Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | TREDEGAR CORP | |
Entity Central Index Key | 850429 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 32,663,883 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $55,155 | $50,056 |
Accounts and other receivables, net of allowance for doubtful accounts and sales returns of $2,610 in 2015 and $2,610 in 2014 | 122,859 | 113,341 |
Income Taxes Receivable, Current | 877 | |
Inventories | 73,102 | 74,308 |
Deferred income taxes | 8,775 | 8,877 |
Prepaid expenses and other | 8,137 | 8,283 |
Total current assets | 268,028 | 255,742 |
Property, plant and equipment, at cost | 763,642 | 790,622 |
Less accumulated depreciation | -515,119 | -520,665 |
Net property, plant and equipment | 248,523 | 269,957 |
Intangible Assets, Net (Including Goodwill) | 206,680 | 215,129 |
Other assets and deferred charges | 47,124 | 47,798 |
Total assets | 770,355 | 788,626 |
Current liabilities: | ||
Accounts payable | 97,656 | 94,131 |
Accrued expenses | 30,767 | 32,049 |
Income taxes payable | 5,507 | |
Total current liabilities | 133,930 | 126,180 |
Long-term debt | 141,000 | 137,250 |
Deferred income taxes | 33,287 | 39,255 |
Other noncurrent liabilities | 113,271 | 113,912 |
Total liabilities | 421,488 | 416,597 |
Commitments and contingencies (Notes 1 and 13) | ||
Shareholders’ equity: | ||
Common stock, no par value (issued and outstanding - 32,664,801 at March 31, 2015 and 32,422,082 at December 31, 2014) | 27,064 | 24,364 |
Common stock held in trust for savings restoration plan | -1,446 | -1,440 |
Foreign currency translation adjustment | -81,923 | -47,270 |
Gain (loss) on derivative financial instruments | -6 | 656 |
Pension and other post-retirement benefit adjustments | -101,059 | -103,581 |
Retained earnings | 506,237 | 499,300 |
Total shareholders’ equity | 348,867 | 372,029 |
Total liabilities and shareholders’ equity | $770,355 | $788,626 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accounts and other receivables, allowance for doubtful accounts and sales returns | $2,610 | $2,610 |
Common stock, no par value | ||
Common stock, shares issued | 32,664,801 | 32,422,082 |
Common stock, shares outstanding | 32,664,801 | 32,422,082 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues and other items: | ||
Sales | $234,171 | $235,213 |
Other income (expense), net | 108 | -94 |
Total revenues, net of other expenses | 234,279 | 235,119 |
Costs and expenses: | ||
Cost of goods sold | 189,431 | 190,694 |
Freight | 7,325 | 6,770 |
Selling, general and administrative | 17,073 | 18,319 |
Research and development | 3,885 | 2,979 |
Amortization of intangibles | 1,083 | 1,395 |
Interest expense | 885 | 630 |
Asset impairments and costs associated with exit and disposal activities, net of adjustments | -52 | 1,245 |
Total | 219,630 | 222,032 |
Income before income taxes | 14,649 | 13,087 |
Income taxes | 4,779 | 4,608 |
Net income | $9,870 | $8,479 |
Basic | ||
Basic | $0.30 | $0.26 |
Diluted | ||
Diluted | $0.30 | $0.26 |
Shares used to compute earnings per share: | ||
Basic | 32,482 | 32,242 |
Diluted | 32,628 | 32,621 |
Dividends per share | $0.09 | $0.07 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $9,870 | $8,479 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | -34,653 | 5,095 |
Derivative financial instruments adjustment | -662 | 192 |
Amortization of prior service costs and net gains or losses | 2,522 | 1,740 |
Other comprehensive income (loss) | -32,793 | 7,027 |
Comprehensive income (loss) | ($22,923) | $15,506 |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Foreign currency translation adjustment, (benefit) tax | ($1,609) | $125 |
Derivative financial instruments adjustment, tax (benefit) | -399 | 117 |
Amortization of prior service costs and net gains or losses, tax | $1,462 | $997 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $9,870 | $8,479 |
Adjustments for noncash items: | ||
Depreciation | 8,129 | 8,751 |
Amortization of intangibles | 1,083 | 1,395 |
Deferred income taxes | -2,419 | -2,157 |
Accrued pension and post-retirement benefits | 3,129 | 2,252 |
Loss on asset impairments and divestitures | 0 | 400 |
Changes in assets and liabilities, net of effects of acquisitions and divestitures: | ||
Accounts and other receivables | -14,782 | -18,912 |
Inventories | -3,334 | 304 |
Income taxes recoverable/payable | 6,110 | 3,502 |
Prepaid expenses and other | -1,035 | 1,360 |
Accounts payable and accrued expenses | 4,251 | 4,223 |
Other, net | 1,351 | 445 |
Net cash provided by operating activities | 12,353 | 10,042 |
Cash flows from investing activities: | ||
Capital expenditures | -7,817 | -10,153 |
Proceeds from the sale of assets and other | 504 | 0 |
Net cash used in investing activities | -7,313 | -10,153 |
Cash flows from financing activities: | ||
Borrowings | 34,250 | 8,000 |
Debt principal payments and financing costs | -30,578 | -13,000 |
Dividends paid | -2,939 | -2,261 |
Proceeds from exercise of stock options and other | 2,134 | -139 |
Net cash provided by (used in) financing activities | 2,867 | -7,400 |
Effect of exchange rate changes on cash | -2,808 | 121 |
Increase (decrease) in cash and cash equivalents | 5,099 | -7,390 |
Cash and cash equivalents at beginning of period | 50,056 | 52,617 |
Cash and cash equivalents at end of period | $55,155 | $45,227 |
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 | |||||||
Beginning Balance at Dec. 31, 2014 | $372,029 | $24,364 | $499,300 | ($1,440) | ($47,270) | $656 | ($103,581) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 9,870 | 9,870 | |||||
Foreign currency translation adjustment (net of tax benefit of $1,609) | -34,653 | -34,653 | |||||
Derivative financial instruments adjustment (net of tax benefit of $399) | -662 | -662 | |||||
Amortization of prior service costs and net gains or losses (net of tax of $1,462) | 2,522 | 2,522 | |||||
Cash dividends declared ($0.09 per share) | -2,939 | -2,939 | |||||
Stock-based compensation expense | 900 | 900 | |||||
Issued upon exercise of stock options & other | 1,800 | 1,800 | |||||
Tredegar common stock purchased by trust for savings restoration plan | 6 | -6 | |||||
Ending Balance at Mar. 31, 2015 | $348,867 | $27,064 | $506,237 | ($1,446) | ($81,923) | ($6) | ($101,059) |
Consolidated_Statements_Of_Sha1
Consolidated Statements Of Shareholders' Equity (Parenthetical) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Statement of Stockholders' Equity [Abstract] | |
Foreign currency translation adjustment, tax (benefit) | ($1,609) |
Derivative financial instruments adjustment, tax (benefit) | -399 |
Amortization of prior service costs and net gains or losses, tax | $1,462 |
Cash dividends declared, per share | $0.09 |
Basis_Of_Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015, the consolidated results of operations for the three months ended March 31, 2015 and 2014, the consolidated cash flows for the three months ended March 31, 2015 and 2014, and the consolidated changes in shareholders’ equity for the three months ended March 31, 2015. 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, 2014 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, 2014 (“2014 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 the Company’s 2014 Form 10-K. The results of operations for the three months ended March 31, 2015, are not necessarily indicative of the results to be expected for the full year. |
