Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 03, 2019 | |
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 | Accelerated Filer | |
Document Type | 10-Q | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 33,351,452 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Net Cash Provided by (Used in) Operating Activities | $ 11,128 | |
Current assets: | ||
Cash and cash equivalents | 36,302 | $ 34,397 |
Accounts and other receivables, net of allowance for doubtful accounts and sales returns of $3,194 in 2019 and $2,937 in 2018 | 122,947 | 124,727 |
Dividends Receivable | 17,582 | 0 |
Income Taxes Receivable, Current | 5,098 | 6,783 |
Inventories | 100,394 | 93,810 |
Prepaid expenses and other | 8,493 | 9,564 |
Total current assets | 290,816 | 269,281 |
Property, plant and equipment, at cost | 797,577 | 793,072 |
Less accumulated depreciation | (565,236) | (564,703) |
Net property, plant and equipment | 232,341 | 228,369 |
Operating Lease, Right-of-Use Asset | 19,999 | 0 |
Investment in kaleo | 84,100 | 84,600 |
Intangible Assets, Net (Excluding Goodwill) | 35,396 | 36,295 |
Goodwill | 81,404 | 81,404 |
Deferred Tax Assets, Net, Noncurrent | 1,404 | 3,412 |
Other assets | 3,917 | 4,012 |
Total assets | 749,377 | 707,373 |
Current liabilities: | ||
Accounts payable | 111,202 | 112,758 |
Accrued expenses | 40,857 | 42,495 |
Operating Lease, Liability, Current | 2,526 | 0 |
Short-term Lease Commitment, Amount | 0 | |
Total current liabilities | 154,585 | 155,253 |
Operating Lease, Liability, Noncurrent | 19,073 | |
Long-term debt | 110,000 | 101,500 |
Liability, Pension and Other Postretirement and Postemployment Benefits, Noncurrent | 86,145 | 88,124 |
Deferred income taxes | 1,092 | 0 |
Other noncurrent liabilities | 5,861 | 7,639 |
Total liabilities | 376,756 | 352,516 |
Shareholders’ equity: | ||
Common stock, no par value (issued and outstanding - 33,358,408 shares at March 31, 2019 and 33,176,024 shares at December 31, 2018) | 39,587 | 38,892 |
Common stock held in trust for savings restoration plan (73,381 shares at March 31, 2019 and 72,883 shares at December 31, 2018) | (1,568) | (1,559) |
Foreign currency translation adjustment | (97,730) | (96,940) |
Gain (loss) on derivative financial instruments | (1,954) | (1,601) |
Pension and other post-retirement benefit adjustments | (79,367) | (81,446) |
Retained earnings | 513,653 | 497,511 |
Total shareholders’ equity | 372,621 | 354,857 |
Total liabilities and shareholders’ equity | $ 749,377 | $ 707,373 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Dividends Receivable | $ 17,582 | $ 0 |
Accounts and other receivables, allowance for doubtful accounts and sales returns | $ 3,194 | $ 2,937 |
Common stock, no par value | ||
Common stock, shares issued | 33,358,408 | 33,176,024 |
Common stock, shares outstanding | 33,358,408 | 33,176,024 |
Common Stock, Shares Held in Employee Trust, Shares | 73,381 | 72,883 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Gross Sales | $ 248,466 | $ 258,711 |
Revenues and other items: | ||
Other income (expense), net | 17,110 | 8,233 |
Total revenues, net of other expenses | 265,576 | 266,944 |
Costs and expenses: | ||
Selling, general and administrative | 22,012 | 21,829 |
Research and development | 4,485 | 4,311 |
Amortization of identifiable intangibles | 891 | 1,029 |
Accrued pension and post-retirement benefits | 2,415 | 2,578 |
Interest expense | 1,232 | 1,644 |
Asset impairments and costs associated with exit and disposal activities, net of adjustments | 1,056 | 123 |
Total | 241,765 | 243,493 |
Income before income taxes | 23,811 | 23,451 |
Income taxes from continuing operations | 4,026 | 5,287 |
Net income | $ 19,785 | $ 18,164 |
Basic | ||
Basic | $ 0.60 | $ 0.55 |
Diluted | ||
Diluted | $ 0.60 | $ 0.55 |
Shares used to compute earnings per share: | ||
Basic | 33,123 | 32,982 |
Diluted | 33,127 | 32,988 |
Dividends per share | $ 0.11 | $ 0.11 |
Product [Member] | ||
Costs and expenses: | ||
Freight | $ 200,653 | $ 203,189 |
Shipping and Handling [Member] | ||
Costs and expenses: | ||
Freight | $ 9,021 | $ 8,790 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $ 0 | $ 0 |
Net income | 19,785 | 18,164 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | (790) | 1,906 |
Derivative financial instruments adjustment | (353) | (285) |
