
Unrealized gain (loss) on investments under fair value method after taxes | 10,200,000 | |||||||||||||||||||||
Harbinger | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Unrealized loss on investments under fair value method, other than temporary impairment | 800,000 | 400,000 | 1,100,000 | |||||||||||||||||||
Unrealized loss on investments under fair value method, other than temporary impairment, after taxes | 400,000 | 300,000 | 700,000 | |||||||||||||||||||
Film Products Manufacturing Facility in Shanghai, China | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Gain (loss) on sale of equipment | -91,000 | |||||||||||||||||||||
Gain (Loss) on Disposition of Property, Plant, and Equipment, Net of Tax | -91,000 | |||||||||||||||||||||
Alleghany and Bath County, Virginia | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Gain (Loss) on Disposition of Assets | 1,208,000 | 0 | 0 | |||||||||||||||||||
Gain (Loss) on Sale of Investment Property | 0 | 1,018,000 | 0 | |||||||||||||||||||
Unrealized Gain Loss On Investment Property After Tax | -600,000 | |||||||||||||||||||||
Gain (Loss) on Sale of Investment Property, After Tax | -800,000 | |||||||||||||||||||||
Film Products Manufacturing Facility in LaGrange, Georgia | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Asset impairments | 800,000 | |||||||||||||||||||||
Gain (loss) on sale of equipment | 100,000 | |||||||||||||||||||||
Gain (Loss) on Disposition of Property, Plant, and Equipment, Net of Tax | 73,000 | |||||||||||||||||||||
Gain on sale of property | 1,100,000 | |||||||||||||||||||||
Gain on sale of property after taxes | 600,000 | |||||||||||||||||||||
Asset impairments after taxes | 500,000 | |||||||||||||||||||||
Aluminum Extrusions Manufacturing Facility In Newnan Georgia | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Expected future environmental costs | 85,000 | 700,000 | 100,000 | 75,000 | 200,000 | 1,500,000 | 100,000 | |||||||||||||||
Expected future environmental costs after taxes | 53,000 | 400,000 | 49,000 | 46,000 | 100,000 | 900,000 | 62,000 | |||||||||||||||
Facility Closing | Film Products Manufacturing Facility in Red Springs, NC | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Plant shutdown related expenditures | -500,000 | -700,000 | -500,000 | 100,000 | -37,000 | -300,000 | -300,000 | -200,000 | ||||||||||||||
Plant shutdown related expenditures after taxes | -300,000 | 63,000 | -23,000 | -200,000 | -200,000 | -83,000 | ||||||||||||||||
Severance and other employee-related costs | 400,000 | 300,000 | ||||||||||||||||||||
Asset Impairment and Other Plant Shutdown Related Costs | 300,000 | |||||||||||||||||||||
Asset impairments | 200,000 | |||||||||||||||||||||
Number of employees employed | 66 | 66 | ||||||||||||||||||||
Facility Closing | Aluminum Extrusions Manufacturing Facility In Kentland, Indiana | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Plant shutdown related expenditures | -400,000 | -11,000 | -900,000 | -1,000,000 | -20,000 | -24,000 | -45,000 | -200,000 | -800,000 | -900,000 | ||||||||||||
Plant shutdown related expenditures after taxes | -200,000 | -7,000 | -500,000 | -700,000 | -12,000 | -15,000 | -28,000 | -94,000 | -500,000 | -500,000 | ||||||||||||
Severance and other employee-related costs | 1,200,000 | 1,200,000 | ||||||||||||||||||||
Gain (loss) on sale of equipment | 800,000 | |||||||||||||||||||||
Accelerated depreciation | 2,400,000 | 2,400,000 | ||||||||||||||||||||
Other shutdown-related charges | 2,300,000 | 1,000,000 | ||||||||||||||||||||
Effect of LIFO inventory liquidation on income | 1,500,000 | |||||||||||||||||||||
Number of employees employed | 146 | |||||||||||||||||||||
Estimated charges related to plant shutdown | 4,500,000 | |||||||||||||||||||||
Cash expenditures related to restructuring charges | 3,500,000 | |||||||||||||||||||||
Cash expenditures related to restructuring charges, period of recognition | 18 months | |||||||||||||||||||||
Film Products | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Severance and other employee-related costs | 200,000 | 100,000 | 100,000 | |||||||||||||||||||
Asset impairments | 200,000 | |||||||||||||||||||||
Severance and other employee-related costs after taxes | 100,000 | 46,000 | 67,000 | |||||||||||||||||||
Gain associated with insurance recovery on idle equipment that was destroyed in a fire at outside warehouse | 1,300,000 | |||||||||||||||||||||
Gain associated with insurance recovery on idle equipment that was destroyed in a fire at outside warehouse after taxes | 700,000 | |||||||||||||||||||||
Asset impairments after taxes | 200,000 | |||||||||||||||||||||
Aluminum Extrusions | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Severance and other employee-related costs | 300,000 | 200,000 | ||||||||||||||||||||