Plants_Shutdowns_Asset_Impairm
Plants Shutdowns, Asset Impairments, Restructurings And Other | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
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 9, and unless otherwise noted below, are also included in “Asset impairments and costs associated with exit and disposal activities, net of adjustments” in the consolidated statements of income. | |||||||||||
Plant shutdowns, asset impairments, restructurings and other charges in the first three months of 2015 include: | ||||||||||||
• | Pretax adjustment of $67,000 to reverse previously accrued severance and other employee-related costs associated with restructurings in Film Products; and | |||||||||||
• | Pretax charges of $15,000 associated with the shutdown of the aluminum extrusions manufacturing facility in Kentland, Indiana. | |||||||||||
Plant shutdowns, asset impairments, restructurings and other charges in the first three months of 2014 include: | ||||||||||||
• | Pretax charges of $0.8 million associated with severance and other employee-related costs associated with restructurings in Film Products; and | |||||||||||
• | Pretax charges of $0.5 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 $0.3 million and asset impairment and other shutdown-related charges of $0.2 million. | |||||||||||
Results in the first three months of 2014 include 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 the Harbinger Fund of $0.2 million ($0.1 million after taxes) as a result of a reduction in the value of the investment that is not expected to be temporary. See Note 6 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 three months ended March 31, 2015 is as follows: | ||||||||||||
(In Thousands) | Severance | Other (a) | Total | |||||||||
Balance at January 1, 2015 | $ | 246 | $ | 201 | $ | 447 | ||||||
Changes in 2014: | ||||||||||||
Charges | (67 | ) | 15 | (52 | ) | |||||||
Cash spent | (179 | ) | (15 | ) | (194 | ) | ||||||
Balance at March 31, 2015 | $ | — | $ | 201 | $ | 201 | ||||||
(a) | Other includes other shutdown-related costs associated with the shutdown of the Company’s aluminum extrusions manufacturing facility in Kentland, Indiana. |
Inventories
Inventories | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory, Net [Abstract] | |||||||||
Inventories | The components of inventories are as follows: | ||||||||
March 31, | December 31, | ||||||||
(In Thousands) | 2015 | 2014 | |||||||
Finished goods | $ | 15,967 | $ | 17,559 | |||||
Work-in-process | 11,195 | 10,089 | |||||||
Raw materials | 25,438 | 25,227 | |||||||
Stores, supplies and other | 20,502 | 21,433 | |||||||
Total | $ | 73,102 | $ | 74,308 | |||||
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
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 | ||||||
March 31, | ||||||
(In Thousands) | 2015 | 2014 | ||||
Weighted average shares outstanding used to compute basic earnings per share | 32,482 | 32,242 | ||||
Incremental dilutive shares attributable to stock options and restricted stock | 146 | 379 | ||||
Shares used to compute diluted earnings per share | 32,628 | 32,621 | ||||
Incremental shares attributable to stock options and restricted stock are computed using the average market price during the related period. For the three months ended March 31, 2015 and 2014, average out-of-the-money options to purchase shares that were excluded from the calculation of incremental shares attributable to stock options and restricted stock were 384,760 and 114,850, respectively. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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 three months ended March 31, 2015: | |||||||||||||||
(In Thousands) | Foreign | Gain (loss) on | Pension and | Total | ||||||||||||
currency | derivative | other | ||||||||||||||
translation | financial | post-retirement | ||||||||||||||
adjustment | instruments | benefit | ||||||||||||||
adjustments | ||||||||||||||||
Beginning balance, January 1, 2015 | $ | (47,270 | ) | $ | 656 | $ | (103,581 | ) | $ | (150,195 | ) | |||||
Other comprehensive income (loss) before reclassifications | (34,653 | ) | (682 | ) | — | (35,335 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 20 | 2,522 | 2,542 | ||||||||||||
Net other comprehensive income (loss) - current period | (34,653 | ) | (662 | ) | 2,522 | (32,793 | ) | |||||||||
Ending balance, March 31, 2015 | $ | (81,923 | ) | $ | (6 | ) | $ | (101,059 | ) | $ | (182,988 | ) | ||||
The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the three months ended March 31, 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 | 5,095 | 169 | — | 5,264 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 23 | 1,740 | 1,763 | ||||||||||||
Net other comprehensive income (loss) - current period | 5,095 | 192 | 1,740 | 7,027 | ||||||||||||
Ending balance, March 31, 2014 | $ | (14,110 | ) | $ | 957 | $ | (70,108 | ) | $ | (83,261 | ) | |||||
Reclassifications of balances out of accumulated other comprehensive income (loss) into net income for the three months ended March 31, 2015 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 | $ | (48 | ) | Cost of sales | ||||||||||||
Foreign currency forward contracts, before taxes | 15 | Cost of sales | ||||||||||||||
Total, before taxes | (33 | ) | ||||||||||||||
Income tax expense (benefit) | (13 | ) | Income taxes | |||||||||||||
Total, net of tax | $ | (20 | ) | |||||||||||||
Amortization of pension and other post-retirement benefits: | ||||||||||||||||
Actuarial gain (loss) and prior service costs, before taxes | $ | (3,984 | ) | (a) | ||||||||||||
Income tax expense (benefit) | (1,462 | ) | Income taxes | |||||||||||||
Total, net of tax | $ | (2,522 | ) | |||||||||||||
(a) | This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 8 for additional detail). | |||||||||||||||
Reclassifications of balances out of accumulated other comprehensive income (loss) into net income for the three months ended March 31, 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 | $ | (37 | ) | Cost of sales | ||||||||||||
Foreign currency forward contracts, before taxes | — | |||||||||||||||
Total, before taxes | (37 | ) | ||||||||||||||
Income tax expense (benefit) | (14 | ) | Income taxes | |||||||||||||
Total, net of tax | $ | (23 | ) | |||||||||||||
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 8 for additional detail). |
Investments
Investments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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. | ||||||||||||||||
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 $39.1 million at March 31, 2015 and December 31, 2014. 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 did not recognize an unrealized gain or loss on its investment in kaléo in the first three months of 2015 and 2014. In the first quarter of 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. The favorable impact of a lower weighted average cost of capital used to discount cash flow projections in the first quarter of 2014 was offset by adjustments to the amount and timing of the projected receipt of royalty and milestone payments from commercial sales of kaléo's licensed epinephrine auto-injector for treatment of allergic reactions. | |||||||||||||||||