Amortization of prior service costs and net gains or losses | 2,079 | 2,612 |
Other comprehensive income (loss) | 936 | 4,233 |
Comprehensive income (loss) | 20,721 | 22,397 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | 83 | (144) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | $ 592 | $ 762 |
Consolidated Statements Of Co_2
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Foreign currency translation adjustment, tax (benefit) | $ 0 | $ 0 |
Derivative financial instruments adjustment, tax (benefit) | 83 | (144) |
Amortization of prior service costs and net gains or losses, tax | $ 592 | $ 762 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 19,785 | $ 18,164 |
Adjustments for noncash items: | ||
Depreciation | 7,168 | 7,490 |
Amortization of identifiable intangibles | 891 | 1,029 |
Amortization of Leased Asset | 632 | 0 |
Payment for Pension and Other Postretirement Benefits | (1,724) | (1,187) |
Deferred income taxes | 2,410 | 4,834 |
Accrued pension and post-retirement benefits | 2,415 | 2,578 |
(Gain)/loss on investment in kaléo accounted for under the fair value method | (17,082) | (8,200) |
(Gain)/loss on asset impairments and divestitures | 421 | 0 |
Gain (Loss) on Disposition of Assets | (385) | 0 |
Changes in assets and liabilities, net of effects of acquisitions and divestitures: | ||
Accounts and other receivables | 1,595 | (14,412) |
Inventories | (6,794) | 1,846 |
Income taxes recoverable/payable | 1,664 | 6,344 |
Prepaid expenses and other | 1,078 | 748 |
Accounts payable and accrued expenses | (2,033) | (4,785) |
Operating Leases, Rent Expense | (640) | 0 |
Other, net | 1,727 | 560 |
Net Cash Provided by (Used in) Operating Activities | 11,128 | 15,009 |
Cash flows from investing activities: | ||
Capital expenditures | (12,879) | (5,062) |
Payment for Contingent Consideration Liability, Investing Activities | 0 | |
Escrow Deposit Disbursements Related to Property Acquisition | 4,250 | |
Proceeds from the sale of assets and other | 22 | 0 |
Net cash used in investing activities | (12,857) | (812) |
Cash flows from financing activities: | ||
Borrowings | 23,750 | 24,000 |
Debt principal payments | (15,250) | (35,000) |
Dividends paid | (3,652) | (3,643) |
Proceeds from exercise of stock options and other | (815) | (247) |
Net cash provided by (used in) financing activities | 4,033 | (14,890) |
Effect of exchange rate changes on cash | (399) | 337 |
Increase (decrease) in cash and cash equivalents | 1,905 | (356) |
Cash and cash equivalents at beginning of period | 34,397 | 36,491 |
Cash and cash equivalents at end of period | $ 36,302 | $ 36,135 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings | Trust for Savings Restoration Plan | Foreign Currency Translation | Gain (Loss) on Derivative Financial Instruments | Pension & Other Post-retirement Benefit Adjustment |
Net Cash Provided by (Used in) Operating Activities | $ 15,009 | ||||||
Beginning Balance at Dec. 31, 2017 | 343,780 | $ 34,747 | $ 487,230 | $ (1,528) | $ (86,178) | $ 459 | $ (90,950) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 18,164 | 18,164 | |||||
Foreign currency translation adjustment (net of tax of $0) | 1,906 | 1,906 | |||||
Derivative financial instruments adjustment (net of tax of $83) | (285) | (285) | |||||
Amortization of prior service costs and net gains or losses (net of tax of $592) | 2,612 | 2,612 | |||||
Cash dividends declared ($0.11 per share) | (3,643) | (3,643) | |||||
Stock-based compensation expense | 612 | 612 | |||||
Issued upon exercise of stock options & other | (247) | (247) | |||||
Tredegar common stock purchased by trust for savings restoration plan | (8) | 8 | |||||
Ending Balance at Mar. 31, 2018 | 362,899 | 35,112 | 501,759 | (1,536) | (84,272) | 174 | (88,338) |
Net Cash Provided by (Used in) Operating Activities | 11,128 | ||||||
Beginning Balance at Dec. 31, 2018 | 354,857 | 38,892 | 497,511 | (1,559) | (96,940) | (1,601) | (81,446) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 19,785 | 19,785 | |||||
Foreign currency translation adjustment (net of tax of $0) | (790) | (790) | |||||
Derivative financial instruments adjustment (net of tax of $83) | (353) | (353) | |||||
Amortization of prior service costs and net gains or losses (net of tax of $592) | 2,079 | 2,079 | |||||
