Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 01, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'TREDEGAR CORP | ' |
Entity Central Index Key | '0000850429 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 32,384,758 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $44,008 | $52,617 |
Accounts and other receivables, net of allowance for doubtful accounts and sales returns of $2,870 in 2014 and $3,327 in 2013 | 113,429 | 99,246 |
Income Taxes Receivable, Current | 2,354 | 0 |
Inventories | 70,155 | 70,663 |
Deferred income taxes | 5,631 | 5,628 |
Prepaid expenses and other | 5,580 | 6,353 |
Total current assets | 241,157 | 234,507 |
Property, plant and equipment, at cost | 826,552 | 798,839 |
Less accumulated depreciation | 532,062 | 516,279 |
Net property, plant and equipment | 294,490 | 282,560 |
Goodwill and other intangibles, net | 226,674 | 226,300 |
Other assets and deferred charges | 44,164 | 49,641 |
Total assets | 806,485 | 793,008 |
Current liabilities: | ' | ' |
Accounts payable | 83,920 | 82,795 |
Accrued expenses | 37,252 | 42,158 |
Income taxes payable | 0 | 114 |
Total current liabilities | 121,172 | 125,067 |
Long-term debt | 136,750 | 139,000 |
Deferred income taxes | 69,127 | 70,795 |
Other noncurrent liabilities | 55,533 | 55,482 |
Total liabilities | 382,582 | 390,344 |
Commitments and contingencies (Notes 1, 3 and 14) | ' | ' |
Shareholders’ equity: | ' | ' |
Common stock, no par value (issued and outstanding - 32,387,008 at June 30, 2014 and 32,305,145 at December 31, 2013) | 22,155 | 20,641 |
Common stock held in trust for savings restoration plan | -1,428 | -1,418 |
Foreign currency translation adjustment | -9,965 | -19,205 |
Gain (loss) on derivative financial instruments | 1,038 | 765 |
Pension and other post-retirement benefit adjustments | -68,368 | -71,848 |
Retained earnings | 480,471 | 473,729 |
Total shareholders’ equity | 423,903 | 402,664 |
Total liabilities and shareholders’ equity | $806,485 | $793,008 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 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 | $2,870 | $3,327 |
Common stock, no par value | ' | ' |
Common stock, shares issued | 32,387,008 | 32,305,145 |
Common stock, shares outstanding | 32,387,008 | 32,305,145 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues and other items: | ' | ' | ' | ' |
Sales | $236,965 | $243,530 | $472,178 | $485,056 |
Other income (expense), net | -10,136 | 846 | -10,230 | 1,670 |
Total revenues, net of other expenses | 226,829 | 244,376 | 461,948 | 486,726 |
Costs and expenses: | ' | ' | ' | ' |
Cost of goods sold | 192,084 | 198,581 | 382,778 | 396,069 |
Freight | 6,401 | 7,409 | 13,171 | 14,611 |
Selling, general and administrative | 16,512 | 17,203 | 34,831 | 35,699 |
Research and development | 3,012 | 3,252 | 5,991 | 6,416 |
Amortization of intangibles | 1,427 | 1,758 | 2,822 | 3,533 |
Interest expense | 531 | 715 | 1,161 | 1,405 |
Asset impairments and costs associated with exit and disposal activities | 946 | 384 | 2,191 | 638 |
Total | 220,913 | 229,302 | 442,945 | 458,371 |
Income from continuing operations before income taxes | 5,916 | 15,074 | 19,003 | 28,355 |
Income taxes from continuing operations | 2,164 | 5,484 | 6,772 | 9,248 |
Income from continuing operations | 3,752 | 9,590 | 12,231 | 19,107 |
Loss from discontinued operations, net of tax | 0 | -8,300 | 0 | -13,540 |
Net income | $3,752 | $1,290 | $12,231 | $5,567 |
Basic | ' | ' | ' | ' |
Continuing operations | $0.12 | $0.30 | $0.38 | $0.59 |
Discontinued operations | $0 | ($0.26) | $0 | ($0.42) |
Net income | $0.12 | $0.04 | $0.38 | $0.17 |
Diluted | ' | ' | ' | ' |
Continuing operations | $0.11 | $0.29 | $0.37 | $0.59 |
Discontinued operations | $0 | ($0.25) | $0 | ($0.42) |
Net income | $0.11 | $0.04 | $0.37 | $0.17 |
Shares used to compute earnings per share: | ' | ' | ' | ' |
Basic | 32,312 | 32,187 | 32,277 | 32,132 |
Diluted | 32,641 | 32,635 | 32,631 | 32,558 |
Dividends per share | $0.09 | $0.07 | $0.16 | $0.14 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $3,752 | $1,290 | $12,231 | $5,567 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustment (net of tax of $125 in 2014 and $42 in 2013) | 4,145 | -13,745 | 9,240 | -12,880 |
Derivative financial instruments adjustment (net of tax of $50 in 2014 and tax benefit of $15 in 2013) | 81 | -22 | 273 | -540 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | 1,740 | 2,312 | 3,480 | 4,625 |
Other comprehensive income | 5,966 | -11,455 | 12,993 | -8,795 |
Comprehensive income | $9,718 | ($10,165) | $25,224 | ($3,228) |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Foreign currency translation adjustment, (benefit) tax | $125 | $42 | $250 | ($592) |
Derivative financial instruments adjustment, tax (benefit) | 50 | -15 | 167 | -314 |
Amortization of prior service costs and net gains or losses, tax | $997 | $1,337 | $1,994 | $2,673 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $12,231 | $5,567 |
Adjustments for noncash items: | ' | ' |
Depreciation | 18,163 | 19,592 |
Amortization of intangibles | 2,822 | 3,533 |
Deferred income taxes | -5,318 | -1,998 |
Accrued pension and post-retirement benefits | 3,983 | 6,806 |
(Gain) loss on investment accounted for under the fair value method | 1,100 | -3,200 |
Loss on asset impairments and divestitures | 799 | 1,018 |
Gain (Loss) on Disposition of Assets | 837 | 0 |
Changes in assets and liabilities, net of effects of acquisitions and divestitures: | ' | ' |
Accounts and other receivables | -13,399 | -22,036 |
Inventories | 906 | -5,578 |
Income taxes recoverable/payable | -2,477 | 1,947 |
Prepaid expenses and other | 1,124 | 1,074 |
Accounts payable and accrued expenses | -3,623 | 13,583 |
Other, net | 1,340 | 323 |
Net cash provided by operating activities | 16,814 | 20,631 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -22,884 | -34,642 |
Proceeds from the sale of business | 0 | 306 |
Proceeds from the sale of assets and other | 4,723 | 701 |
Net cash used in investing activities | -18,161 | -33,635 |
Cash flows from financing activities: | ' | ' |
Borrowings | 32,000 | 32,000 |
Debt principal payments | -34,250 | -21,000 |
Dividends paid | -5,176 | -4,521 |
Proceeds from exercise of stock options and other | -106 | 2,692 |
Net cash provided by (used in) financing activities | -7,532 | 9,171 |
Effect of exchange rate changes on cash | 270 | -562 |
Increase (decrease) in cash and cash equivalents | -8,609 | -4,395 |
Cash and cash equivalents at beginning of period | 52,617 | 48,822 |
Cash and cash equivalents at end of period | $44,008 | $44,427 |
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 & Other Post-retirement Benefit Adjust. |
In Thousands, unless otherwise specified | |||||||
Balance December 31, 2013 at Dec. 31, 2013 | $402,664 | $20,641 | $473,729 | ($1,418) | ($19,205) | $765 | ($71,848) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 12,231 | ' | 12,231 | ' | ' | ' | ' |
Foreign currency translation adjustment (net of tax of $250) | 9,240 | ' | ' | ' | 9,240 | ' | ' |
Derivative financial instruments adjustment (net of tax of $167) | 273 | ' | ' | ' | ' | 273 | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | 3,480 | ' | ' | ' | ' | ' | 3,480 |
Cash dividends declared ($.16 per share) | -5,176 | ' | -5,176 | ' | ' | ' | ' |
Share Based Compensation Expense, Value | 1,530 | 1,530 | ' | ' | ' | ' | ' |
Issued upon exercise of stock options & other | -16 | -16 | ' | ' | ' | ' | ' |
Tredegar common stock purchased by trust for savings restoration plan | ' | ' | 10 | -10 | ' | ' | ' |
Balance June 30, 2014 at Jun. 30, 2014 | 423,903 | 22,155 | 480,471 | -1,428 | -9,965 | 1,038 | -68,368 |
Balance December 31, 2013 at Mar. 31, 2014 | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 3,752 | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment (net of tax of $250) | 4,145 | ' | ' | ' | ' | ' | ' |
Derivative financial instruments adjustment (net of tax of $167) | 81 | ' | ' | ' | ' | ' | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | 1,740 | ' | ' | ' | ' | ' | ' |
Shareholder Rights Agreement Redemption | -323 | ' | -323 | ' | ' | ' | ' |
Balance June 30, 2014 at Jun. 30, 2014 | $423,903 | ' | $480,471 | ' | ' | ' | ' |
Consolidated_Statements_Of_Sha1
Consolidated Statements Of Shareholders' Equity (Parenthetical) (USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 |
Statement of Stockholders' Equity [Abstract] | ' |
Foreign currency translation adjustment, tax (benefit) | $250 |
Derivative financial instruments adjustment, tax (benefit) | 167 |
Amortization of prior service costs and net gains or losses, tax | $1,994 |
Cash dividends declared, per share | $0.16 |
Basis_Of_Presentation
Basis Of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Basis Of Presentation [Abstract] | ' |
Basis Of Presentation | ' |
In the opinion of management, the accompanying consolidated financial statements of Tredegar Corporation and its subsidiaries (“Tredegar,” “the Company,” “we,” “us” or “our”) contain all adjustments necessary to state fairly, in all material respects, Tredegar’s consolidated financial position as of June 30, 2014, the consolidated results of operations for the six months ended June 30, 2014 and 2013, the consolidated cash flows for the six months ended June 30, 2014 and 2013, and the consolidated changes in shareholders’ equity for the six months ended June 30, 2014. All such adjustments, unless otherwise detailed in the notes to the consolidated interim financial statements, are deemed to be of a normal, recurring nature. The financial position data as of December 31, 2013 that is included herein was derived from the audited consolidated financial statements provided in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 (“2013 Form 10-K”) but does not include all disclosures required by United States generally accepted accounting principles (“U.S. GAAP”). These financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2013 Form 10-K. The results of operations for the three and six months ended June 30, 2014, are not necessarily indicative of the results to be expected for the full year. |
Acquisitions
Acquisitions | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Acquisitions | ' | ||||
On October 1, 2012, The William L. Bonnell Company, Inc. acquired 100% ownership of AACOA, Inc. (“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’ current array of products and services, and provided AACOA with large press capabilities and enhanced geographic sales coverage in a variety of end-use markets. | |||||
In the second quarter of 2013, all post-closing adjustments to the purchase price were resolved. 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 the resolution of contractual obligations related to income taxes, the total purchase price (net of cash acquired) was $54.1 million, which includes $0.6 million that was received from the seller during the third quarter of 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 (net of cash) acquired and liabilities assumed, the estimated 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 are expected to 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 |
Discontinued_Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Discontinued Operations | ' |
On February 12, 2008, Tredegar sold its aluminum extrusions business in Canada for approximately $25.0 million to an affiliate of H.I.G. Capital. All historical results for this business have been reflected as discontinued operations; however, cash flows for discontinued operations have not been separately disclosed in the consolidated statements of cash flows. Accruals of $8.3 million ($8.3 million after taxes) and $13.5 million ($13.5 million after taxes) were made for indemnifications under the purchase agreement related to environmental matters in the second quarter and the first six months of 2013, respectively (none in 2014). |
Plants_Shutdowns_Asset_Impairm
Plants Shutdowns, Asset Impairments, Restructurings And Other | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Restructuring Charges [Abstract] | ' | |||||||||||||||