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 March 31, 2015 and December 31, 2014. At March 31, 2015, the effect of a 500 basis point decrease in the weighted average cost of capital assumption would have 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 March 31, 2015 and December 31, 2014 and condensed statement of operations for the three months ended March 31, 2015 and 2014, as reported to the Company by kaléo, are provided below: | |||||||||||||||||
(In Thousands) | 31-Mar-15 | 31-Dec-14 | 31-Mar-15 | 31-Dec-14 | |||||||||||||
Assets: | Liabilities & Equity: | ||||||||||||||||
Cash & short-term investments | $ | 106,922 | $ | 117,589 | |||||||||||||
Restricted cash | 11,192 | 14,498 | Other current liabilities | $ | 8,808 | $ | 8,123 | ||||||||||
Other current assets | 21,540 | 17,916 | Other noncurrent liabilities | 1,183 | 1,247 | ||||||||||||
Property & equipment | 10,207 | 10,824 | Long term debt, net of discount | 149,471 | 149,471 | ||||||||||||
Patents | 2,708 | 2,702 | Redeemable preferred stock | 23,186 | 22,946 | ||||||||||||
Other long-term assets | 2,757 | 2,857 | Equity | (27,322 | ) | (15,401 | ) | ||||||||||
Total assets | $ | 155,326 | $ | 166,386 | Total liabilities & equity | $ | 155,326 | $ | 166,386 | ||||||||
Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Revenues & Expenses: | |||||||||||||||||
Revenues | $ | 4,850 | $ | 2,558 | |||||||||||||
Cost of goods sold | (2,330 | ) | — | ||||||||||||||
Expenses and other, net (a) | (14,384 | ) | (8,316 | ) | |||||||||||||
Income tax benefit (expense) | (4 | ) | 2,239 | ||||||||||||||
Net income (loss) | $ | (11,868 | ) | $ | (3,519 | ) | |||||||||||
(a) “Expenses and other, net” includes selling, general and administrative expense, research and development expense, interest expense and other income (expense), net. | |||||||||||||||||
The Company’s investment in the Harbinger Fund had a carrying value (included in “Other assets and deferred charges”) of $1.8 million at March 31, 2015 and December 31, 2014, respectively. The carrying value at March 31, 2015 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 $0.2 million in the first three months of 2014, (none in the first three months of 2015) 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. There were no withdrawal proceeds in the first three months of 2015 and 2014. The timing and amount of future installments of withdrawal proceeds, which commenced in August 2010, were not known as of March 31, 2015. 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 carrying value in this investment property (included in “Other assets and deferred charges” on the consolidated balance sheets) was $2.6 million at March 31, 2015 and December 31, 2014. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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 three month periods ended March 31, 2015 and 2014. | |||||||||||||||
The fair value of derivative instruments recorded on the consolidated balance sheets is 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 $14.0 million (13.0 million pounds of aluminum) at March 31, 2015 and $8.6 million (7.8 million pounds of aluminum) at December 31, 2014. | ||||||||||||||||
The table below summarizes the location and gross amounts of aluminum futures contract fair values in the consolidated balance sheets as of March 31, 2015 and December 31, 2014: | ||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||
(In Thousands) | Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||
Account | Value | Account | Value | |||||||||||||
Derivatives Designated as Hedging Instruments | ||||||||||||||||
Asset derivatives: | Accrued expenses | $ | 2 | Accrued expenses | $ | 82 | ||||||||||
Aluminum futures contracts | ||||||||||||||||
Liability derivatives: | Accrued expenses | $ | (1,284 | ) | Accrued expenses | $ | (318 | ) | ||||||||
Aluminum futures contracts | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||
Asset derivatives: | Accrued expenses | $ | 28 | Accrued expenses | $ | 7 | ||||||||||
Aluminum futures contracts | ||||||||||||||||
Liability derivatives: | Accrued expenses | $ | (28 | ) | Accrued expenses | $ | (7 | ) | ||||||||
Aluminum futures contracts | ||||||||||||||||
Net asset (liability) | $ | (1,282 | ) | $ | (236 | ) | ||||||||||
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 March 31, 2015) are associated with the unwinding of aluminum futures contracts that relate to such cancellations. | ||||||||||||||||
Film Products utilized 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 used fixed-rate Euro forward contracts with various settlement dates to hedge exchange rate exposure on these obligations. The Company did not have any fixed-rate forward contracts with outstanding notional amounts as of March 31, 2015 and December 31, 2014. | ||||||||||||||||
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 month periods ended March 31, 2015 and 2014 is summarized in the table below: | ||||||||||||||||
(In Thousands) | Cash Flow Derivative Hedges | |||||||||||||||
Aluminum Futures | Foreign Currency | |||||||||||||||
Contracts | Forwards | |||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Amount of pre-tax gain (loss) recognized in other comprehensive income | $ | (1,094 | ) | $ | 264 | $ | — | $ | 8 | |||||||
Location of gain (loss) reclassified from accumulated other comprehensive income into net income (effective portion) | Cost of | Cost of | Cost of | |||||||||||||
sales | sales | sales | ||||||||||||||
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion) | $ | (48 | ) | $ | (37 | ) | $ | 15 | $ | — | ||||||
As of March 31, 2015, the Company expects $0.8 million of unrealized after-tax gains on derivative instruments reported in accumulated other comprehensive income (loss) to be reclassified to earnings within the next 12 months. For the three month periods ended March 31, 2015 and 2014, 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 | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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 no longer accrued 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 March 31, | Three Months Ended March 31, | |||||||||||||||
(In Thousands) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Service cost | $ | 144 | $ | 544 | $ | 12 | $ | 13 | ||||||||
Interest cost | 3,312 | 3,341 | 84 | 93 | ||||||||||||
Expected return on plan assets | (4,407 | ) | (4,558 | ) | — | — | ||||||||||
Amortization of prior service costs, (gains) losses and net transition asset | 4,024 | 2,814 | (40 | ) | (77 | ) | ||||||||||
Curtailment charge | — | 81 | — | — | ||||||||||||
Net periodic benefit cost | $ | 3,073 | $ | 2,222 | $ | 56 | $ | 29 | ||||||||
Pension and other post-retirement liabilities for continuing operations were $103.8 million and $104.8 million at March 31, 2015 and December 31, 2014, respectively ($0.6 million included in “Accrued expenses” at March 31, 2015 and December 31, 2014, with the remainder included in “Other noncurrent liabilities” in the consolidated balance sheets) . The Company’s required contributions are expected to be approximately $2.4 million in 2015. Tredegar funds its other post-retirement benefits (life insurance and health benefits) on a claims-made basis, which the Company anticipates will be consistent with amounts paid for the year ended December 31, 2014, or $0.3 million. |
Segment_Reporting
Segment Reporting | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 month periods ended March 31, 2015 and 2014: | ||||||||
Three Months Ended March 31, | |||||||||