Cash dividends declared ($0.11 per share) | (3,652) | (3,652) | |||||
Stock-based compensation expense | 1,510 | 1,510 | |||||
Issued upon exercise of stock options & other | (815) | (815) | |||||
Tredegar common stock purchased by trust for savings restoration plan | 9 | (9) | |||||
Ending Balance at Mar. 31, 2019 | $ 372,621 | $ 39,587 | $ 513,653 | $ (1,568) | $ (97,730) | $ (1,954) | $ (79,367) |
Consolidated Statements Of Sh_2
Consolidated Statements Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Foreign currency translation adjustment, tax (benefit) | $ 0 | $ 0 |
Derivative financial instruments adjustment, tax (benefit) | 83 | (144) |
Amortization of prior service costs and net gains or losses, tax | $ 592 | $ 762 |
Cash dividends declared, per share | $ 0.11 | $ 0.11 |
Leases Statement
Leases Statement | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 2,555,000 |
Operating Lease, Right-of-Use Asset | 19,999,000 |
Operating Lease, Liability, Noncurrent | 19,073,000 |
Operating Leases, Rent Expense | 1,400,000 |
Operating Leases, Future Minimum Payments, Due in Two Years | 3,379,000 |
Operating Leases, Future Minimum Payments, Due in Three Years | 3,353,000 |
Operating Leases, Future Minimum Payments, Due in Four Years | 2,451,000 |
Operating Leases, Future Minimum Payments, Due in Five Years | 2,344,000 |
Operating Leases, Future Minimum Payments, Due Thereafter | 12,132,000 |
Operating Leases, Future Minimum Payments Due | 26,214,000 |
Operating Lease, Liability, Current | 2,526,000 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 4,615,000 |
Operating Lease, Liability | $ 21,599,000 |
Operating Lease, Weighted Average Remaining Lease Term | 9 years |
Operating Lease, Weighted Average Discount Rate, Percent | 4.40% |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 , the consolidated results of operations for the three months ended March 31, 2019 and 2018 , the consolidated cash flows for the three months ended March 31, 2019 and 2018 , and the consolidated changes in shareholders’ equity for the three months ended March 31, 2019 in accordance with U.S. generally accepted accounting principles (GAAP). 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 Company operates on a calendar fiscal year except for the Aluminum Extrusions segment, which operates on a 52/53-week fiscal year basis. As such, the fiscal first quarter for 2019 and 2018 for this segment references 13-week periods ended March 31, 2019 and March 25, 2018, respectively. The Company does not believe the impact of reporting the results of this segment as stated above is material to the consolidated financial results. The financial position data as of December 31, 2018 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, 2018 (“ 2018 Form 10-K”) but does not include all disclosures required by GAAP. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in the 2018 Form 10-K. The results of operations for the three months ended March 31, 2019 , are not necessarily indicative of the results to be expected for the full year. Certain prior year balances have been reclassified to conform with current year presentation (see Notes 12 & 13 for additional detail). |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | As of March 31, 2019 and December 31, 2018, accounts receivable and other receivables, net, were $122.9 million and $124.7 million , respectively, made up of the following: March 31, December 31, (In thousands) 2019 2018 Customer receivables $ 121,949 $ 122,182 Other accounts and notes receivable 4,192 5,482 Total accounts and other receivables 126,141 127,664 Less: Allowance for bad debts and sales returns (3,194 ) (2,937 ) Total accounts and other receivables, net $ 122,947 $ 124,727 For the three months ended March 31, 2019 , the Company had no material bad-debt expense and there were no material contract assets, contract liabilities or deferred contract costs recorded on the consolidated balance sheets as of March 31, 2019 . Payment terms start from the date of satisfaction of the performance obligation and vary from COD (cash on delivery) to 120 days. The Company’s contracts generally include one performance obligation, which is satisfied at a point in time. For the three months ended March 31, 2019 , revenue recognized from performance obligations related to prior periods (for example, changes in transaction price), was not material. Revenue expected to be recognized in any future period related to remaining performance obligations, excluding i) revenue pertaining to contracts that have an original expected duration of one year or less, ii) contracts where revenue is recognized as invoiced and iii) variable consideration related to unsatisfied performance obligations, is not expected to materially impact the Company’s financial results. |