Plant Shutdowns, Asset Impairments, Restructurings And Other | ' | |||||||||||||||
Plant shutdowns, asset impairments, restructurings and other charges are shown in the net sales and operating profit by segment table in Note 11, 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. | ||||||||||||||||
Plant shutdowns, asset impairments, restructurings and other charges in the second quarter of 2014 include: | ||||||||||||||||
• | Pretax charge of $10 million (included in “Other income (expense), net” in the consolidated statements of income) 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 (see Note 14 for additional detail on this legal matter); | |||||||||||||||
• | Pretax charges of $0.6 million associated with severance and other employee-related costs associated with restructurings in Film Products; | |||||||||||||||
• | Pretax charges of $0.3 million associated with the shutdown of the film products manufacturing facility in Red Springs, North Carolina, which includes severance and other employee-related costs of $0.2 million and asset impairment and other shutdown-related charges of $0.1 million; | |||||||||||||||
• | Pretax charges of $0.2 million related to expected future environmental costs at the Company’s aluminum extrusions manufacturing facility in Newnan, Georgia (included in “Cost of goods sold” in the consolidated statements of income); and | |||||||||||||||
• | Pretax charges of $24,000 associated with the shutdown of the aluminum extrusions manufacturing facility in Kentland, Indiana. | |||||||||||||||
Plant shutdowns, asset impairments, restructurings and other charges in the first six months of 2014 include: | ||||||||||||||||
• | Pretax charge of $10 million associated with a one-time, lump sum license payment to 3M after the Company settled all litigation issues associated with a patent infringement complaint (see Note 14 for additional detail on this legal matter); | |||||||||||||||
• | Pretax charges of $1.4 million associated with severance and other employee-related costs associated with restructurings in Film Products; | |||||||||||||||
• | Pretax charges of $0.7 million associated with the shutdown of the film products manufacturing facility in Red Springs, North Carolina, which includes severance and other employee-related costs of $0.4 million and asset impairment and other shutdown-related charges of $0.3 million; | |||||||||||||||
• | Pretax charges of $0.2 million related to expected future environmental costs at the Company’s aluminum extrusions manufacturing facility in Newnan, Georgia (included in “Cost of goods sold” in the consolidated statements of income); and | |||||||||||||||
• | Pretax charges of $24,000 associated with the shutdown of the aluminum extrusions manufacturing facility in Kentland, Indiana. | |||||||||||||||
Results in the second quarter and first six months of 2014 include an unrealized loss on the Company’s investment in kaleo, Inc. (“kaléo”), which is accounted for under the fair value method (included in “Other income (expense), net” in the consolidated statements of income), of $1.1 million ($0.7 million after taxes). Unrealized losses (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) on the Company’s investment in Harbinger Capital Partners Special Situations Fund, L.P. (“Harbinger Fund”) of $0.3 million ($0.2 million after taxes) and $0.6 million ($0.4 million after taxes) were recorded in the second quarter and first six months of 2014, respectively, as a result of a reduction in the value of the investment that is not expected to be temporary. 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 the sale of a portion of its investment property in Alleghany and Bath Counties, Virginia. See Note 8 for additional information on investments. | ||||||||||||||||
Plant shutdowns, asset impairments, restructurings and other charges in the second quarter of 2013 include: | ||||||||||||||||
• | Net pretax charges of $0.3 million associated with the shutdown of the aluminum extrusions manufacturing facility in Kentland, Indiana; | |||||||||||||||
• | Pretax charges of $0.1 million 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; | |||||||||||||||
• | Pretax loss of $0.1 million related to the sale of previously impaired machinery and equipment at our film products manufacturing facility in Shanghai, China (included in “Other income (expense), net” in the consolidated statements of income); and | |||||||||||||||
• | Pretax charge of $0.1 million related to expected future environmental costs at our aluminum extrusions manufacturing facility in Newnan, Georgia (included in “Cost of goods sold” in the consolidated statements of income). | |||||||||||||||
Plant shutdowns, asset impairments, restructurings and other items in the first six months of 2013 include: | ||||||||||||||||
• | Net pretax charge of $0.5 million associated with the shutdown of the aluminum extrusions manufacturing facility in Kentland, Indiana; | |||||||||||||||
• | Pretax charges of $0.2 million 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; | |||||||||||||||
• | Pretax loss of $0.1 million related to the sale of previously impaired machinery and equipment at our film products manufacturing facility in Shanghai, China (included in “Other income (expense), net” in the consolidated statements of income); | |||||||||||||||
• | Pretax charge of $0.1 million related to expected future environmental costs at our aluminum extrusions manufacturing facility in Newnan, Georgia (included in “Cost of goods sold” in the consolidated statements of income); and | |||||||||||||||
• | Pretax charges of $0.1 million associated with severance and other employee-related costs associated with restructurings in Film Products. | |||||||||||||||
Results in the second quarter and first six months of 2013 include unrealized gains on the Company’s investment in kaléo, which is accounted for under the fair value method (included in “Other income (expense), net” in the consolidated statements of income), of $2.1 million ($1.3 million after taxes) and $3.2 million ($2.0 million after taxes), respectively. An unrealized loss associated with the Company’s investment property in Alleghany and Bath Counties, Virginia (included in “Other income (expense), net” in the consolidated statements of income) of $1.0 million ($0.6 million after taxes) was recorded in the second quarter of 2013 as a result of a reduction in the estimated fair value of our investment that is not expected to be temporary. See Note 8 for additional information on investments. | ||||||||||||||||
A reconciliation of the beginning and ending balances of accrued expenses associated with asset impairments and exit and disposal activities for the six months ended June 30, 2014 is as follows: | ||||||||||||||||
(In Thousands) | Severance | Asset Impairments | Other (a) | Total | ||||||||||||
Balance at December 31, 2013 | $ | 331 | $ | — | $ | 356 | $ | 687 | ||||||||
Changes in 2014: | ||||||||||||||||
Charges | 1,898 | 221 | 72 | 2,191 | ||||||||||||
Cash spent | (586 | ) | — | (227 | ) | (813 | ) | |||||||||
Charges against assets | — | (221 | ) | — | (221 | ) | ||||||||||
Balance at June 30, 2014 | $ | 1,643 | $ | — | $ | 201 | $ | 1,844 | ||||||||
(a) | Other includes other shutdown-related costs associated with the shutdown of the Company’s aluminum extrusions manufacturing facility in Kentland, Indiana. |
Inventories
Inventories | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory, Net [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
The components of inventories are as follows: | |||||||||
June 30, | December 31, | ||||||||
(In Thousands) | 2014 | 2013 | |||||||
Finished goods | $ | 16,791 | $ | 14,953 | |||||
Work-in-process | 6,597 | 7,750 | |||||||
Raw materials | 22,323 | 24,477 | |||||||
Stores, supplies and other | 24,444 | 23,483 | |||||||
Total | $ | 70,155 | $ | 70,663 | |||||
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding. Diluted earnings per share is computed by dividing net income by the weighted average common and potentially dilutive common equivalent shares outstanding, determined as follows: | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||
Weighted average shares outstanding used to compute basic earnings per share | 32,312 | 32,187 | 32,277 | 32,132 | ||||||||
Incremental dilutive shares attributable to stock options and restricted stock | 329 | 448 | 354 | 426 | ||||||||
Shares used to compute diluted earnings per share | 32,641 | 32,635 | 32,631 | 32,558 | ||||||||
Incremental shares attributable to stock options and restricted stock are computed using the average market price during the related period. For the three and six months ended June 30, 2014, average out-of-the-money options to purchase shares were excluded from the calculation of incremental shares attributable to stock options and restricted stock were 227,094 and 170,972, respectively. For the six months ended June 30, 2013, average out-of-the-money options to purchase shares were excluded from the calculation of incremental shares attributable to stock options and restricted stock were 30,033 (none for the three months ended June 30, 2013). |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||
The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the six months ended June 30, 2014: | ||||||||||||||||
(In Thousands) | Foreign | Gain (loss) on | Pension and | Total | ||||||||||||
currency | derivative | other | ||||||||||||||
translation | financial | post-retirement | ||||||||||||||
adjustment | instruments | benefit | ||||||||||||||
adjustments | ||||||||||||||||
Beginning balance, January 1, 2014 | $ | (19,205 | ) | $ | 765 | $ | (71,848 | ) | $ | (90,288 | ) | |||||
Other comprehensive income (loss) before reclassifications | 9,240 | 302 | — | 9,542 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (29 | ) | 3,480 | 3,451 | |||||||||||
Net other comprehensive income (loss) - current period | 9,240 | 273 | 3,480 | 12,993 | ||||||||||||
Ending balance, June 30, 2014 | $ | (9,965 | ) | $ | 1,038 | $ | (68,368 | ) | $ | (77,295 | ) | |||||
The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the six months ended June 30, 2013: | ||||||||||||||||
(In Thousands) | Foreign | Gain (loss) on | Pension and | Total | ||||||||||||
currency | derivative | other | ||||||||||||||
translation | financial | post-retirement | ||||||||||||||
adjustment | instruments | benefit | ||||||||||||||
adjustments | ||||||||||||||||
Beginning balance, January 1, 2013 | $ | 131 | $ | 993 | $ | (103,471 | ) | $ | (102,347 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (12,880 | ) | (633 | ) | — | (13,513 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 93 | 4,625 | 4,718 | ||||||||||||
Net other comprehensive income (loss) - current period | (12,880 | ) | (540 | ) | 4,625 | (8,795 | ) | |||||||||
Ending balance, June 30, 2013 | $ | (12,749 | ) | $ | 453 | $ | (98,846 | ) | $ | (111,142 | ) | |||||
Reclassifications of balances out of accumulated other comprehensive income (loss) into net income for the three months ended June 30, 2014 are summarized as follows: | ||||||||||||||||
(In Thousands) | Amount | Location of gain | ||||||||||||||
reclassified from | (loss) reclassified | |||||||||||||||
other | from accumulated | |||||||||||||||
comprehensive | other | |||||||||||||||
income | comprehensive | |||||||||||||||
income to net | ||||||||||||||||
income | ||||||||||||||||
Gain (loss) on derivative financial instruments: | ||||||||||||||||
Aluminum future contracts, before taxes | $ | 83 | Cost of sales | |||||||||||||
Foreign currency forward contracts, before taxes | — | |||||||||||||||
Total, before taxes | 83 | |||||||||||||||
Income tax expense (benefit) | 31 | Income taxes | ||||||||||||||
Total, net of tax | $ | 52 | ||||||||||||||
Amortization of pension and other post-retirement benefits: | ||||||||||||||||
Actuarial gain (loss) and prior service costs, before taxes | $ | (2,737 | ) | (a) | ||||||||||||
Income tax expense (benefit) | (997 | ) | Income taxes | |||||||||||||
Total, net of tax | $ | (1,740 | ) | |||||||||||||