(In Thousands) | 2015 | 2014 | |||||||
Net Sales | |||||||||
Film Products | $ | 133,201 | $ | 149,160 | |||||
Aluminum Extrusions | 93,645 | 79,283 | |||||||
Total net sales | 226,846 | 228,443 | |||||||
Add back freight | 7,325 | 6,770 | |||||||
Sales as shown in the Consolidated Statements of Income | 234,171 | 235,213 | |||||||
Operating Profit | |||||||||
Film Products: | |||||||||
Ongoing operations | 17,617 | 16,722 | |||||||
Plant shutdowns, asset impairments, restructurings and other | 67 | (1,245 | ) | ||||||
Aluminum Extrusions: | |||||||||
Ongoing operations | 5,292 | 4,761 | |||||||
Plant shutdowns, asset impairments, restructurings and other | (15 | ) | — | ||||||
Total | 22,961 | 20,238 | |||||||
Interest income | 89 | 195 | |||||||
Interest expense | 885 | 630 | |||||||
Stock option-based compensation costs | 300 | 241 | |||||||
Corporate expenses, net | 7,216 | 6,475 | |||||||
Income before income taxes | 14,649 | 13,087 | |||||||
Income taxes | 4,779 | 4,608 | |||||||
Net income | $ | 9,870 | $ | 8,479 | |||||
The following table presents identifiable assets by segment at March 31, 2015 and December 31, 2014: | |||||||||
(In Thousands) | 31-Mar-15 | 31-Dec-14 | |||||||
Film Products | $ | 513,231 | $ | 546,210 | |||||
Aluminum Extrusions | 153,359 | 143,328 | |||||||
Subtotal | 666,590 | 689,538 | |||||||
General corporate | 48,610 | 49,032 | |||||||
Cash and cash equivalents | 55,155 | 50,056 | |||||||
Total | $ | 770,355 | $ | 788,626 | |||||
Income_Taxes
Income Taxes | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Income Tax Disclosure [Abstract] | ||||||
Income Taxes | The effective tax rate for income from continuing operations in the first three months of 2015 was 32.6% compared to 35.2% in the first three months of 2014. The significant differences between the U.S. federal statutory rate and the effective income tax rate for continuing operations for the three months ended March 31, 2015 and 2014 are as follows: | |||||
Percent of Income | ||||||
Before Income Taxes | ||||||
Three Months Ended March 31, | 2015 | 2014 | ||||
Income tax expense at federal statutory rate | 35 | 35 | ||||
State taxes, net of federal income tax benefit | 1.2 | 2.1 | ||||
Unremitted earnings from foreign operations | 1 | 1.1 | ||||
Income tax contingency accruals and tax settlements | 0.8 | 1.5 | ||||
Non-deductible expenses | 0.7 | 0.2 | ||||
Foreign tax incentives | — | (2.0 | ) | |||
Changes in estimates related to prior year tax provision | (0.2 | ) | 0.2 | |||
Valuation allowance for foreign operating loss carry-forwards | (0.4 | ) | (0.4 | ) | ||
Foreign rate differences | (1.4 | ) | (1.1 | ) | ||
Valuation allowance for capital loss carry-forwards | (1.6 | ) | 0.3 | |||
Domestic production activities deduction | (2.5 | ) | (1.6 | ) | ||
Other | — | (0.1 | ) | |||
Effective income tax rate for income from continuing operations | 32.6 | 35.2 | ||||
In 2014, the Brazilian federal statutory income tax rate was 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 produced a current effective tax rate of 15.25% for Terphane Ltda. (6.25% of income tax and 9.0% social contribution on income). These incentives expired at the end of 2014. The Company anticipates that it will qualify for additional incentives that will extend beyond 2014, but the future benefit will not be recorded until the amount and extent of these incentives are more fully known. The benefit from tax incentives was $0.3 million ($0.01 per share) in the first three months of 2014. | ||||||
In connection with its capacity expansion project in Brazil, the Company has paid certain social taxes associated with the purchase of machinery and equipment and construction of buildings and other long-term assets. Payments of these taxes in Brazil were included in “Net cash used in investing activities” given the nature of the underlying use of cash (e.g. the purchase of property, plant and equipment). The Company can recover tax credits associated with the purchase of machinery and equipment at different points over a period up to 24 months. Once the machinery and equipment was placed into service, the Company started applying these tax credits against various other taxes due in Brazil, with their recovery being reflected as cash received from investing activities, consistent with the classification of the original payments. | ||||||
Income taxes from continuing operations in 2015 included a partial reversal of a valuation allowance of $0.2 million related to the expected limitations on the utilization of assumed capital losses on certain investments that were recognized in prior years. Income taxes in 2014 included the recognition of an additional valuation allowance of $40,000 related to the expected limitations on the utilization of assumed capital losses on certain investments. The Company has a valuation allowance for excess capital losses from investments and other related items of $11.1 million at March 31, 2015. Tredegar continues to evaluate opportunities to utilize these loss carryforwards prior to their expiration at various dates in the future. As events and circumstances warrant, allowances will be reversed when it is more likely than not that future taxable income will exceed deductible amounts, thereby resulting in the realization of deferred tax assets. | ||||||
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. |
Debt_Notes
Debt (Notes) | 3 Months Ended | |
Mar. 31, 2015 | ||
Debt Disclosure [Abstract] | ||
Debt Disclosure [Text Block] | ||
On March 31, 2015, Tredegar entered into Amendment No. 2 (the “Amendment”) to its $350 million five-year, unsecured revolving credit facility (the “Credit Agreement”) dated as of April 23, 2012. The Amendment removes the negative covenant prohibiting Consolidated Stockholders’ Equity, at any time, to be less than $320,000,000 increased on a cumulative basis at the end of each fiscal quarter of the Borrower, beginning with the fiscal quarter ending March 31, 2012, by an amount equal to 50% of Consolidated Net Income (to the extent positive) for the fiscal quarter then ended. |
Shareholder_Rights_Agreement_S
Shareholder Rights Agreement Shareholder Rights Agreement | 3 Months Ended |
Mar. 31, 2015 | |
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. 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”). Unless otherwise noted in the Rights Agreement, the Rights would have become exercisable, if not earlier redeemed, only if a person or group (i) acquires beneficial ownership of 20% or more of the outstanding shares of 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”). |
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 | 3 Months Ended |
Mar. 31, 2015 | |