Severance and other employee-related costs after taxes | 200,000 | 100,000 | ||||||||||||||||||||
AACOA | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Integration-related expenses and other non-recurring transactions | 90,000 | 200,000 | 100,000 | |||||||||||||||||||
Integration-related expenses and other non-recurring transactions after taxes | 54,000 | 100,000 | 63,000 | |||||||||||||||||||
Acquisition-related expenses | 2,000,000 | 900,000 | 300,000 | 1,200,000 | 800,000 | |||||||||||||||||
Acquisition-related expenses after taxes | 600,000 | 200,000 | ||||||||||||||||||||
AACOA | Aluminum Extrusions | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Charge associated with purchase accounting adjustements | 100,000 | |||||||||||||||||||||
Charge associated with purchase accounting adjustments after taxes | 100,000 | |||||||||||||||||||||
Terphane | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Integration-related expenses and other non-recurring transactions | 100,000 | 600,000 | 100,000 | 300,000 | ||||||||||||||||||
Integration-related expenses and other non-recurring transactions after taxes | 100,000 | 400,000 | 100,000 | 200,000 | ||||||||||||||||||
Tredegar vs. 3M [Member] | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Litigation Settlement, Amount | 10,000,000 | 10,000,000 | ||||||||||||||||||||
Litigation Settlement Amount, Net of Tax | 6,800,000 | |||||||||||||||||||||
Film Products | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Severance and other employee-related costs | 800,000 | 500,000 | 400,000 | 600,000 | ||||||||||||||||||
Severance and other employee-related costs after taxes | 500,000 | 300,000 | 200,000 | 400,000 | ||||||||||||||||||
Aluminum Extrusions | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Severance and other employee-related costs | 31,000 | |||||||||||||||||||||
Severance and other employee-related costs after taxes | $18,000 | |||||||||||||||||||||
[1] | See Notes 1, 3, 4 and 18 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items. |
Contingencies_Details
Contingencies (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Mar. 31, 2014 | Jan. 08, 2013 |
in | |||
Loss Contingencies [Line Items] | |||
Minimum thickness of performance enhancing layer on films required to avoid antidumping duty order | 0.00001 | ||
Tredegar vs. 3M [Member] | |||
Loss Contingencies [Line Items] | |||
Litigation Settlement, Amount | $10 | $10 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Deferred Tax Benefit Expense Valuation Allowance Adj Capital Loss Carryforwards | $4,800,000 | $4,900,000 | ||||||||||||
Sales | 239,219,000 | 240,429,000 | 236,965,000 | 235,213,000 | 231,096,000 | 243,194,000 | 243,530,000 | 241,526,000 | 951,826,000 | 959,346,000 | 882,188,000 | |||
Gross profit | 34,109,000 | 34,582,000 | 38,480,000 | 37,749,000 | 34,417,000 | 37,253,000 | 37,540,000 | 36,836,000 | ||||||
Income from continuing operations | 13,054,000 | 10,745,000 | 3,752,000 | 8,479,000 | 9,402,000 | 7,428,000 | 9,590,000 | 9,517,000 | 36,029,000 | 35,937,000 | 43,185,000 | |||
Income (loss) from discontinued operations | 0 | 850,000 | 0 | 0 | 0 | -450,000 | -8,300,000 | -5,240,000 | 850,000 | [1] | -13,990,000 | [1] | -14,934,000 | [1] |
Net income (loss) | 13,054,000 | 11,595,000 | 3,752,000 | 8,479,000 | 9,402,000 | 6,978,000 | 1,290,000 | 4,277,000 | 36,879,000 | 21,947,000 | 28,251,000 | |||
Basic: | ||||||||||||||
Continuing operations | $0.40 | $0.33 | $0.12 | $0.26 | $0.29 | $0.23 | $0.30 | $0.30 | $1.12 | $1.12 | $1.35 | |||
Discontinued operations | $0 | $0.03 | $0 | $0 | ($0.01) | ($0.26) | ($0.16) | $0.02 | ($0.44) | ($0.47) | ||||
Net income | $0.40 | $0.36 | $0.12 | $0.26 | $0.29 | $0.22 | $0.04 | $0.14 | $1.14 | $0.68 | $0.88 | |||
Diluted: | ||||||||||||||
Continuing operations (in usd per share) | $0.40 | $0.33 | $0.11 | $0.26 | $0.29 | $0.23 | $0.29 | $0.29 | $1.11 | $1.10 | $1.34 | |||
Discontinued operations (in usd per share) | $0 | $0.03 | $0 | $0 | ($0.02) | ($0.25) | ($0.16) | $0.02 | ($0.43) | ($0.46) | ||||
Net income (in usd per share) | $0.40 | $0.36 | $0.11 | $0.26 | $0.29 | $0.21 | $0.04 | $0.13 | $1.13 | $0.67 | $0.88 | |||
Shares used to compute earnings (loss) per share: | ||||||||||||||
Shares used to compute earnings (loss) per share, Basic (in shares) | 32,335,000 | 32,319,000 | 32,312,000 | 32,242,000 | 32,222,000 | 32,201,000 | 32,187,000 | 32,076,000 | 32,302,108 | 32,171,751 | 32,032,343 | |||
Shares used to compute earnings (loss) per share, Diluted (in shares) | 32,449,000 | 32,507,000 | 32,641,000 | 32,621,000 | 32,622,000 | 32,658,000 | 32,635,000 | 32,480,000 | 32,553,854 | 32,599,279 | 32,192,576 | |||
Deferred Tax Benefit Expense Unremitted Earnings FCTA | $2,200,000 | |||||||||||||
[1] | See Notes 1, 3, 4 and 18 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items. |