(a) | This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 10 for additional detail). | |||||||||||||||
Reclassifications of balances out of accumulated other comprehensive income (loss) into net income for the six months ended June 30, 2014 are summarized as follows: | ||||||||||||||||
(In Thousands) | Amount | Location of gain | ||||||||||||||
reclassified from | (loss) reclassified | |||||||||||||||
other | from accumulated | |||||||||||||||
comprehensive | other | |||||||||||||||
income | comprehensive | |||||||||||||||
income to net | ||||||||||||||||
income | ||||||||||||||||
Gain (loss) on derivative financial instruments: | ||||||||||||||||
Aluminum future contracts, before taxes | $ | 46 | Cost of sales | |||||||||||||
Foreign currency forward contracts, before taxes | — | |||||||||||||||
Total, before taxes | 46 | |||||||||||||||
Income tax expense (benefit) | 17 | Income taxes | ||||||||||||||
Total, net of tax | $ | 29 | ||||||||||||||
Amortization of pension and other post-retirement benefits: | ||||||||||||||||
Actuarial gain (loss) and prior service costs, before taxes | $ | (5,474 | ) | (a) | ||||||||||||
Income tax expense (benefit) | (1,994 | ) | Income taxes | |||||||||||||
Total, net of tax | $ | (3,480 | ) | |||||||||||||
(a) | This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 10 for additional detail). | |||||||||||||||
Reclassifications of balances out of accumulated other comprehensive income (loss) into net income for the three months ended June 30, 2013 are summarized as follows: | ||||||||||||||||
(In Thousands) | Amount | Location of gain | ||||||||||||||
reclassified from | (loss) reclassified | |||||||||||||||
other | from accumulated | |||||||||||||||
comprehensive | other | |||||||||||||||
income | comprehensive | |||||||||||||||
income to net | ||||||||||||||||
income | ||||||||||||||||
Gain (loss) on derivative financial instruments: | ||||||||||||||||
Aluminum future contracts, before taxes | $ | (191 | ) | Cost of sales | ||||||||||||
Foreign currency forward contracts, before taxes | — | |||||||||||||||
Total, before taxes | (191 | ) | ||||||||||||||
Income tax expense (benefit) | (72 | ) | Income taxes | |||||||||||||
Total, net of tax | $ | (119 | ) | |||||||||||||
Amortization of pension and other post-retirement benefits: | ||||||||||||||||
Actuarial gain (loss) and prior service costs, before taxes | $ | (3,649 | ) | (a) | ||||||||||||
Income tax expense (benefit) | (1,337 | ) | Income taxes | |||||||||||||
Total, net of tax | $ | (2,312 | ) | |||||||||||||
(a) | This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 10 for additional detail). | |||||||||||||||
Reclassifications of balances out of accumulated other comprehensive income (loss) into net income for the six months ended June 30, 2013 are summarized as follows: | ||||||||||||||||
(In Thousands) | Amount | Location of gain | ||||||||||||||
reclassified from | (loss) reclassified | |||||||||||||||
other | from accumulated | |||||||||||||||
comprehensive | other | |||||||||||||||
income | comprehensive | |||||||||||||||
income to net | ||||||||||||||||
income | ||||||||||||||||
Gain (loss) on derivative financial instruments: | ||||||||||||||||
Aluminum future contracts, before taxes | $ | (149 | ) | Cost of sales | ||||||||||||
Foreign currency forward contracts, before taxes | — | |||||||||||||||
Total, before taxes | (149 | ) | ||||||||||||||
Income tax expense (benefit) | (56 | ) | Income taxes | |||||||||||||
Total, net of tax | $ | (93 | ) | |||||||||||||
Amortization of pension and other post-retirement benefits: | ||||||||||||||||
Actuarial gain (loss) and prior service costs, before taxes | $ | (7,298 | ) | (a) | ||||||||||||
Income tax expense (benefit) | (2,673 | ) | Income taxes | |||||||||||||
Total, net of tax | $ | (4,625 | ) | |||||||||||||
(a) | This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 10 for additional detail). |
Investments
Investments | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||||||
Investments | ' | ||||||||||||||||
In August 2007 and December 2008, the Company made an aggregate investment of $7.5 million in kaléo, a privately held specialty pharmaceutical company. 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. Tredegar’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. | |||||||||||||||||
At June 30, 2014 and December 31, 2013, the estimated fair value of the investment in kaléo (also the carrying value, which is included in “Other assets and deferred charges” in the consolidated balance sheet) was $36.0 million and $37.1 million, respectively. The fair value estimates are based upon significant unobservable (Level 3) inputs since there is no secondary market for our ownership interest. Accordingly, until the next round of financing or other significant financial transaction, value estimates will primarily be based on assumptions relating to meeting product development and commercialization milestones, corresponding cash flow projections (projections of sales, costs, expenses, capital expenditures and working capital investment) and discounting of these factors for the high degree of risk. Adjustments to the estimated fair value of the Company’s investment in kaléo will be made in the period during which changes can be quantified. | |||||||||||||||||
The Company recognized an unrealized loss on its investment in kaléo (included in “Other income (expense), net” in the consolidated statements of income) of $1.1 million in the second quarter and first six months of 2014. The unrealized loss in the second quarter of 2014 can be primarily attributed to adjustments in the timing of cash flows associated with achieving product development and commercialization milestones. The Company recognized an unrealized gain on its investment in kaléo (included in “Other income (expense), net” in the consolidated statements of income) of $2.1 million and $3.2 million in the second quarter and first six months of 2013, respectively. The unrealized gain in 2013 was primarily related to 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. | |||||||||||||||||
The fair market valuation of the Company’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 Tredegar’s interest in kaléo was 45% at June 30, 2014 and 55% at December 31, 2013. 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 June 30, 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 the interest in kaléo by approximately $7 million, and a 500 basis point increase in the weighted average cost of capital assumption would have decreased the fair value of the interest by approximately $5 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 June 30, 2014 and December 31, 2013 and condensed statement of operations for the three and six months ended June 30, 2014 and 2013, as reported to the Company by kaléo, are provided below: | |||||||||||||||||
(In Thousands) | 30-Jun-14 | 31-Dec-13 | 30-Jun-14 | 31-Dec-13 | |||||||||||||
Assets: | Liabilities & Equity: | ||||||||||||||||
Cash & cash equivalents | $ | 134,270 | $ | 33,560 | Long-term debt, net of discount, current portion | $ | — | $ | 5,414 | ||||||||
Restricted cash | 20,001 | — | Other current liabilities | 10,793 | 4,845 | ||||||||||||
Other current assets | 13,010 | 5,682 | Non-current liabilities | 2,929 | 3,098 | ||||||||||||
Property & equipment | 11,057 | 10,559 | Long term debt, net of discount | 150,000 | 9,372 | ||||||||||||
Patents | 2,529 | 2,433 | Redeemable preferred stock | 22,454 | 21,970 | ||||||||||||
Other long-term assets | 3,213 | 445 | Equity | (2,096 | ) | 7,980 | |||||||||||
Total assets | $ | 184,080 | $ | 52,679 | Total liabilities & equity | $ | 184,080 | $ | 52,679 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues & Expenses: | |||||||||||||||||
Royalty revenues | $ | 4,410 | $ | 2,716 | $ | 6,968 | $ | 4,516 | |||||||||
Expenses and other, net | 14,658 | 3,109 | 22,974 | 6,911 | |||||||||||||
Income tax benefit (expense) | 3,892 | 147 | 6,131 | 1,234 | |||||||||||||
Net income (loss) | $ | (6,356 | ) | $ | (246 | ) | $ | (9,875 | ) | $ | (1,161 | ) | |||||
The Company’s investment in the Harbinger Fund had a carrying value (included in “Other assets and deferred charges”) of $2.0 million at June 30, 2014, compared with $2.8 million at December 31, 2013. The carrying value at June 30, 2014 reflected Tredegar’s cost basis in its investment in the Harbinger Fund, net of total withdrawal proceeds received and unrealized losses. The Company recorded unrealized losses of $0.3 million and $0.6 million in the second quarter and first six months of 2014, respectively, on its investment in the Harbinger Fund (included in “Other income (expense), net” in the consolidated statements of income) as a result of a reduction in the value of the investment that is not expected to be temporary. Withdrawal proceeds were $0.2 million in the first six months of 2014 and 2013, respectively. The timing and amount of future installments of withdrawal proceeds, which commenced in August 2010, were not known as of June 30, 2014. Gains on the Company’s investment in the Harbinger Fund will be recognized when the amounts expected to be collected from any 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 when management believes it is probable that future withdrawal proceeds will not exceed the remaining carrying value. | |||||||||||||||||
Tredegar has investment property in Alleghany and Bath Counties, 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 the sale of a portion of this investment property in the second quarter of 2014. An unrealized loss associated with the Company’s investment property in Alleghany and Bath Counties, Virginia (included in “Other income (expense), net” in the consolidated statements of income) of $1.0 million ($0.6 million after taxes) was recorded in the second quarter of 2013 as a result of a reduction in the estimated fair value of our investment that is not expected to be temporary. The carrying value in this investment property (included in “Other assets and deferred charges” on the consolidated balance sheets) was $2.6 million at June 30, 2014 and $5.9 million at December 31, 2013. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Summary of Derivative Instruments [Abstract] | ' | |||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||
The Company 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 due to specified transactions. When possible, derivative financial instruments utilized by Tredegar are designated as and qualify as cash flow hedges and are recognized in the balance sheet at fair value. A change in the fair value of derivatives that are highly effective and that are designated and qualify as cash flow hedges is recorded in other comprehensive income (loss). 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. 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 was not material to the second quarters of 2014 and 2013. | ||||||||||||||||
The fair value of derivative instruments recorded on the consolidated balance sheets are based upon Level 2 inputs within the corresponding commodity or foreign currency markets. 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, the Company 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 the margin exposure created from the fixing of future sales prices relative to volatile raw material (aluminum) costs, the Company 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 $6.7 million (6.7 million pounds of aluminum) at June 30, 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 futures contract fair values in the consolidated balance sheets as of June 30, 2014 and December 31, 2013: | ||||||||||||||||
30-Jun-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 | $ | 313 | Accrued expenses | $ | 31 | ||||||||||
Aluminum futures contracts | and other | |||||||||||||||
Liability derivatives: | Prepaid expenses | $ | (9 | ) | Accrued expenses | $ | (178 | ) | ||||||||
Aluminum futures contracts | and other | |||||||||||||||
Net asset (liability) | $ | 304 | $ | (147 | ) | |||||||||||