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 it 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 anti-dumping duties because Commerce’s scope ruling was overturned on appeal, or otherwise, indemnifications for related liabilities are specifically provided for under the Purchase Agreement. In December 2014, the U.S. International Trade Commission voted to revoke the anti-dumping duty order on imported PET films from Brazil. The revocation, as a result of the vote by the International Trade Commission, was effective as of November 2013. On February 20, 2015, certain U.S. producers of PET Film filed a summons with the U.S. Court of International Trade to appeal the determination by the U.S. International Trade Commission. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | In May 2014, the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”) issued their converged standard on revenue recognition. The revised revenue standard contains principles that an entity will apply to direct the measurement of revenue and timing of when it is recognized. The core principle of the guidance is that the recognition of revenue should depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods and services. To achieve that core principle, an entity will utilize a principle-based five-step approach model. The converged standard also includes more robust disclosure requirements which will require entities to provide sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The amendments in this revised standard are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The converged standard can be adopted either retrospectively or through the use of a practical expedient. The Company is still assessing the impact of this new guidance. |
In June 2014, the FASB issued a new standard to eliminate the concept of development stage entities and all related specified presentation and reporting requirements under U.S. GAAP. In addition, the amended standard eliminated the scope exception for development stage entities when evaluating the sufficiency of equity at risk for a variable interest entity (“VIE”), thereby changing consolidation conclusions in some situations. Except for the elimination of the scope exception for development stage entities when evaluating the sufficiency of equity at risk for a VIE, the revised guidance is effective for annual reporting periods beginning after December 15, 2014, including interim periods within that reporting period. The amendments to the consolidation guidance are effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. The new standard is not expected to impact the Company. | |
In April 2015, the FASB issued new guidance requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that corresponding debt liability, consistent with debt discounts, rather than as a deferred charge (e.g. an asset). The new guidance will be effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. The guidance requires that all prior period balance sheets be adjusted retrospectively, and early adoption is permitted. The Company expects to adopt the guidance by the first quarter of 2016. Deferred debt issuance costs associated with the Company’s Credit Agreement were $1.1 million (included in “Other assets and deferred charges” in the consolidated balance sheet) at March 31, 2015 and December 31, 2014. |
Plants_Shutdowns_Asset_Impairm1
Plants Shutdowns, Asset Impairments, Restructurings And Other (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
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 three months ended March 31, 2015 is as follows: | |||||||||||
(In Thousands) | Severance | Other (a) | Total | |||||||||
Balance at January 1, 2015 | $ | 246 | $ | 201 | $ | 447 | ||||||
Changes in 2014: | ||||||||||||
Charges | (67 | ) | 15 | (52 | ) | |||||||
Cash spent | (179 | ) | (15 | ) | (194 | ) | ||||||
Balance at March 31, 2015 | $ | — | $ | 201 | $ | 201 | ||||||
(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) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory, Net [Abstract] | |||||||||
Schedule of Inventory, Current | The components of inventories are as follows: | ||||||||
March 31, | December 31, | ||||||||
(In Thousands) | 2015 | 2014 | |||||||
Finished goods | $ | 15,967 | $ | 17,559 | |||||
Work-in-process | 11,195 | 10,089 | |||||||
Raw materials | 25,438 | 25,227 | |||||||
Stores, supplies and other | 20,502 | 21,433 | |||||||
Total | $ | 73,102 | $ | 74,308 | |||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
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 | ||||||
March 31, | ||||||
(In Thousands) | 2015 | 2014 | ||||
Weighted average shares outstanding used to compute basic earnings per share | 32,482 | 32,242 | ||||
Incremental dilutive shares attributable to stock options and restricted stock | 146 | 379 | ||||
Shares used to compute diluted earnings per share | 32,628 | 32,621 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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 three months ended March 31, 2015: | |||||||||||||||
(In Thousands) | Foreign | Gain (loss) on | Pension and | Total | ||||||||||||
currency | derivative | other | ||||||||||||||
translation | financial | post-retirement | ||||||||||||||
adjustment | instruments | benefit | ||||||||||||||
adjustments | ||||||||||||||||
Beginning balance, January 1, 2015 | $ | (47,270 | ) | $ | 656 | $ | (103,581 | ) | $ | (150,195 | ) | |||||
Other comprehensive income (loss) before reclassifications | (34,653 | ) | (682 | ) | — | (35,335 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 20 | 2,522 | 2,542 | ||||||||||||
Net other comprehensive income (loss) - current period | (34,653 | ) | (662 | ) | 2,522 | (32,793 | ) | |||||||||
Ending balance, March 31, 2015 | $ | (81,923 | ) | $ | (6 | ) | $ | (101,059 | ) | $ | (182,988 | ) | ||||
The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the three months ended March 31, 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 | 5,095 | 169 | — | 5,264 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 23 | 1,740 | 1,763 | ||||||||||||
Net other comprehensive income (loss) - current period | 5,095 | 192 | 1,740 | 7,027 | ||||||||||||
Ending balance, March 31, 2014 | $ | (14,110 | ) | $ | 957 | $ | (70,108 | ) | $ | (83,261 | ) | |||||
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 three months ended March 31, 2015 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 | $ | (48 | ) | Cost of sales | ||||||||||||
Foreign currency forward contracts, before taxes | 15 | Cost of sales | ||||||||||||||
Total, before taxes | (33 | ) | ||||||||||||||
Income tax expense (benefit) | (13 | ) | Income taxes | |||||||||||||
Total, net of tax | $ | (20 | ) | |||||||||||||
Amortization of pension and other post-retirement benefits: | ||||||||||||||||
Actuarial gain (loss) and prior service costs, before taxes | $ | (3,984 | ) | (a) | ||||||||||||
Income tax expense (benefit) | (1,462 | ) | Income taxes | |||||||||||||
Total, net of tax | $ | (2,522 | ) | |||||||||||||
(a) | This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 8 for additional detail). | |||||||||||||||
Reclassifications of balances out of accumulated other comprehensive income (loss) into net income for the three months ended March 31, 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 | $ | (37 | ) | Cost of sales | ||||||||||||
Foreign currency forward contracts, before taxes | — | |||||||||||||||
Total, before taxes | (37 | ) | ||||||||||||||
Income tax expense (benefit) | (14 | ) | Income taxes | |||||||||||||
Total, net of tax | $ | (23 | ) | |||||||||||||
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 8 for additional detail). |
Investments_Tables
Investments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 March 31, 2015 and December 31, 2014 and condensed statement of operations for the three months ended March 31, 2015 and 2014, as reported to the Company by kaléo, are provided below: | ||||||||||||||||
(In Thousands) | 31-Mar-15 | 31-Dec-14 | 31-Mar-15 | 31-Dec-14 | |||||||||||||
Assets: | Liabilities & Equity: | ||||||||||||||||