Plants Shutdowns, Asset Impairm
Plants Shutdowns, Asset Impairments, Restructurings And Other | 3 Months Ended |
Mar. 31, 2019 | |
Restructuring Charges [Abstract] | |
Plant Shutdowns, Asset Impairments, Restructurings And Other | Plant shutdowns, asset impairments, restructurings, sales of assets and other items are shown in the net sales and operating profit by segment table in Note 11 and are also included in “Asset impairments and costs associated with exit and disposal activities, net of adjustments” in the consolidated statements of income, unless otherwise noted below. Plant shutdowns, asset impairments, restructurings and other items in the first quarter of 2019 include: • Pretax charges of $0.9 million for professional fees associated with the implementation of new accounting guidance and analysis and revisions to the Company’s internal control over financial reporting (included in “Selling, R&D and general expenses” in the condensed consolidated statements of income); • Pretax charges of $0.4 million for the write-off of a Personal Care production line at PE Films’ Guangzhou, China facility; • Pretax charges of $0.4 million for severance and other employee-related costs associated with restructurings in PE Films; • Pretax charges of $0.3 million related to estimated excess costs associated with the ramp-up of new product offerings and additional expenses related to strategic capacity expansion projects by PE Films (included in “Cost of goods sold” in the consolidated statements of income); and • Pretax charges of $0.2 million associated with the shutdown of PE Films’ manufacturing facility in Shanghai, China, which consists of other facility-related costs. Plant shutdowns, asset impairments, restructurings and other items in the first three months of 2018 include: • Pretax charges of $1.0 million related to estimated excess costs associated with the ramp-up of new product offerings and additional expenses related to strategic capacity expansion projects by PE Films (included in “Cost of goods sold” in the consolidated statements of income); • Pretax charges of $0.3 million for professional fees associated with the Terphane Limitada worthless stock deduction, the impairment of assets of Flexible Packaging Films and determining the effect of the new U.S. federal income tax law (included in “Selling, general and administrative expenses” in the consolidated statements of income); and • Pretax charges of $0.1 million for severance and other employee-related costs associated with restructurings in PE Films and Aluminum Extrusions. Results on the Company’s investment in kaléo, which is accounted for under the fair value method, in the first quarter of 2019 include a gain of $17.1 million ( $14.3 million after taxes), which included a $17.6 million dividend declared on March 29, 2019, compared to a gain of $8.2 million ( $6.4 million after taxes) in the first quarter of 2018 (included in “Other income (expense), net” in the consolidated statements of income). See Note 7 for additional information on investments. In June 2018, the Company announced plans to close its facility in Shanghai, China, which primarily produced plastic films used as components for personal care products (“Shanghai transition”). Production ceased at this plant during the fourth quarter of 2018. The Company expects to recognize costs associated with exit and disposal activities of $5.0 million from June 2018 to completion, comprised of: (i) retention, severance and related costs ( $2.9 million ), (ii) customer-related costs ( $0.5 million ), and (iii) legal, asset disposal and other cash costs ( $1.6 million ). In addition, the Company expects non-cash asset write-offs and accelerated depreciation of $0.6 million . Net annual cash savings from consolidating operations of $1.7 