In the event that the counterparty to an aluminum fixed-price forward sales contract chooses to not take delivery of its aluminum extrusions, the customer is contractually obligated to compensate us for any losses on the related aluminum futures and/or forward purchase contracts through the date of cancellation. The offsetting asset and liability positions for derivatives not designated as hedging instruments (none at June 30, 2014 and December 31, 2013) are associated with the unwinding of aluminum futures contracts that relate to such cancellations. | ||||||||||||||||
Film Products utilizes future fixed Euro-denominated contractual payments for equipment being purchased as part of our multi-year capacity expansion project at our film products manufacturing facility in Cabo de Santo Agostinho, Brazil. The Company is using fixed-rate Euro forward contracts with various settlement dates through August 2014 to hedge exchange rate exposure on these obligations. The Company had fixed-rate forward contracts with outstanding notional amounts of €2.0 million and €2.1 million as of June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||
The table below summarizes the location and gross amounts of foreign currency forward contract fair values in the consolidated balance sheets as of June 30, 2014 and December 31, 2013: | ||||||||||||||||
30-Jun-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 | $ | 11 | Prepaid expenses | $ | 47 | ||||||||||
Foreign currency forward contracts | and other | and other | ||||||||||||||
Net asset (liability) | $ | 11 | $ | 47 | ||||||||||||
These derivative contracts involve elements of market risk that are not reflected on the consolidated balance sheet, including the risk of dealing with counterparties and their ability to meet the terms of the contracts. The counterparties to any forward purchase commitments are major aluminum brokers and suppliers, and the counterparties to any 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 our foreign currency futures and zero-cost collar contracts are major financial institutions. | ||||||||||||||||
The effect on net income and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for the three and six month periods ended June 30, 2014 and 2013 is summarized in the table below: | ||||||||||||||||
(In Thousands) | Cash Flow Derivative Hedges | |||||||||||||||
Aluminum Futures | Foreign Currency | |||||||||||||||
Contracts | Forwards | |||||||||||||||
Three Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Amount of pre-tax gain (loss) recognized in other comprehensive income | $ | 233 | $ | (377 | ) | $ | (13 | ) | $ | 144 | ||||||
Location of gain (loss) reclassified from accumulated other comprehensive income into net income (effective portion) | Cost of | Cost of | ||||||||||||||
sales | sales | |||||||||||||||
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion) | $ | 83 | $ | (191 | ) | $ | — | $ | — | |||||||
Aluminum Futures | Foreign Currency | |||||||||||||||
Contracts | Forwards | |||||||||||||||
Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Amount of pre-tax gain (loss) recognized in other comprehensive income | $ | 497 | $ | (764 | ) | $ | (5 | ) | $ | (245 | ) | |||||
Location of gain (loss) reclassified from accumulated other comprehensive income into net income (effective portion) | Cost of | Cost of | ||||||||||||||
sales | sales | |||||||||||||||
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion) | $ | 46 | $ | (149 | ) | $ | — | $ | — | |||||||
As of June 30, 2014, the Company expects $0.2 million of unrealized after-tax gains on derivative instruments reported in accumulated other comprehensive income (loss) to be reclassified to earnings within the next twelve months. For the three month periods ended June 30, 2014 and 2013, net gains or losses realized on previously unrealized net gains or losses from hedges that had been discontinued were not significant. |
Pension_And_Other_PostRetireme
Pension And Other Post-Retirement Benefits | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Pension And Other Post-Retirement Benefits | ' | |||||||||||||||
The Company sponsors noncontributory defined benefit (pension) plans covering most 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 based on plan changes announced in 2006, pay for active plan participants was frozen as of December 31, 2007. Beginning in the first quarter of 2014, with the exception of plan participants at two of Tredegar’s U.S. manufacturing facilities, the plan will no longer accrue benefits associated with crediting employees for service, thereby freezing future benefits under the plan. | ||||||||||||||||
The components of net periodic benefit cost for our pension and other post-retirement benefit programs reflected in consolidated results are shown below: | ||||||||||||||||
Pension Benefits | Other Post-Retirement Benefits | |||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | 105 | $ | 870 | $ | 13 | $ | 17 | ||||||||
Interest cost | 3,342 | 3,108 | 93 | 88 | ||||||||||||
Expected return on plan assets | (4,558 | ) | (4,329 | ) | — | — | ||||||||||
Amortization of prior service costs, gains or losses and net transition asset | 2,814 | 3,689 | (77 | ) | (40 | ) | ||||||||||
Curtailment charge | — | — | — | — | ||||||||||||
Net periodic benefit cost | $ | 1,703 | $ | 3,338 | $ | 29 | $ | 65 | ||||||||
Pension Benefits | Other Post-Retirement Benefits | |||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 649 | $ | 1,740 | $ | 26 | $ | 35 | ||||||||
Interest cost | 6,683 | 6,214 | 186 | 177 | ||||||||||||
Expected return on plan assets | (9,116 | ) | (8,658 | ) | — | — | ||||||||||
Amortization of prior service costs, gains or losses and net transition asset | 5,628 | 7,379 | (154 | ) | (81 | ) | ||||||||||
Curtailment charge | 81 | — | — | — | ||||||||||||
Net periodic benefit cost | $ | 3,925 | $ | 6,675 | $ | 58 | $ | 131 | ||||||||
Pension and other post-retirement liabilities for continuing operations (included in “Other noncurrent liabilities” in the consolidated balance sheets) are $48.6 million and $50.3 million at June 30, 2014 and December 31, 2013, respectively. The Company’s required contributions are expected to be approximately $0.2 million in 2014. The Company intends to make an additional discretionary contribution of $5.0 million to its underfunded pension plan in the third quarter of 2014. Tredegar funds its other post-retirement benefits (life insurance and health benefits) on a claims-made basis, which were $0.3 million for the year ended December 31, 2013. |
Segment_Reporting
Segment Reporting | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Reporting | ' | |||||||||||||||
The Company's business segments are Film Products and Aluminum Extrusions. Information by business segment is reported below. There are 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. The following table presents net sales and operating profit by segment for the three and six month periods ended June 30, 2014 and 2013: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net Sales | ||||||||||||||||
Film Products | $ | 146,016 | $ | 158,266 | $ | 295,176 | $ | 312,651 | ||||||||
Aluminum Extrusions | 84,548 | 77,855 | 163,831 | 157,794 | ||||||||||||
Total net sales | 230,564 | 236,121 | 459,007 | 470,445 | ||||||||||||
Add back freight | 6,401 | 7,409 | 13,171 | 14,611 | ||||||||||||
Sales as shown in the Consolidated Statements of Income | 236,965 | 243,530 | 472,178 | 485,056 | ||||||||||||
Operating Profit | ||||||||||||||||
Film Products: | ||||||||||||||||
Ongoing operations | 14,963 | 18,727 | 31,685 | 35,734 | ||||||||||||
Plant shutdowns, asset impairments, restructurings and other | (10,923 | ) | (107 | ) | (12,168 | ) | (209 | ) | ||||||||
Aluminum Extrusions: | ||||||||||||||||
Ongoing operations | 8,050 | 4,311 | 12,811 | 8,925 | ||||||||||||
Plant shutdowns, asset impairments, restructurings and other | (174 | ) | (545 | ) | (174 | ) | (798 | ) | ||||||||
Total | 11,916 | 22,386 | 32,154 | 43,652 | ||||||||||||
Interest income | 107 | 91 | 302 | 169 | ||||||||||||
Interest expense | 531 | 715 | 1,161 | 1,405 | ||||||||||||
Gain (loss) on investment accounted for under fair value method | (1,100 | ) | 2,100 | (1,100 | ) | 3,200 | ||||||||||
Gain on sale of investment property | 1,208 | — | 1,208 | — | ||||||||||||
Unrealized loss on investment property | — | (1,018 | ) | — | (1,018 | ) | ||||||||||
Stock option-based compensation costs | 345 | 283 | 586 | 599 | ||||||||||||
Corporate expenses, net | 5,339 | 7,487 | 11,814 | 15,644 | ||||||||||||
Income from continuing operations before income taxes | 5,916 | 15,074 | 19,003 | 28,355 | ||||||||||||
Income taxes from continuing operations | 2,164 | 5,484 | 6,772 | 9,248 | ||||||||||||
Income from continuing operations | 3,752 | 9,590 | 12,231 | 19,107 | ||||||||||||
Loss from discontinued operations, net of tax | — | (8,300 | ) | — | (13,540 | ) | ||||||||||
Net income | $ | 3,752 | $ | 1,290 | $ | 12,231 | $ | 5,567 | ||||||||
The following table presents identifiable assets by segment at June 30, 2014 and December 31, 2013: | ||||||||||||||||
(In Thousands) | 30-Jun-14 | 31-Dec-13 | ||||||||||||||
Film Products | $ | 576,100 | $ | 556,873 | ||||||||||||
Aluminum Extrusions | 141,477 | 134,928 | ||||||||||||||
Subtotal | 717,577 | 691,801 | ||||||||||||||
General corporate | 44,900 | 48,590 | ||||||||||||||
Cash and cash equivalents | 44,008 | 52,617 | ||||||||||||||
Total | $ | 806,485 | $ | 793,008 | ||||||||||||
Income_Taxes
Income Taxes | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Income Tax Disclosure [Abstract] | ' | |||||
Income Taxes | ' | |||||
The effective tax rate for income from continuing operations in the first six months of 2014 was 35.6% compared to 32.6% in the first six months of 2013. The significant differences between the U.S. federal statutory rate and the effective income tax rate for continuing operations for the six months ended June 30, 2014 and 2013 are as follows: | ||||||
Percent of Income | ||||||
Before Income Taxes | ||||||
Six Months Ended June 30 | 2014 | 2013 | ||||
Income tax expense at federal statutory rate | 35 | 35 | ||||
State taxes, net of federal income tax benefit | 2 | 2.2 | ||||
Income tax contingency accruals and tax settlements | 1.7 | 0.6 | ||||
Unremitted earnings from foreign operations | 1 | 0.7 | ||||
Changes in estimates related to prior year tax provision | 0.3 | (0.4 | ) | |||
Non-deductible expenses | 0.2 | 0.6 | ||||
Valuation allowance for foreign operating loss carry-forwards | — | 1.4 | ||||
Research and development tax credit | — | (1.6 | ) | |||
Foreign rate differences | (0.4 | ) | (0.2 | ) | ||
Foreign tax incentives | (0.5 | ) | (5.6 | ) | ||
Valuation allowance for capital loss carry-forwards | (1.3 | ) | 1.2 | |||
Domestic production activities deduction | (2.3 | ) | (1.3 | ) | ||
Other | (0.1 | ) | — | |||
Effective income tax rate for income from continuing operations | 35.6 | 32.6 | ||||
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 Holdings, LLC’s (“Terphane”) manufacturing facility in Brazil is the beneficiary of certain income tax incentives that allow for a reduction in the statutory Brazilian federal income tax rate levied on the operating profit of its products. These incentives produce a current effective tax rate of 15.25% for Terphane Ltda. (6.25% of income tax and 9.0% social contribution on income). The current incentives will expire at the end of 2014, but the Company anticipates that it will qualify for additional incentives that will extend beyond 2014. The benefit from tax incentives was $0.1 million (0 cents per share) and $1.6 million (5 cents per share) in the first six months of 2014 and 2013, respectively. | ||||||
Tredegar and its subsidiaries file income tax returns in the U.S., various states and jurisdictions outside the U.S. With few exceptions, Tredegar and its subsidiaries are no longer subject to state or non-U.S. income tax examinations by tax authorities for years before 2010. |
Shareholder_Rights_Agreement_S
Shareholder Rights Agreement Shareholder Rights Agreement | 6 Months Ended |
Jun. 30, 2014 | |
Warrants and Rights Note Disclosure [Abstract] | ' |