Cash & short-term investments | $ | 106,922 | $ | 117,589 | |||||||||||||
Restricted cash | 11,192 | 14,498 | Other current liabilities | $ | 8,808 | $ | 8,123 | ||||||||||
Other current assets | 21,540 | 17,916 | Other noncurrent liabilities | 1,183 | 1,247 | ||||||||||||
Property & equipment | 10,207 | 10,824 | Long term debt, net of discount | 149,471 | 149,471 | ||||||||||||
Patents | 2,708 | 2,702 | Redeemable preferred stock | 23,186 | 22,946 | ||||||||||||
Other long-term assets | 2,757 | 2,857 | Equity | (27,322 | ) | (15,401 | ) | ||||||||||
Total assets | $ | 155,326 | $ | 166,386 | Total liabilities & equity | $ | 155,326 | $ | 166,386 | ||||||||
Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Revenues & Expenses: | |||||||||||||||||
Revenues | $ | 4,850 | $ | 2,558 | |||||||||||||
Cost of goods sold | (2,330 | ) | — | ||||||||||||||
Expenses and other, net (a) | (14,384 | ) | (8,316 | ) | |||||||||||||
Income tax benefit (expense) | (4 | ) | 2,239 | ||||||||||||||
Net income (loss) | $ | (11,868 | ) | $ | (3,519 | ) |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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 month periods ended March 31, 2015 and 2014 is summarized in the table below: | |||||||||||||||
(In Thousands) | Cash Flow Derivative Hedges | |||||||||||||||
Aluminum Futures | Foreign Currency | |||||||||||||||
Contracts | Forwards | |||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Amount of pre-tax gain (loss) recognized in other comprehensive income | $ | (1,094 | ) | $ | 264 | $ | — | $ | 8 | |||||||
Location of gain (loss) reclassified from accumulated other comprehensive income into net income (effective portion) | Cost of | Cost of | Cost of | |||||||||||||
sales | sales | sales | ||||||||||||||
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion) | $ | (48 | ) | $ | (37 | ) | $ | 15 | $ | — | ||||||
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 March 31, 2015 and December 31, 2014: | |||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||
(In Thousands) | Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||
Account | Value | Account | Value | |||||||||||||
Derivatives Designated as Hedging Instruments | ||||||||||||||||
Asset derivatives: | Accrued expenses | $ | 2 | Accrued expenses | $ | 82 | ||||||||||
Aluminum futures contracts | ||||||||||||||||
Liability derivatives: | Accrued expenses | $ | (1,284 | ) | Accrued expenses | $ | (318 | ) | ||||||||
Aluminum futures contracts | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||
Asset derivatives: | Accrued expenses | $ | 28 | Accrued expenses | $ | 7 | ||||||||||
Aluminum futures contracts | ||||||||||||||||
Liability derivatives: | Accrued expenses | $ | (28 | ) | Accrued expenses | $ | (7 | ) | ||||||||
Aluminum futures contracts | ||||||||||||||||
Net asset (liability) | $ | (1,282 | ) | $ | (236 | ) | ||||||||||
Foreign Currency Forward Contracts | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Summary Of Location And Fair Value Of Derivative Financial Instruments | . |
Pension_And_Other_PostRetireme1
Pension And Other Post-Retirement Benefits (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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 March 31, | Three Months Ended March 31, | |||||||||||||||
(In Thousands) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Service cost | $ | 144 | $ | 544 | $ | 12 | $ | 13 | ||||||||
Interest cost | 3,312 | 3,341 | 84 | 93 | ||||||||||||
Expected return on plan assets | (4,407 | ) | (4,558 | ) | — | — | ||||||||||
Amortization of prior service costs, (gains) losses and net transition asset | 4,024 | 2,814 | (40 | ) | (77 | ) | ||||||||||
Curtailment charge | — | 81 | — | — | ||||||||||||
Net periodic benefit cost | $ | 3,073 | $ | 2,222 | $ | 56 | $ | 29 | ||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Schedule Of Segment Reporting Information By Segment | The following table presents net sales and operating profit by segment for the three month periods ended March 31, 2015 and 2014: | ||||||||
Three Months Ended March 31, | |||||||||
(In Thousands) | 2015 | 2014 | |||||||
Net Sales | |||||||||
Film Products | $ | 133,201 | $ | 149,160 | |||||
Aluminum Extrusions | 93,645 | 79,283 | |||||||
Total net sales | 226,846 | 228,443 | |||||||
Add back freight | 7,325 | 6,770 | |||||||
Sales as shown in the Consolidated Statements of Income | 234,171 | 235,213 | |||||||
Operating Profit | |||||||||
Film Products: | |||||||||
Ongoing operations | 17,617 | 16,722 | |||||||
Plant shutdowns, asset impairments, restructurings and other | 67 | (1,245 | ) | ||||||
Aluminum Extrusions: | |||||||||
Ongoing operations | 5,292 | 4,761 | |||||||
Plant shutdowns, asset impairments, restructurings and other | (15 | ) | — | ||||||
Total | 22,961 | 20,238 | |||||||
Interest income | 89 | 195 | |||||||
Interest expense | 885 | 630 | |||||||
Stock option-based compensation costs | 300 | 241 | |||||||
Corporate expenses, net | 7,216 | 6,475 | |||||||
Income before income taxes | 14,649 | 13,087 | |||||||
Income taxes | 4,779 | 4,608 | |||||||
Net income | $ | 9,870 | $ | 8,479 | |||||
Schedule Of Identifiable Assets By Segment | The following table presents identifiable assets by segment at March 31, 2015 and December 31, 2014: | ||||||||
(In Thousands) | 31-Mar-15 | 31-Dec-14 | |||||||
Film Products | $ | 513,231 | $ | 546,210 | |||||
Aluminum Extrusions | 153,359 | 143,328 | |||||||
Subtotal | 666,590 | 689,538 | |||||||
General corporate | 48,610 | 49,032 | |||||||
Cash and cash equivalents | 55,155 | 50,056 | |||||||
Total | $ | 770,355 | $ | 788,626 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
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 three months ended March 31, 2015 and 2014 are as follows: | |||||
Percent of Income | ||||||
Before Income Taxes | ||||||
Three Months Ended March 31, | 2015 | 2014 | ||||
Income tax expense at federal statutory rate | 35 | 35 | ||||
State taxes, net of federal income tax benefit | 1.2 | 2.1 | ||||
Unremitted earnings from foreign operations | 1 | 1.1 | ||||
Income tax contingency accruals and tax settlements | 0.8 | 1.5 | ||||
Non-deductible expenses | 0.7 | 0.2 | ||||
Foreign tax incentives | — | (2.0 | ) | |||
Changes in estimates related to prior year tax provision | (0.2 | ) | 0.2 | |||
Valuation allowance for foreign operating loss carry-forwards | (0.4 | ) | (0.4 | ) | ||
Foreign rate differences | (1.4 | ) | (1.1 | ) | ||
Valuation allowance for capital loss carry-forwards | (1.6 | ) | 0.3 | |||
Domestic production activities deduction | (2.5 | ) | (1.6 | ) | ||
Other | — | (0.1 | ) | |||
Effective income tax rate for income from continuing operations | 32.6 | 35.2 | ||||
Plants_Shutdowns_Asset_Impairm2
Plants Shutdowns, Asset Impairments, Restructurings And Other (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | |
Harbinger Fund | |||
Other Non-Operating and Non-Recurring Charges [Abstract] | |||
Cost-method investment, OTTI | $0 | $200,000 | |
Cost-method investment, OTTI net of tax | 100,000 | ||
Film Products | |||
Restructuring Cost and Reserve [Line Items] | |||
Pretax charges for severance and other employee-related costs | -67,000 | 800,000 | |
Film Products Manufacturing Facility In Red Springs North Carolina | Facility Closing | |||
Restructuring Cost and Reserve [Line Items] | |||
Plant shutdown related expenditures | 500,000 | ||
Pretax charges for severance and other employee-related costs | 300,000 | ||