million is expected. Proceeds from expected property disposals are uncertain. The Company anticipates that these activities, including property disposals, will be completed by the end of 2019. Total expenses associated with the Shanghai transition were $0.2 million in the three months ended March 31, 2019 and $3.5 million since project inception. Cash expenditures were $0.2 million in the three months ended March 31, 2019 and $2.7 million since project inception. A reconciliation of the beginning and ending balances of accrued expenses associated with exit and disposal activities and charges associated with asset impairments and reported as “Asset impairments and costs associated with exit and disposal activities, net of adjustments” in the consolidated statements of income for the three months ended March 31, 2019 is as follows: (In thousands) Severance (a) Asset Impairments Other (b) Total Balance at January 1, 2019 $ 616 $ — $ 160 $ 776 Changes in 2019: Charges 455 404 197 1,056 Cash payments (242 ) — (226 ) (468 ) Charges against assets — (404 ) — (404 ) Reversed to income — — Balance at March 31, 2019 $ 829 $ — $ 131 $ 960 (a) Severance cash spent includes severance payments associated with the Shanghai transition. (b) Other primarily includes other restructuring costs associated with Aluminum Extrusions. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2019 | |
Inventory, Net [Abstract] | |
Inventories | The components of inventories are as follows: March 31, December 31, (In thousands) 2019 2018 Finished goods $ 25,100 $ 24,938 Work-in-process 17,192 15,648 Raw materials 39,046 33,741 Stores, supplies and other 19,056 19,483 Total $ 100,394 $ 93,810 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
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) 2019 2018 Weighted average shares outstanding used to compute basic earnings per share 33,123 32,982 Incremental dilutive shares attributable to stock options and restricted stock 4 6 Shares used to compute diluted earnings per share 33,127 32,988 Incremental shares attributable to stock options and restricted stock are computed under the treasury stock method using the average market price during the related period. For the three months ended March 31, 2019 , 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 975,904 . For the three months ended March 31, 2018 , 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 313,834 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Comprehensive Income (Loss) Note [Text Block] | The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2019 : (In thousands) Foreign currency translation adjustment Gain (loss) on derivative financial instruments Pension and other post-retirement benefit adjustments Total Beginning balance, January 1, 2019 $ (96,940 ) $ (1,601 ) $ (81,446 ) $ (179,987 ) Other comprehensive income (loss) before reclassifications (790 ) (1,011 ) — (1,801 ) Amounts reclassified from accumulated other comprehensive income (loss) — 658 2,079 2,737 Net other comprehensive income (loss) - current period (790 ) (353 ) 2,079 936 Ending balance, March 31, 2019 $ (97,730 ) $ (1,954 ) $ (79,367 ) $ (179,051 ) The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2018 : (In Thousands) Foreign Gain (loss) on Pension and Total Beginning balance, January 1, 2018 $ (86,178 ) $ 459 $ (90,950 ) $ (176,669 ) Other comprehensive income (loss) before reclassifications 1,906 (132 ) — 1,774 Amounts reclassified from accumulated other comprehensive income (loss) — (153 ) 2,612 2,459 Net other comprehensive income (loss) - current period 1,906 (285 ) 2,612 4,233 Ending balance, March 31, 2018 $ (84,272 ) $ 174 $ (88,338 ) $ (172,436 ) Reclassifications of balances out of accumulated other comprehensive income (loss) into net income (loss) for the three months ended March 31, 2019 are summarized as follows: (In Thousands) Amount Location of gain Gain (loss) on derivative financial instruments: Aluminum future contracts, before taxes $ (617 ) Cost of sales Foreign currency forward contracts, before taxes (191 ) Selling, general & administrative Foreign currency forward contracts, before taxes 15 Cost of sales Total, before taxes (793 ) Income tax expense (benefit) (135 ) Income taxes Total, net of tax $ (658 ) Amortization of pension and other