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 the Company’s Common Stock. All Rights previously issued under the original Rights Agreement, dated as of June 30, 1999, and the Amended and Restated Rights Agreement, dated as of June 30, 2009, that were appurtenant to shares of Common Stock outstanding at the effective time of the Rights Agreement remained outstanding. | |
Each Right entitled the registered holder to purchase from Tredegar one one-hundredth of a share of our Series A Participating Cumulative Preferred Stock (the “Preferred Stock”) at an exercise price of $150, subject to adjustment (the “Purchase Price”). The Rights will 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 our 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 our Common Stock (in each case thereby becoming an “Acquiring Person”). Any person or group that beneficially owned 20% or more of the outstanding shares of the Company’s Common Stock as of the first date of public announcement of the adoption of the Rights Agreement will not become an Acquiring Person unless and until such person or group acquires beneficial ownership of additional shares of Common Stock (other than beneficial ownership of any Common Stock which is acquired, whether in the form of options, restricted stock or other equity-linked securities, as compensation for services as an officer or director of the Company) representing 1% or more of the Common Stock then outstanding. | |
The Rights Agreement provided that if any person or group becomes an Acquiring Person, each holder of a Right (other than Rights held by an Acquiring Person) will become entitled to receive, upon exercise and payment of the Purchase Price, Preferred Stock or, at the option of Tredegar, Common Stock (or, in certain circumstances, cash, property or other securities of the Company) having a value equal to twice the amount of the Purchase Price. In addition, in the event that, at any time following the date that a person or group acquires beneficial ownership of 20% or more of the outstanding shares of the Company’s Common Stock, (i) Tredegar is acquired in a merger, statutory share exchange, or other business combination in which Tredegar is not the surviving corporation, or (ii) 50% or more of our assets or earning power is sold or transferred, each holder of a Right (other than Rights held by an Acquiring Person) shall thereafter have the right to receive, upon exercise and payment of the Purchase Price, common stock of the acquiring company (or comparable equity securities of an acquiring entity that is not a corporation) having a value equal to twice the Purchase Price. | |
The Rights were scheduled to expire on June 30, 2019. On February 19, 2014, the Company’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. The corresponding redemption payment of $0.3 million was made in the first quarter of 2014. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
In 2011, Tredegar was notified by U.S. Customs and Border Protection (“U.S. Customs”) that certain film products exported by Terphane Holdings, LLC (“Terphane”) to the U.S. since November 6, 2008 could be subject to duties associated with an antidumping duty order on imported PET films from Brazil. The Company contested the applicability of these antidumping duties to the films exported by Terphane, and we filed a request with the U.S. Department of Commerce (“Commerce”) for clarification about whether the film products at issue are within the scope of the antidumping 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 antidumping duties because Commerce’s scope ruling was overturned on appeal, or otherwise, indemnifications for related liabilities are specifically provided for under the Terphane purchase agreement. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements | ' |
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 specified presentation and reporting requirement 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. |
Acquisitions_Tables
Acquisitions (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Schedule Of Purchase Price Allocation | ' | ||||
Based upon management’s valuation of the fair value of tangible and intangible assets (net of cash) acquired and liabilities assumed, the estimated 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 Amortization Periods For Acquired Intangible Assets | ' | ||||
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 |
Plants_Shutdowns_Asset_Impairm1
Plants Shutdowns, Asset Impairments, Restructurings And Other (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Restructuring Charges [Abstract] | ' | |||||||||||||||
Schedule Of Accrued Expenses Associated With Asset Impairments And Exit And Disposal Activities | ' | |||||||||||||||
A reconciliation of the beginning and ending balances of accrued expenses associated with asset impairments and exit and disposal activities for the six months ended June 30, 2014 is as follows: | ||||||||||||||||
(In Thousands) | Severance | Asset Impairments | Other (a) | Total | ||||||||||||
Balance at December 31, 2013 | $ | 331 | $ | — | $ | 356 | $ | 687 | ||||||||
Changes in 2014: | ||||||||||||||||
Charges | 1,898 | 221 | 72 | 2,191 | ||||||||||||
Cash spent | (586 | ) | — | (227 | ) | (813 | ) | |||||||||
Charges against assets | — | (221 | ) | — | (221 | ) | ||||||||||
Balance at June 30, 2014 | $ | 1,643 | $ | — | $ | 201 | $ | 1,844 | ||||||||
(a) | Other includes other shutdown-related costs associated with the shutdown of the Company’s aluminum extrusions manufacturing facility in Kentland, Indiana. |
Inventories_Tables
Inventories (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory, Net [Abstract] | ' | ||||||||
Schedule of Inventory, Current | ' | ||||||||
The components of inventories are as follows: | |||||||||
June 30, | December 31, | ||||||||
(In Thousands) | 2014 | 2013 | |||||||
Finished goods | $ | 16,791 | $ | 14,953 | |||||
Work-in-process | 6,597 | 7,750 | |||||||
Raw materials | 22,323 | 24,477 | |||||||
Stores, supplies and other | 24,444 | 23,483 | |||||||
Total | $ | 70,155 | $ | 70,663 | |||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||
Diluted earnings per share is computed by dividing net income by the weighted average common and potentially dilutive common equivalent shares outstanding, determined as follows: | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||
Weighted average shares outstanding used to compute basic earnings per share | 32,312 | 32,187 | 32,277 | 32,132 | ||||||||
Incremental dilutive shares attributable to stock options and restricted stock | 329 | 448 | 354 | 426 | ||||||||
Shares used to compute diluted earnings per share | 32,641 | 32,635 | 32,631 | 32,558 | ||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Schedule Of After-Tax Changes In Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||
The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the six months ended June 30, 2014: | ||||||||||||||||
(In Thousands) | Foreign | Gain (loss) on | Pension and | Total | ||||||||||||
currency | derivative | other | ||||||||||||||
translation | financial | post-retirement | ||||||||||||||
adjustment | instruments | benefit | ||||||||||||||
adjustments | ||||||||||||||||
Beginning balance, January 1, 2014 | $ | (19,205 | ) | $ | 765 | $ | (71,848 | ) | $ | (90,288 | ) | |||||
Other comprehensive income (loss) before reclassifications | 9,240 | 302 | — | 9,542 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (29 | ) | 3,480 | 3,451 | |||||||||||
Net other comprehensive income (loss) - current period | 9,240 | 273 | 3,480 | 12,993 | ||||||||||||
Ending balance, June 30, 2014 | $ | (9,965 | ) | $ | 1,038 | $ | (68,368 | ) | $ | (77,295 | ) | |||||
The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the six months ended June 30, 2013: | ||||||||||||||||
(In Thousands) | Foreign | Gain (loss) on | Pension and | Total | ||||||||||||
currency | derivative | other | ||||||||||||||
translation | financial | post-retirement | ||||||||||||||
adjustment | instruments | benefit | ||||||||||||||
adjustments | ||||||||||||||||
Beginning balance, January 1, 2013 | $ | 131 | $ | 993 | $ | (103,471 | ) | $ | (102,347 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (12,880 | ) | (633 | ) | — | (13,513 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 93 | 4,625 | 4,718 | ||||||||||||
Net other comprehensive income (loss) - current period | (12,880 | ) | (540 | ) | 4,625 | (8,795 | ) | |||||||||
Ending balance, June 30, 2013 | $ | (12,749 | ) | $ | 453 | $ | (98,846 | ) | $ | (111,142 | ) | |||||
Schedule Of Reclassifications Of Balances Out Of Accumulated Other Comprehensive Income (Loss) Into Net Income | ' | |||||||||||||||
Reclassifications of balances out of accumulated other comprehensive income (loss) into net income for the six months ended June 30, 2014 are summarized as follows: | ||||||||||||||||
(In Thousands) | Amount | Location of gain | ||||||||||||||
reclassified from | (loss) reclassified | |||||||||||||||
other | from accumulated | |||||||||||||||
comprehensive | other | |||||||||||||||
income | comprehensive | |||||||||||||||
income to net | ||||||||||||||||
income | ||||||||||||||||
Gain (loss) on derivative financial instruments: | ||||||||||||||||
Aluminum future contracts, before taxes | $ | 46 | Cost of sales | |||||||||||||
Foreign currency forward contracts, before taxes | — | |||||||||||||||
Total, before taxes | 46 | |||||||||||||||
Income tax expense (benefit) | 17 | Income taxes | ||||||||||||||
Total, net of tax | $ | 29 | ||||||||||||||
Amortization of pension and other post-retirement benefits: | ||||||||||||||||
Actuarial gain (loss) and prior service costs, before taxes | $ | (5,474 | ) | (a) | ||||||||||||
Income tax expense (benefit) | (1,994 | ) | Income taxes | |||||||||||||
Total, net of tax | $ | (3,480 | ) | |||||||||||||
(a) | This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 10 for additional detail). | |||||||||||||||
Reclassifications of balances out of accumulated other comprehensive income (loss) into net income for the three months ended June 30, 2013 are summarized as follows: | ||||||||||||||||
(In Thousands) | Amount | Location of gain | ||||||||||||||
reclassified from | (loss) reclassified | |||||||||||||||
other | from accumulated | |||||||||||||||
comprehensive | other | |||||||||||||||
income | comprehensive | |||||||||||||||
income to net | ||||||||||||||||
income | ||||||||||||||||
Gain (loss) on derivative financial instruments: | ||||||||||||||||
Aluminum future contracts, before taxes | $ | (191 | ) | Cost of sales | ||||||||||||
Foreign currency forward contracts, before taxes | — | |||||||||||||||
Total, before taxes | (191 | ) | ||||||||||||||
Income tax expense (benefit) | (72 | ) | Income taxes | |||||||||||||
Total, net of tax | $ | (119 | ) | |||||||||||||
Amortization of pension and other post-retirement benefits: | ||||||||||||||||
Actuarial gain (loss) and prior service costs, before taxes | $ | (3,649 | ) | (a) | ||||||||||||
Income tax expense (benefit) | (1,337 | ) | Income taxes | |||||||||||||
Total, net of tax | $ | (2,312 | ) | |||||||||||||
(a) | This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 10 for additional detail). | |||||||||||||||
Reclassifications of balances out of accumulated other comprehensive income (loss) into net income for the six months ended June 30, 2013 are summarized as follows: | ||||||||||||||||
(In Thousands) | Amount | Location of gain | ||||||||||||||
reclassified from | (loss) reclassified | |||||||||||||||
other | from accumulated | |||||||||||||||
comprehensive | other | |||||||||||||||
income | comprehensive | |||||||||||||||
income to net | ||||||||||||||||
income | ||||||||||||||||
Gain (loss) on derivative financial instruments: | ||||||||||||||||
Aluminum future contracts, before taxes | $ | (149 | ) | Cost of sales | ||||||||||||
Foreign currency forward contracts, before taxes | — | |||||||||||||||
Total, before taxes | (149 | ) | ||||||||||||||
Income tax expense (benefit) | (56 | ) | Income taxes | |||||||||||||
Total, net of tax | $ | (93 | ) | |||||||||||||