Pretax loss for asset impairments | 200,000 | ||
Aluminum Extrusions Manufacturing Facility In Kentland Indiana [Member] | Facility Closing | |||
Restructuring Cost and Reserve [Line Items] | |||
Plant shutdown related expenditures | 15,000 | ||
3M vs. Tredegar | |||
Other Non-Operating and Non-Recurring Charges [Abstract] | |||
Litigation Settlement, Amount | $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 $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | |
Restructuring Reserve [Roll Forward] | ||
1-Jan-15 | $447 | |
Charges | -52 | |
Cash spent | -194 | |
31-Mar-15 | 201 | |
Severance | ||
Restructuring Reserve [Roll Forward] | ||
1-Jan-15 | 246 | |
Charges | -67 | |
Cash spent | -179 | |
31-Mar-15 | 0 | |
Other | ||
Restructuring Reserve [Roll Forward] | ||
1-Jan-15 | 201 | [1] |
Charges | 15 | [1] |
Cash spent | -15 | [1] |
31-Mar-15 | $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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory, Net [Abstract] | ||
Finished goods | $15,967 | $17,559 |
Work-in-process | 11,195 | 10,089 |
Raw materials | 25,438 | 25,227 |
Stores, supplies and other | 20,502 | 21,433 |
Total | $73,102 | $74,308 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 384,760 | 114,850 |
Earnings_Per_Share_Schedule_Of
Earnings Per Share (Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share) (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Weighted average shares outstanding used to compute basic earnings per share | 32,482 | 32,242 |
Incremental dilutive shares attributable to stock options and restricted stock | 146 | 379 |
Shares used to compute diluted earnings per share | 32,628 | 32,621 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Schedule Of After-Tax Changes In Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
1-Jan-15 | ($150,195) | ($90,288) |
Other comprehensive income (loss) before reclassifications | -35,335 | 5,264 |
Amounts reclassified from accumulated other comprehensive income (loss) | 2,542 | 1,763 |
Net other comprehensive income (loss) - current period | -32,793 | 7,027 |
31-Mar-15 | -182,988 | -83,261 |
Foreign Currency Translation | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
1-Jan-15 | -47,270 | -19,205 |
Other comprehensive income (loss) before reclassifications | -34,653 | 5,095 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Net other comprehensive income (loss) - current period | -34,653 | 5,095 |
31-Mar-15 | -81,923 | -14,110 |
Gain (Loss) on Derivative Financial Instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
1-Jan-15 | 656 | 765 |
Other comprehensive income (loss) before reclassifications | -682 | 169 |
Amounts reclassified from accumulated other comprehensive income (loss) | 20 | 23 |
Net other comprehensive income (loss) - current period | -662 | 192 |
31-Mar-15 | -6 | 957 |
Pension & Other Post-retirement Benefit Adjust. | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
1-Jan-15 | -103,581 | -71,848 |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 2,522 | 1,740 |
Net other comprehensive income (loss) - current period | 2,522 | 1,740 |
31-Mar-15 | ($101,059) | ($70,108) |
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 | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Cost of goods sold | ($189,431) | ($190,694) |
Total, before taxes | 14,649 | 13,087 |
Income tax expense (benefit) | 4,779 | 4,608 |
Total, net of tax | 9,870 | 8,479 |
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 | -33 | -37 |
Income tax expense (benefit) | -13 | -14 |
Total, net of tax | -20 | -23 |
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 goods sold | -48 | -37 |
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 goods sold | 15 | 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 | -3,984 | -2,737 |
Income tax expense (benefit) | -1,462 | -997 |
Total, net of tax | ($2,522) | ($1,740) |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2008 | Aug. 31, 2007 |
kaleo | ||||||
Total cash invested in private company | $7.50 | |||||
Ownership interest percentage | 20.00% | |||||
Carrying value | 39.1 | 39.1 | ||||
Weighted average cost of capital | 45.00% | 45.00% | 45.00% | |||
Basis point decrease of weighted average cost of capital assumption | 5.00% | |||||
Basis point increase of weighted average cost of capital assumption | 5.00% | |||||
Increase in fair value from five hundred point decrease in weighted average cost of capital assumption | 7 | |||||
Decrease in fair value from five hundred point increase in weighted average cost of capital assumption | 5 | |||||
Harbinger Fund | ||||||
Cost-method investment, OTTI | 0 | 0.2 | ||||
Harbinger Fund | ||||||
Cost Method Investments | 1.8 | 1.8 | ||||
Alleghany and Bath County, Virginia [Member] | ||||||
Cost Method Investments | $2.60 | $2.60 |
Investments_Schedule_Of_Fair_V
Investments (Schedule Of Fair Value Method Investments, Balance Sheets And Income Statements) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Cost of goods sold | $189,431 | $190,694 | ||
Cash and cash equivalents | 55,155 | 45,227 | 50,056 | 52,617 |
Property & equipment | 248,523 | 269,957 | ||
Other long-term assets | 47,124 | 47,798 | ||
Total assets | 770,355 | 788,626 | ||
Long term debt, net of discount | 141,000 | 137,250 | ||
Equity | 348,867 | 372,029 | ||
Total liabilities and shareholders’ equity | 770,355 | 788,626 | ||
Income tax benefit (expense) | -4,779 | -4,608 | ||
Net income | 9,870 | 8,479 | ||
kaleo | ||||
Revenues | 4,850 | 2,558 | ||
Cost of goods sold | 2,330 | 0 | ||
Cash and cash equivalents | 106,922 | 117,589 | ||
Restricted Cash | 11,192 | 14,498 | ||
Other current assets | 21,540 | 17,916 | ||
Property & equipment | 10,207 | 10,824 | ||
Patents | 2,708 | 2,702 | ||
Other long-term assets | 2,757 | 2,857 | ||
Total assets | 155,326 | 166,386 | ||
Other current liabilities | 8,808 | 8,123 | ||
Other noncurrent liabilities | 1,183 | 1,247 | ||
Long term debt, net of discount | 149,471 | 149,471 | ||
Redeemable preferred stock | 23,186 | 22,946 | ||
Equity | -27,322 | -15,401 | ||
Total liabilities and shareholders’ equity | 155,326 | 166,386 | ||
Expenses and other, net (a) | 14,384 | 8,316 | ||
Income tax benefit (expense) | -4 | 2,239 | ||
Net income | ($11,868) | ($3,519) |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | |
lb | lb | ||
Derivative [Line Items] | |||
Amounts of unrealized after tax gains (losses) to be Reclassified within Twelve Months | $800,000 | ||
Aluminum Futures Contracts | |||
Derivative [Line Items] | |||
Notional Amount | 14,000,000 | 8,600,000 | |
Weight of aluminum that hedged future purchase of aluminum to meet fixed - price forward sales contract obligations, lbs | 13,000,000 | 7,800,000 | |
Net asset (liability), Fair Value | -1,282,000 | -236,000 | |
Derivatives Not Designated As Hedging Instruments | Aluminum Futures Contracts | |||
Derivative [Line Items] | |||
Net asset (liability), Fair Value | 0 | ||
Accrued Expenses [Member] | Derivatives Not Designated As Hedging Instruments | Aluminum Futures Contracts | |||
Derivative [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 28,000 | 7,000 | |
Derivative Liability, Fair Value, Gross Liability | 28,000 | 7,000 | |
Accrued Expenses [Member] | Derivatives Designated As Hedging Instruments [Member] | Aluminum Futures Contracts | |||
Derivative [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 2,000 | 82,000 | |
Derivative Liability, Fair Value, Gross Liability | $1,284,000 | $318,000 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Summary Of Location And Fair Value Of Derivative Financial Instruments) (Details) (Aluminum Futures Contracts, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Net asset (liability), Fair Value | ($1,282,000) | ($236,000) |
Derivatives Designated As Hedging Instruments [Member] | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 2,000 | 82,000 |
Liability derivatives: Fair Value | -1,284,000 | -318,000 |
Derivatives Not Designated As Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Net asset (liability), Fair Value | 0 | |
Derivatives Not Designated As Hedging Instruments | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 28,000 | 7,000 |
Liability derivatives: Fair Value | ($28,000) | ($7,000) |
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) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Foreign Currency Forwards And Options [Member] | Cost Of Sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion) | $15 | |
Cash Flow Derivative Hedges | Aluminum Futures Contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of pre-tax gain (loss) recognized in other comprehensive income | -1,094 | 264 |
Cash Flow Derivative Hedges | 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) | -48 | -37 |
Cash Flow Derivative Hedges | Foreign Currency Forwards And Options | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of pre-tax gain (loss) recognized in other comprehensive income | $0 | $8 |
Pension_And_Other_PostRetireme2
Pension And Other Post-Retirement Benefits (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended |
Dec. 31, 2014 | Mar. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet | $104,800,000 | $103,800,000 |
Other Post-Retirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Contribution to pension plans for continuing operations | 300,000 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected required contributions | 2,400,000 | |
Accrued Expenses [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | $600,000 | $600,000 |
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 | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $144 | $544 |
Interest cost | 3,312 | 3,341 |
Expected return on plan assets | -4,407 | -4,558 |
Amortization of prior service costs, gains or losses and net transition asset | 4,024 | 2,814 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | 81 |
Net periodic benefit cost | 3,073 | 2,222 |
Other Post-Retirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 12 | 13 |
Interest cost | 84 | 93 |
Amortization of prior service costs, gains or losses and net transition asset | -40 | -77 |
Net periodic benefit cost | $56 | $29 |
Segment_Reporting_Schedule_Of_
Segment Reporting (Schedule Of Segment Reporting Information By Segment) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Total net sales | $226,846 | $228,443 |
Add back freight | 7,325 | 6,770 |
Sales as shown in the Consolidated Statements of Income | 234,171 | 235,213 |
Total Segment Income (Loss) | 22,961 | 20,238 |
Interest income | 89 | 195 |
Interest expense | 885 | 630 |
Stock option-based compensation costs | 300 | 241 |
Corporate expenses, net | 7,216 | 6,475 |
Income from continuing operations before income taxes | 14,649 | 13,087 |
Income taxes | 4,779 | 4,608 |
Net income | 9,870 | 8,479 |
kaleo | ||
Segment Reporting Information [Line Items] | ||
Income taxes | 4 | -2,239 |
Net income | -11,868 | -3,519 |
Film Products | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 133,201 | 149,160 |
Operating profit from ongoing operations | 17,617 | 16,722 |
Plant shutdowns, asset impairments, restructurings and other | 67 | -1,245 |
Aluminum Extrusions | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 93,645 | 79,283 |
Operating profit from ongoing operations | 5,292 | 4,761 |
Plant shutdowns, asset impairments, restructurings and other | ($15) | $0 |
Segment_Reporting_Schedule_Of_1
Segment Reporting (Schedule Of Identifiable Assets By Segment) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Subtotal | $666,590 | $689,538 | ||
General corporate | 48,610 | 49,032 | ||
Cash and cash equivalents | 55,155 | 50,056 | 45,227 | 52,617 |
Total assets | 770,355 | 788,626 | ||
Film Products | ||||
Total assets | 513,231 | 546,210 | ||
Aluminum Extrusions | ||||
Total assets | $153,359 | $143,328 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Taxes [Line Items] | ||
Deferred Tax Benefit Expense Valuation Allowance Adj Capital Loss Carryforwards | $200,000 | $40,000 |
Income Tax Holiday, Income Tax Benefits Per Share | $0.01 | |
Income Tax Holiday, Aggregate Dollar Amount | 300,000 | |
Effective Income Tax Rate Reconciliation, Percent | 32.60% | 35.20% |
Terphane Ltda | ||
Income Taxes [Line Items] | ||
Current Effective Tax Rate Reconciliation Social Contribution On Income | 9.00% | |
Current Effective Tax Rate Excluding Social Contribution On Income | 6.25% | |
Current Effective Tax Rate Including Social Contribution On Income | 15.25% | |
Brazil | ||
Income Taxes [Line Items] | ||
Effective income tax rate reconciliation social contribution on income | 9.00% | |
Effective Income Tax Rate Reconciliation Federal Statutory Tax Rate Excluding Social Contribution On Income | 25.00% | |
Effective Income Tax Rate Reconciliation Federal Statutory Tax Rate Including Social Contribution On Income | 34.00% | |
Excess Capital Losses From Investments And Other Related Items [Member] | ||
Income Taxes [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | $11,100,000 |
Income_Taxes_Schedule_Of_Effec
Income Taxes (Schedule Of Effective Income Tax Rate For Continuing Operations) (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense at federal statutory rate | 35.00% | 35.00% |
State taxes, net of federal income tax benefit | 1.20% | 2.10% |
Income tax contingency accruals and tax settlements | 0.80% | 1.50% |
Unremitted earnings from foreign operations | 1.00% | 1.10% |
Changes in estimates related to prior year tax provision | -0.20% | 0.20% |
Non-deductible expenses | 0.70% | 0.20% |
Valuation allowance for foreign operating loss carry-forwards | -0.40% | -0.40% |
Foreign rate differences | -1.40% | -1.10% |
Foreign tax incentives | 0.00% | -2.00% |
Valuation allowance for capital loss carry-forwards | -1.60% | 0.30% |
Domestic production activities deduction | -2.50% | -1.60% |
Other | 0.00% | -0.10% |
Effective income tax rate for income from continuing operations | 32.60% | 35.20% |
Shareholder_Rights_Agreement_D
Shareholder Rights Agreement (Details) (USD $) | 0 Months Ended | 3 Months Ended | ||
Feb. 19, 2014 | Sep. 30, 2014 | Mar. 31, 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% | |||
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 $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jan. 08, 2013 |
in | ||
Loss Contingencies [Line Items] | ||
Minimum thickness of performance enhancing layer on films required to avoid antidumping duty order | 0.00001 | |
3M vs. Tredegar | ||
Loss Contingencies [Line Items] | ||
Litigation Settlement, Amount | $10 |
New_Accounting_Pronouncements_
New Accounting Pronouncements New Accounting Pronouncements (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
New Accounting Pronouncements [Abstract] | ||
Deferred Finance Costs, Net | $1.10 | $1.10 |