Amortization of pension and other post-retirement benefits: | ||||||||||||||||
Actuarial gain (loss) and prior service costs, before taxes | $ | (7,298 | ) | (a) | ||||||||||||
Income tax expense (benefit) | (2,673 | ) | Income taxes | |||||||||||||
Total, net of tax | $ | (4,625 | ) | |||||||||||||
(a) | This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 10 for additional detail). |
Investments_Tables
Investments (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 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 June 30, 2014 and December 31, 2013 and condensed statement of operations for the three and six months ended June 30, 2014 and 2013, as reported to the Company by kaléo, are provided below: | |||||||||||||||||
(In Thousands) | 30-Jun-14 | 31-Dec-13 | 30-Jun-14 | 31-Dec-13 | |||||||||||||
Assets: | Liabilities & Equity: | ||||||||||||||||
Cash & cash equivalents | $ | 134,270 | $ | 33,560 | Long-term debt, net of discount, current portion | $ | — | $ | 5,414 | ||||||||
Restricted cash | 20,001 | — | Other current liabilities | 10,793 | 4,845 | ||||||||||||
Other current assets | 13,010 | 5,682 | Non-current liabilities | 2,929 | 3,098 | ||||||||||||
Property & equipment | 11,057 | 10,559 | Long term debt, net of discount | 150,000 | 9,372 | ||||||||||||
Patents | 2,529 | 2,433 | Redeemable preferred stock | 22,454 | 21,970 | ||||||||||||
Other long-term assets | 3,213 | 445 | Equity | (2,096 | ) | 7,980 | |||||||||||
Total assets | $ | 184,080 | $ | 52,679 | Total liabilities & equity | $ | 184,080 | $ | 52,679 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues & Expenses: | |||||||||||||||||
Royalty revenues | $ | 4,410 | $ | 2,716 | $ | 6,968 | $ | 4,516 | |||||||||
Expenses and other, net | 14,658 | 3,109 | 22,974 | 6,911 | |||||||||||||
Income tax benefit (expense) | 3,892 | 147 | 6,131 | 1,234 | |||||||||||||
Net income (loss) | $ | (6,356 | ) | $ | (246 | ) | $ | (9,875 | ) | $ | (1,161 | ) |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 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 effect on net income and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for the three and six month periods ended June 30, 2014 and 2013 is summarized in the table below: | ||||||||||||||||
(In Thousands) | Cash Flow Derivative Hedges | |||||||||||||||
Aluminum Futures | Foreign Currency | |||||||||||||||
Contracts | Forwards | |||||||||||||||
Three Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Amount of pre-tax gain (loss) recognized in other comprehensive income | $ | 233 | $ | (377 | ) | $ | (13 | ) | $ | 144 | ||||||
Location of gain (loss) reclassified from accumulated other comprehensive income into net income (effective portion) | Cost of | Cost of | ||||||||||||||
sales | sales | |||||||||||||||
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion) | $ | 83 | $ | (191 | ) | $ | — | $ | — | |||||||
Aluminum Futures | Foreign Currency | |||||||||||||||
Contracts | Forwards | |||||||||||||||
Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Amount of pre-tax gain (loss) recognized in other comprehensive income | $ | 497 | $ | (764 | ) | $ | (5 | ) | $ | (245 | ) | |||||
Location of gain (loss) reclassified from accumulated other comprehensive income into net income (effective portion) | Cost of | Cost of | ||||||||||||||
sales | sales | |||||||||||||||
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion) | $ | 46 | $ | (149 | ) | $ | — | $ | — | |||||||
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 futures contract fair values in the consolidated balance sheets as of June 30, 2014 and December 31, 2013: | ||||||||||||||||
30-Jun-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 | $ | 313 | Accrued expenses | $ | 31 | ||||||||||
Aluminum futures contracts | and other | |||||||||||||||
Liability derivatives: | Prepaid expenses | $ | (9 | ) | Accrued expenses | $ | (178 | ) | ||||||||
Aluminum futures contracts | and other | |||||||||||||||
Net asset (liability) | $ | 304 | $ | (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 in the consolidated balance sheets as of June 30, 2014 and December 31, 2013: | ||||||||||||||||
30-Jun-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 | $ | 11 | Prepaid expenses | $ | 47 | ||||||||||
Foreign currency forward contracts | and other | and other | ||||||||||||||
Net asset (liability) | $ | 11 | $ | 47 | ||||||||||||
Pension_And_Other_PostRetireme1
Pension And Other Post-Retirement Benefits (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Schedule Of Components Of Net Periodic Benefit Cost For Pension And Other Post-Retirement Benefit Programs | ' | |||||||||||||||
The components of net periodic benefit cost for our pension and other post-retirement benefit programs reflected in consolidated results are shown below: | ||||||||||||||||
Pension Benefits | Other Post-Retirement Benefits | |||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | 105 | $ | 870 | $ | 13 | $ | 17 | ||||||||
Interest cost | 3,342 | 3,108 | 93 | 88 | ||||||||||||
Expected return on plan assets | (4,558 | ) | (4,329 | ) | — | — | ||||||||||
Amortization of prior service costs, gains or losses and net transition asset | 2,814 | 3,689 | (77 | ) | (40 | ) | ||||||||||
Curtailment charge | — | — | — | — | ||||||||||||
Net periodic benefit cost | $ | 1,703 | $ | 3,338 | $ | 29 | $ | 65 | ||||||||
Pension Benefits | Other Post-Retirement Benefits | |||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 649 | $ | 1,740 | $ | 26 | $ | 35 | ||||||||
Interest cost | 6,683 | 6,214 | 186 | 177 | ||||||||||||
Expected return on plan assets | (9,116 | ) | (8,658 | ) | — | — | ||||||||||
Amortization of prior service costs, gains or losses and net transition asset | 5,628 | 7,379 | (154 | ) | (81 | ) | ||||||||||
Curtailment charge | 81 | — | — | — | ||||||||||||
Net periodic benefit cost | $ | 3,925 | $ | 6,675 | $ | 58 | $ | 131 | ||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule Of Segment Reporting Information By Segment | ' | |||||||||||||||
The following table presents net sales and operating profit by segment for the three and six month periods ended June 30, 2014 and 2013: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net Sales | ||||||||||||||||
Film Products | $ | 146,016 | $ | 158,266 | $ | 295,176 | $ | 312,651 | ||||||||
Aluminum Extrusions | 84,548 | 77,855 | 163,831 | 157,794 | ||||||||||||
Total net sales | 230,564 | 236,121 | 459,007 | 470,445 | ||||||||||||
Add back freight | 6,401 | 7,409 | 13,171 | 14,611 | ||||||||||||
Sales as shown in the Consolidated Statements of Income | 236,965 | 243,530 | 472,178 | 485,056 | ||||||||||||
Operating Profit | ||||||||||||||||
Film Products: | ||||||||||||||||
Ongoing operations | 14,963 | 18,727 | 31,685 | 35,734 | ||||||||||||
Plant shutdowns, asset impairments, restructurings and other | (10,923 | ) | (107 | ) | (12,168 | ) | (209 | ) | ||||||||
Aluminum Extrusions: | ||||||||||||||||
Ongoing operations | 8,050 | 4,311 | 12,811 | 8,925 | ||||||||||||
Plant shutdowns, asset impairments, restructurings and other | (174 | ) | (545 | ) | (174 | ) | (798 | ) | ||||||||
Total | 11,916 | 22,386 | 32,154 | 43,652 | ||||||||||||
Interest income | 107 | 91 | 302 | 169 | ||||||||||||
Interest expense | 531 | 715 | 1,161 | 1,405 | ||||||||||||
Gain (loss) on investment accounted for under fair value method | (1,100 | ) | 2,100 | (1,100 | ) | 3,200 | ||||||||||
Gain on sale of investment property | 1,208 | — | 1,208 | — | ||||||||||||
Unrealized loss on investment property | — | (1,018 | ) | — | (1,018 | ) | ||||||||||
Stock option-based compensation costs | 345 | 283 | 586 | 599 | ||||||||||||
Corporate expenses, net | 5,339 | 7,487 | 11,814 | 15,644 | ||||||||||||
Income from continuing operations before income taxes | 5,916 | 15,074 | 19,003 | 28,355 | ||||||||||||
Income taxes from continuing operations | 2,164 | 5,484 | 6,772 | 9,248 | ||||||||||||
Income from continuing operations | 3,752 | 9,590 | 12,231 | 19,107 | ||||||||||||
Loss from discontinued operations, net of tax | — | (8,300 | ) | — | (13,540 | ) | ||||||||||
Net income | $ | 3,752 | $ | 1,290 | $ | 12,231 | $ | 5,567 | ||||||||
Schedule Of Identifiable Assets By Segment | ' | |||||||||||||||
The following table presents identifiable assets by segment at June 30, 2014 and December 31, 2013: | ||||||||||||||||
(In Thousands) | 30-Jun-14 | 31-Dec-13 | ||||||||||||||
Film Products | $ | 576,100 | $ | 556,873 | ||||||||||||
Aluminum Extrusions | 141,477 | 134,928 | ||||||||||||||
Subtotal | 717,577 | 691,801 | ||||||||||||||
General corporate | 44,900 | 48,590 | ||||||||||||||
Cash and cash equivalents | 44,008 | 52,617 | ||||||||||||||
Total | $ | 806,485 | $ | 793,008 | ||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Income Tax Disclosure [Abstract] | ' | |||||
Schedule 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 for the six months ended June 30, 2014 and 2013 are as follows: | ||||||
Percent of Income | ||||||
Before Income Taxes | ||||||
Six Months Ended June 30 | 2014 | 2013 | ||||
Income tax expense at federal statutory rate | 35 | 35 | ||||
State taxes, net of federal income tax benefit | 2 | 2.2 | ||||
Income tax contingency accruals and tax settlements | 1.7 | 0.6 | ||||
Unremitted earnings from foreign operations | 1 | 0.7 | ||||
Changes in estimates related to prior year tax provision | 0.3 | (0.4 | ) | |||
Non-deductible expenses | 0.2 | 0.6 | ||||
Valuation allowance for foreign operating loss carry-forwards | — | 1.4 | ||||
Research and development tax credit | — | (1.6 | ) | |||
Foreign rate differences | (0.4 | ) | (0.2 | ) | ||
Foreign tax incentives | (0.5 | ) | (5.6 | ) | ||
Valuation allowance for capital loss carry-forwards | (1.3 | ) | 1.2 | |||
Domestic production activities deduction | (2.3 | ) | (1.3 | ) | ||
Other | (0.1 | ) | — | |||
Effective income tax rate for income from continuing operations | 35.6 | 32.6 | ||||
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | Sep. 30, 2013 | Oct. 01, 2012 | Oct. 02, 2012 |
AACOA | AACOA | Aacoa Inc [Member] | |
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 | ' |
Acquisitions_Schedule_Of_Purch
Acquisitions (Schedule Of Purchase Price Allocation) (Details) (AACOA, USD $) | Oct. 01, 2012 |
In Thousands, unless otherwise specified | |
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ' |
Accounts receivable | $12,477 |
Inventories | 4,708 |
Property, plant & equipment | 15,116 |
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 |
Customer relationships | ' |
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ' |
Identifiable finite-lived intangible assets | 4,800 |
Proprietary technology | ' |
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ' |
Identifiable finite-lived intangible assets | 3,400 |
Noncompete agreements | ' |
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ' |
Identifiable finite-lived intangible assets | 1,600 |
Trade names | ' |
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ' |
Identifiable indefinite-lived intangible assets | $4,800 |
Acquisitions_Schedule_Of_Amort
Acquisitions (Schedule Of Amortization Periods For Acquired Intangible Assets) (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Customer relationships | ' |
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ' |
Identifiable Intangible Asset, Useful Life (Yrs) | '10 years |
Noncompete agreements | ' |
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ' |
Identifiable Intangible Asset, Useful Life (Yrs) | '2 years |
Minimum | Proprietary technology | ' |
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ' |
Identifiable Intangible Asset, Useful Life (Yrs) | '6 years |
Maximum | Proprietary technology | ' |
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ' |
Identifiable Intangible Asset, Useful Life (Yrs) | '10 years |
Discontinued_Operations_Detail
Discontinued Operations (Details) (Aluminum Extrusions Canada Business, USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | |
Feb. 12, 2008 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Aluminum Extrusions Canada Business | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Proceeds from sale of business | $25,000,000 | ' | ' | ' |
Charges for indemnifications under the purchase agreement related to environmental matters | ' | 8,300,000 | 0 | 13,500,000 |
Charges for indemnifications under the purchase agreement related to environmental matters, net of tax | ' | $8,300,000 | ' | $13,500,000 |
Plants_Shutdowns_Asset_Impairm2
Plants Shutdowns, Asset Impairments, Restructurings And Other (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Other Non-Operating and Non-Recurring Charges [Abstract] | ' | ' | ' | ' |
Unrealized gain (loss) on investment under fair value method | ' | ' | ($1,100,000) | $3,200,000 |
Cost-method investment, OTTI | 0 | 1,018,000 | 0 | 1,018,000 |
Gain (Loss) on Disposition of Assets | ' | ' | 837,000 | 0 |
kaleo | ' | ' | ' | ' |
Other Non-Operating and Non-Recurring Charges [Abstract] | ' | ' | ' | ' |
Unrealized gain (loss) on investment under fair value method | -1,100,000 | 2,100,000 | -1,100,000 | 3,200,000 |
Unrealized gain (loss) on investment under fair value method, after taxes | -700,000 | 1,300,000 | -700,000 | 2,000,000 |
Aacoa Inc [Member] | ' | ' | ' | ' |
Other Non-Operating and Non-Recurring Charges [Abstract] | ' | ' | ' | ' |
Integration-related expenses and other non-recurring transactions | ' | 100,000 | ' | 200,000 |
Film Products | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Pretax charges for severance and other employee-related costs | 600,000 | ' | 1,400,000 | 100,000 |
Harbinger Fund | ' | ' | ' | ' |
Other Non-Operating and Non-Recurring Charges [Abstract] | ' | ' | ' | ' |
Cost-method investment, OTTI | 300,000 | ' | 600,000 | ' |
Cost-method investment, OTTI net of tax | 200,000 | ' | 400,000 | ' |
Film Products Manufacturing Facility In Red Springs North Carolina | Facility Closing | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Plant shutdown related expenditures | 300,000 | ' | 700,000 | ' |
Pretax charges for severance and other employee-related costs | 200,000 | ' | 400,000 | ' |
Pretax loss for asset impairments | 100,000 | ' | 300,000 | ' |
Aluminum Extrusions Manufacturing Facility In Kentland Indiana [Member] | Facility Closing | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Plant shutdown related expenditures | 24,000 | 300,000 | 24,000 | 500,000 |
Film Products Manufacturing Facility In Shanghai, China [Member] | ' | ' | ' | ' |
Other Non-Operating and Non-Recurring Charges [Abstract] | ' | ' | ' | ' |
Gain (Loss) on Disposition of Property Plant Equipment | ' | 100,000 | ' | 100,000 |
Aluminum Extrusions Manufacturing Facility In Newnan Georgia [Member] | ' | ' | ' | ' |
Other Non-Operating and Non-Recurring Charges [Abstract] | ' | ' | ' | ' |
Environmental Exit Costs, Anticipated Cost | 200,000 | 100,000 | 200,000 | 100,000 |
Alleghany and Bath County, Virginia [Member] | ' | ' | ' | ' |
Other Non-Operating and Non-Recurring Charges [Abstract] | ' | ' | ' | ' |
Gain (Loss) on Disposition of Assets | 1,208,000 | ' | 1,208,000 | ' |
Unrealized Gain (Loss) on Investment Property | ' | -1,000,000 | ' | ' |
Gain (Loss) on Sale of Investment Property, After Tax | 800,000 | -600,000 | ' | ' |
3M vs. Tredegar | ' | ' | ' | ' |
Other Non-Operating and Non-Recurring Charges [Abstract] | ' | ' | ' | ' |
Litigation Settlement, Amount | $10,000,000 | ' | $10,000,000 | ' |
Plants_Shutdowns_Asset_Impairm3
Plants Shutdowns, Asset Impairments, Restructurings And Other (Schedule Of Accrued Expenses Associated With Asset Impairments And Exit And Disposal Activities) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | |
Restructuring Reserve [Roll Forward] | ' | |
Balance at December 31, 2013 | $687 | |
Charges | 2,191 | |
Cash spent | -813 | |
Charges against assets | -221 | |
Balance at June 30, 2014 | 1,844 | |
Severance | ' | |
Restructuring Reserve [Roll Forward] | ' | |
Balance at December 31, 2013 | 331 | |
Charges | 1,898 | |
Cash spent | -586 | |
Balance at June 30, 2014 | 1,643 | |
Long Lived Asset Impairment [Member] | ' | |
Restructuring Reserve [Roll Forward] | ' | |
Balance at December 31, 2013 | 0 | |
Charges | 221 | |
Cash spent | 0 | |
Charges against assets | -221 | |
Balance at June 30, 2014 | 0 | |
Other | ' | |
Restructuring Reserve [Roll Forward] | ' | |
Balance at December 31, 2013 | 356 | [1] |
Charges | 72 | [1] |
Cash spent | -227 | [1] |
Balance at June 30, 2014 | $201 | [1] |
[1] | Other includes other shutdown-related costs associated with the shutdown of the Company’s aluminum extrusions manufacturing facility in Kentland, Indiana. |
Inventories_Schedule_Of_Compon
Inventories (Schedule Of Components Of Inventories) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Finished goods | $16,791 | $14,953 |
Work-in-process | 6,597 | 7,750 |
Raw materials | 22,323 | 24,477 |
Stores, supplies and other | 24,444 | 23,483 |
Total | $70,155 | $70,663 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 227,094 | 0 | 170,972 | 30,033 |
Earnings_Per_Share_Schedule_Of
Earnings Per Share (Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share) (Details) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted average shares outstanding used to compute basic earnings per share | 32,312 | 32,187 | 32,277 | 32,132 |
Incremental dilutive shares attributable to stock options and restricted stock | 329 | 448 | 354 | 426 |
Shares used to compute diluted earnings per share | 32,641 | 32,635 | 32,631 | 32,558 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Schedule Of After-Tax Changes In Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance, January 1, 2014 | ' | ' | ($90,288) | ($102,347) |
Other comprehensive income (loss) before reclassifications | ' | ' | 9,542 | -13,513 |
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | 3,451 | 4,718 |
Net other comprehensive income (loss) - current period | 5,966 | -11,455 | 12,993 | -8,795 |
Ending balance, June 30, 2014 | -77,295 | -111,142 | -77,295 | -111,142 |
Foreign Currency Translation | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance, January 1, 2014 | ' | ' | -19,205 | 131 |
Other comprehensive income (loss) before reclassifications | ' | ' | 9,240 | -12,880 |
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | 0 | 0 |
Net other comprehensive income (loss) - current period | ' | ' | 9,240 | -12,880 |
Ending balance, June 30, 2014 | -9,965 | -12,749 | -9,965 | -12,749 |
Gain (Loss) on Derivative Financial Instruments | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance, January 1, 2014 | ' | ' | 765 | 993 |
Other comprehensive income (loss) before reclassifications | ' | ' | 302 | -633 |
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | -29 | 93 |
Net other comprehensive income (loss) - current period | ' | ' | 273 | -540 |
Ending balance, June 30, 2014 | 1,038 | 453 | 1,038 | 453 |
Pension & Other Post-retirement Benefit Adjust. | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance, January 1, 2014 | ' | ' | -71,848 | -103,471 |
Other comprehensive income (loss) before reclassifications | ' | ' | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | 3,480 | 4,625 |
Net other comprehensive income (loss) - current period | ' | ' | 3,480 | 4,625 |
Ending balance, June 30, 2014 | ($68,368) | ($98,846) | ($68,368) | ($98,846) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Schedule Of Reclassifications Of Balances Out Of Accumulated Other Comprehensive Income (Loss) Into Net Income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||
Cost of sales | ($192,084) | ($198,581) | ($382,778) | ($396,069) | ||
Total, before taxes | 5,916 | 15,074 | 19,003 | 28,355 | ||
Income tax expense (benefit) | 2,164 | 5,484 | 6,772 | 9,248 | ||
Total, net of tax | 3,752 | 1,290 | 12,231 | 5,567 | ||
Reclassification Out Of Accumulated Other Comprehensive Income | Gain (Loss) on Derivative Financial Instruments | ' | ' | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||
Total, before taxes | 83 | -191 | 46 | -149 | ||
Income tax expense (benefit) | 31 | -72 | 17 | -56 | ||
Total, net of tax | 52 | -119 | 29 | -93 | ||
Reclassification Out Of Accumulated Other Comprehensive Income | Gain (Loss) on Derivative Financial Instruments | Aluminum Futures Contracts | ' | ' | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||
Cost of sales | 83 | -191 | 46 | -149 | ||
Reclassification Out Of Accumulated Other Comprehensive Income | Gain (Loss) on Derivative Financial Instruments | Foreign Currency Forward Contracts | ' | ' | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||
Cost of sales | 0 | 0 | 0 | 0 | ||
Reclassification Out Of Accumulated Other Comprehensive Income | Pension & Other Post-retirement Benefit Adjust. | ' | ' | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||
Actuarial gain (loss) and prior service costs, before taxes | -2,737 | [1] | -3,649 | [1] | -5,474 | -7,298 |
Income tax expense (benefit) | -997 | -1,337 | -1,994 | -2,673 | ||
Total, net of tax | ($1,740) | ($2,312) | ($3,480) | ($4,625) | ||
[1] | This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 10 for additional detail). |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2008 | Aug. 31, 2007 | |
Unrealized gain (loss) on investment under fair value method | ' | ' | ($1,100,000) | $3,200,000 | ' | ' | ' |
Cost-method investment, OTTI | 0 | 1,018,000 | 0 | 1,018,000 | ' | ' | ' |
Gain (Loss) on Disposition of Assets | ' | ' | 837,000 | 0 | ' | ' | ' |
kaleo | ' | ' | ' | ' | ' | ' | ' |
Total cash invested in private company | ' | ' | ' | ' | ' | 7,500,000 | ' |
Ownership interest percentage | ' | ' | 20.00% | ' | ' | ' | ' |
Carrying value | 36,000,000 | ' | 36,000,000 | ' | 37,100,000 | ' | ' |
Unrealized gain (loss) on investment under fair value method | -1,100,000 | 2,100,000 | -1,100,000 | 3,200,000 | ' | ' | ' |
Weighted average cost of capital | ' | 55.00% | 45.00% | ' | 55.00% | ' | ' |
Basis point decrease of weighted average cost of capital assumption | 5.00% | ' | 5.00% | ' | ' | ' | ' |
Basis point increase of weighted average cost of capital assumption | 5.00% | ' | 5.00% | ' | ' | ' | ' |
Increase in fair value from five hundred point decrease in weighted average cost of capital assumption | 7,000,000 | ' | 7,000,000 | ' | ' | ' | ' |
Decrease in fair value from five hundred point increase in weighted average cost of capital assumption | 5,000,000 | ' | 5,000,000 | ' | ' | ' | ' |
Harbinger Fund | ' | ' | ' | ' | ' | ' | ' |
Cost-method investment, OTTI | 300,000 | ' | 600,000 | ' | ' | ' | ' |
Total withdrawal proceeds received | 200,000 | ' | 200,000 | ' | ' | ' | ' |
Cost Method Investments | 2,000,000 | ' | 2,000,000 | ' | 2,800,000 | ' | ' |
Alleghany and Bath County, Virginia [Member] | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Disposition of Assets | 1,208,000 | ' | 1,208,000 | ' | ' | ' | ' |
Gain (Loss) on Sale of Investment Property, After Tax | 800,000 | -600,000 | ' | ' | ' | ' | ' |
Unrealized Gain (Loss) on Investment Property | ' | -1,000,000 | ' | ' | ' | ' | ' |
Cost Method Investments | $2,600,000 | ' | $2,600,000 | ' | $5,900,000 | ' | ' |
Investments_Schedule_Of_Fair_V
Investments (Schedule Of Fair Value Method Investments, Balance Sheets And Income Statements) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash and cash equivalents | $44,008 | $44,427 | $44,008 | $44,427 | $52,617 | $48,822 |
Property & equipment | 294,490 | ' | 294,490 | ' | 282,560 | ' |
Other long-term assets | 44,164 | ' | 44,164 | ' | 49,641 | ' |
Total assets | 806,485 | ' | 806,485 | ' | 793,008 | ' |
Long term debt, net of discount | 136,750 | ' | 136,750 | ' | 139,000 | ' |
Equity | 423,903 | ' | 423,903 | ' | 402,664 | ' |
Total liabilities and shareholders’ equity | 806,485 | ' | 806,485 | ' | 793,008 | ' |
Expenses and other, net | 220,913 | 229,302 | 442,945 | 458,371 | ' | ' |
Income tax benefit (expense) | -2,164 | -5,484 | -6,772 | -9,248 | ' | ' |
Net income | 3,752 | 1,290 | 12,231 | 5,567 | ' | ' |
kaleo | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 134,270 | ' | 134,270 | ' | 33,560 | ' |
Restricted Cash and Cash Equivalents, Current | 20,001 | ' | 20,001 | ' | 0 | ' |
Other current assets | 13,010 | ' | 13,010 | ' | 5,682 | ' |
Property & equipment | 11,057 | ' | 11,057 | ' | 10,559 | ' |
Patents | 2,529 | ' | 2,529 | ' | 2,433 | ' |
Other long-term assets | 3,213 | ' | 3,213 | ' | 445 | ' |
Total assets | 184,080 | ' | 184,080 | ' | 52,679 | ' |
Long-term debt, net of discount, current portion | 0 | ' | 0 | ' | 5,414 | ' |
Other current liabilities | 10,793 | ' | 10,793 | ' | 4,845 | ' |
Non-current liabilities | 2,929 | ' | 2,929 | ' | 3,098 | ' |
Long term debt, net of discount | 150,000 | ' | 150,000 | ' | 9,372 | ' |
Redeemable preferred stock | 22,454 | ' | 22,454 | ' | 21,970 | ' |
Equity | -2,096 | ' | -2,096 | ' | 7,980 | ' |
Total liabilities and shareholders’ equity | 184,080 | ' | 184,080 | ' | 52,679 | ' |
Royalty revenues | 4,410 | 2,716 | 6,968 | 4,516 | ' | ' |
Expenses and other, net | 14,658 | 3,109 | 22,974 | 6,911 | ' | ' |
Income tax benefit (expense) | 3,892 | 147 | 6,131 | 1,234 | ' | ' |
Net income | ($6,356) | ($246) | ($9,875) | ($1,161) | ' | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) | 6 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | Aluminum Futures Contracts | Aluminum Futures Contracts | Film Products Foreign Currency Contract Forward Contract | Film Products Foreign Currency Contract Forward Contract | Film Products Foreign Currency Contract Forward Contract | Film Products Foreign Currency Contract Forward Contract | Derivatives Not Designated As Hedging Instruments | Prepaid Expenses And Other | Prepaid Expenses And Other | Prepaid Expenses And Other | Accrued Expenses [Member] | |
USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | Aluminum Futures Contracts | Derivatives Designated As Hedging Instruments [Member] | Derivatives Designated As Hedging Instruments [Member] | Derivatives Designated As Hedging Instruments [Member] | Derivatives Designated As Hedging Instruments [Member] | ||
lb | lb | USD ($) | Aluminum Futures Contracts | Film Products Foreign Currency Contract Forward Contract | Film Products Foreign Currency Contract Forward Contract | Aluminum Futures Contracts | ||||||
USD ($) | USD ($) | USD ($) | USD ($) | |||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | ' | ' | ' | ' | ' | ' | ' | ' | $313,000 | $11,000 | $47,000 | $31,000 |
Derivative Liability, Fair Value, Gross Liability | ' | ' | ' | ' | ' | ' | ' | ' | 9,000 | ' | ' | 178,000 |
Notional Amount | ' | 6,700,000 | 8,000,000 | ' | 2,000,000 | ' | 2,100,000 | ' | ' | ' | ' | ' |
Weight of aluminum that hedged future purchase of aluminum to meet fixed - price forward sales contract obligations, lbs | ' | 6,700,000 | 8,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net asset (liability), Fair Value | ' | 304,000 | -147,000 | 11,000 | ' | 47,000 | ' | 0 | ' | ' | ' | ' |
Amounts of unrealized after-tax losses on derivative instruments | ($200,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Summary Of Location And Fair Value Of Derivative Financial Instruments) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Aluminum Futures Contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Net asset (liability), Fair Value | $304,000 | ($147,000) |
Film Products Foreign Currency Contract Forward Contract | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Net asset (liability), Fair Value | 11,000 | 47,000 |
Derivatives Designated As Hedging Instruments [Member] | Aluminum Futures Contracts | Prepaid Expenses And Other | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 313,000 | ' |
Liability derivatives: Fair Value | -9,000 | ' |
Derivatives Designated As Hedging Instruments [Member] | Aluminum Futures Contracts | Accrued Expenses [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | ' | 31,000 |
Liability derivatives: Fair Value | ' | -178,000 |
Derivatives Designated As Hedging Instruments [Member] | Film Products Foreign Currency Contract Forward Contract | Prepaid Expenses And Other | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 11,000 | 47,000 |
Derivatives Not Designated As Hedging Instruments | Aluminum Futures Contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Net asset (liability), Fair Value | $0 | ' |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Schedule Of Pretax Effect On Net Income (Loss) And Other Comprehensive Income (Loss) Of Derivative Instruments Classified As Cash Flow Hedges) (Details) (Cash Flow Derivative Hedges, USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Aluminum Futures Contracts | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of pre-tax gain (loss) recognized in other comprehensive income | $233 | ($377) | $497 | ($764) |
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) | 83 | -191 | 46 | -149 |
Foreign Currency Forwards And Options | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of pre-tax gain (loss) recognized in other comprehensive income | ($13) | $144 | ($5) | ($245) |
Pension_And_Other_PostRetireme2
Pension And Other Post-Retirement Benefits (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 |
In Millions, unless otherwise specified | Other Post-Retirement Benefits | Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Pension and other postretirement liabilities | $48.60 | $50.30 | ' | ' |
Expected required contributions | ' | ' | ' | 0.2 |
Defined Benefit Plan Estimated Discretionary Future Employer Contributions Current Fiscal Year | 5 | ' | ' | ' |
Contribution to pension plans for continuing operations | ' | ' | $0.30 | ' |
Pension_And_Other_PostRetireme3
Pension And Other Post-Retirement Benefits (Schedule Of Components Of Net Periodic Benefit Cost For Pension And Other Post-Retirement Benefit Programs) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Pension Benefits | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $105 | $870 | $649 | $1,740 |
Interest cost | 3,342 | 3,108 | 6,683 | 6,214 |
Expected return on plan assets | -4,558 | -4,329 | -9,116 | -8,658 |
Amortization of prior service costs, gains or losses and net transition asset | 2,814 | 3,689 | 5,628 | 7,379 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | 0 | 81 | 0 |
Net periodic benefit cost | 1,703 | 3,338 | 3,925 | 6,675 |
Other Post-Retirement Benefits | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 13 | 17 | 26 | 35 |
Interest cost | 93 | 88 | 186 | 177 |
Expected return on plan assets | ' | 0 | ' | ' |
Amortization of prior service costs, gains or losses and net transition asset | -77 | -40 | -154 | -81 |
Net periodic benefit cost | $29 | $65 | $58 | $131 |
Segment_Reporting_Schedule_Of_
Segment Reporting (Schedule Of Segment Reporting Information By Segment) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales | $230,564 | $236,121 | $459,007 | $470,445 |
Add back freight | 6,401 | 7,409 | 13,171 | 14,611 |
Sales as shown in the Consolidated Statements of Income | 236,965 | 243,530 | 472,178 | 485,056 |
Total | 11,916 | 22,386 | 32,154 | 43,652 |
Interest income | 107 | 91 | 302 | 169 |
Interest expense | 531 | 715 | 1,161 | 1,405 |
Gain (loss) on investment accounted for under fair value method | ' | ' | -1,100 | 3,200 |
Gain (Loss) on Disposition of Assets | ' | ' | 837 | 0 |
Cost-method Investments, Other than Temporary Impairment | 0 | -1,018 | 0 | -1,018 |
Stock option-based compensation costs | 345 | 283 | 586 | 599 |
Corporate expenses, net | 5,339 | 7,487 | 11,814 | 15,644 |
Income from continuing operations before income taxes | 5,916 | 15,074 | 19,003 | 28,355 |
Income taxes from continuing operations | 2,164 | 5,484 | 6,772 | 9,248 |
Income from continuing operations | 3,752 | 9,590 | 12,231 | 19,107 |
Loss from discontinued operations, net of tax | 0 | -8,300 | 0 | -13,540 |
Net income | 3,752 | 1,290 | 12,231 | 5,567 |
kaleo | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Gain (loss) on investment accounted for under fair value method | -1,100 | 2,100 | -1,100 | 3,200 |
Income taxes from continuing operations | -3,892 | -147 | -6,131 | -1,234 |
Net income | -6,356 | -246 | -9,875 | -1,161 |
Film Products | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales | 146,016 | 158,266 | 295,176 | 312,651 |
Ongoing operations | 14,963 | 18,727 | 31,685 | 35,734 |
Plant shutdowns, asset impairments, restructurings and other | -10,923 | -107 | -12,168 | -209 |
Aluminum Extrusions | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales | 84,548 | 77,855 | 163,831 | 157,794 |
Ongoing operations | 8,050 | 4,311 | 12,811 | 8,925 |
Plant shutdowns, asset impairments, restructurings and other | -174 | -545 | -174 | -798 |
Alleghany and Bath County, Virginia [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Gain (Loss) on Disposition of Assets | $1,208 | ' | $1,208 | ' |
Segment_Reporting_Schedule_Of_1
Segment Reporting (Schedule Of Identifiable Assets By Segment) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Subtotal | $717,577 | $691,801 | ' | ' |
General corporate | 44,900 | 48,590 | ' | ' |
Cash and cash equivalents | 44,008 | 52,617 | 44,427 | 48,822 |
Total assets | 806,485 | 793,008 | ' | ' |
Film Products | ' | ' | ' | ' |
Total assets | 576,100 | 556,873 | ' | ' |
Aluminum Extrusions | ' | ' | ' | ' |
Total assets | $141,477 | $134,928 | ' | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 6 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Income Taxes [Line Items] | ' | ' |
Effective tax rate for continuing operations | 35.60% | 32.60% |
Benefit from the tax incentives | $0.10 | $1.60 |
Benefit from the tax incentives, per share | $0 | $0.05 |
Terphane Ltda | ' | ' |
Income Taxes [Line Items] | ' | ' |
Current effective tax rate | 15.25% | ' |
Income tax rate | 6.25% | ' |
Percentage of social contribution on income included in current effective tax rate | 9.00% | ' |
Brazil | ' | ' |
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% | ' |
Income_Taxes_Schedule_Of_Effec
Income Taxes (Schedule Of Effective Income Tax Rate For Continuing Operations) (Details) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Income tax expense at federal statutory rate | 35.00% | 35.00% |
State taxes, net of federal income tax benefit | 2.00% | 2.20% |
Income tax contingency accruals and tax settlements | 1.70% | 0.60% |
Unremitted earnings from foreign operations | 1.00% | 0.70% |
Changes in estimates related to prior year tax provision | 0.30% | -0.40% |
Non-deductible expenses | 0.20% | 0.60% |
Valuation allowance for foreign operating loss carry-forwards | 0.00% | 1.40% |
Research and development tax credit | 0.00% | -1.60% |
Foreign rate differences | -0.40% | -0.20% |
Foreign tax incentives | -0.50% | -5.60% |
Valuation allowance for capital loss carry-forwards | -1.30% | 1.20% |
Domestic production activities deduction | -2.30% | -1.30% |
Other | -0.10% | 0.00% |
Effective income tax rate for income from continuing operations | 35.60% | 32.60% |
Shareholder_Rights_Agreement_D
Shareholder Rights Agreement (Details) (USD $) | 0 Months Ended | 3 Months Ended | |
Feb. 19, 2014 | Jun. 30, 2014 | Nov. 18, 2013 | |
Warrants and Rights Note Disclosure [Abstract] | ' | ' | ' |
Number of rights attached to each outstanding share of common stock | ' | ' | 1 |
Portion of shares each Right can buy | ' | 0.01 | ' |
Exercise price of participating cumulative preferred stock, per share | ' | $150 | ' |
Percentage of outstanding common stock shares to be acquired for exercise of rights | ' | 20.00% | ' |
Percentage of common stock ownership required in a tender offer for exercise of rights | ' | 20.00% | ' |
Additional percentage of common stock outstanding required to become an acquired person | ' | 1.00% | ' |
Percentage of assets or earning power sold or transferred for exercise of rights | ' | 50.00% | ' |
Price per rIght redeemed by board of dIrectors in event agreement is not approved | $0.01 | ' | ' |
Shareholder Rights Redemption Payment | ' | $300,000 | ' |
Contingencies_Details
Contingencies (Details) (USD $) | Jan. 08, 2013 | Jun. 30, 2014 | Jun. 30, 2014 |
In Millions, unless otherwise specified | in | 3M vs. Tredegar | 3M vs. Tredegar |
Loss Contingencies [Line Items] | ' | ' | ' |
Litigation Settlement, Amount | ' | $10 | $10 |
Minimum thickness of performance enhancing layer on films required to avoid antidumping duty order | 0.00001 | ' | ' |