post-retirement benefits: Actuarial gain (loss) and prior service costs, before taxes $ (2,671 ) (a) Income tax expense (benefit) (592 ) Income taxes Total, net of tax $ (2,079 ) (a) This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost (see Note 9 for additional detail). Reclassifications of balances out of accumulated other comprehensive income (loss) into net income for the three months ended March 31, 2018 are summarized as follows: (In Thousands) Amount Location of gain Gain (loss) on derivative financial instruments: Aluminum future contracts, before taxes $ 232 Cost of sales Foreign currency forward contracts, before taxes (41 ) Selling, general & administrative Foreign currency forward contracts, before taxes 15 Cost of sales Total, before taxes 206 Income tax expense (benefit) 53 Income taxes Total, net of tax $ 153 Amortization of pension and other post-retirement benefits: Actuarial gain (loss) and prior service costs, before taxes $ (3,374 ) (a) Income tax expense (benefit) (762 ) Income taxes Total, net of tax $ (2,612 ) (a) This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost (see Note 9 for additional detail). | |
Cost of goods sold | The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2019 : (In thousands) Foreign currency translation adjustment Gain (loss) on derivative financial instruments Pension and other post-retirement benefit adjustments Total Beginning balance, January 1, 2019 $ (96,940 ) $ (1,601 ) $ (81,446 ) $ (179,987 ) Other comprehensive income (loss) before reclassifications (790 ) (1,011 ) — (1,801 ) Amounts reclassified from accumulated other comprehensive income (loss) — 658 2,079 2,737 Net other comprehensive income (loss) - current period (790 ) (353 ) 2,079 936 Ending balance, March 31, 2019 $ (97,730 ) $ (1,954 ) $ (79,367 ) $ (179,051 ) | The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2018 : (In Thousands) Foreign Gain (loss) on Pension and Total Beginning balance, January 1, 2018 $ (86,178 ) $ 459 $ (90,950 ) $ (176,669 ) Other comprehensive income (loss) before reclassifications 1,906 (132 ) — 1,774 Amounts reclassified from accumulated other comprehensive income (loss) — (153 ) 2,612 2,459 Net other comprehensive income (loss) - current period 1,906 (285 ) 2,612 4,233 Ending balance, March 31, 2018 $ (84,272 ) $ 174 $ (88,338 ) $ (172,436 ) |
Investments
Investments | 3 Months Ended |
Mar. 31, 2019 | |
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 dedicated to building innovative solutions for serious and life-threatening medical conditions. Tredegar owns Series A-3 Preferred Stock and Series B Preferred Stock in kaléo that, taken together, represents on a fully-diluted basis an approximate 20% interest in kaléo. Tredegar accounts for its investment in kaléo under the fair value option. At the time of the initial investment, the Company elected the fair value option 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 Company’s investment was $101.7 million as of March 31, 2019 and $84.6 million as of December 31, 2018 . The fair value estimate at March 31, 2019 includes a receivable of $17.6 million for a cash dividend declared by kaléo on March 29, 2019 and paid on April 30, 2019 (“kaléo dividend”). This is the first dividend that the Company has received on its investment in kaléo. Future dividends are subject to the discretion of kaléo’s board of directors. The Company recognized a gain on its investment in kaléo of $17.1 million ( $14.3 million after taxes), which includes the kaléo dividend, in the first quarter of 2019. Gains or losses associated with the Company’s investment in kaléo are included in “Other income (expense), net” in the consolidated statements of income and separately stated in the segment operating profit table in Note 10. Kaléo transitioned from a company with net losses in 2017 to a company with net income in 2018. Tredegar’s assessment of kaléo’s risk profile has improved during this transition resulting in a lower discount rate versus a year ago that is applied to kaléo’s projected unlevered after-tax cash flows to estimate kaléo’s enterprise value (“EV”) (the “DCF Method”) and the Company’s underlying share of kaléo’s equity value. Moreover, with net income as well as earnings before interest, taxes, depreciation and amortization (“EBITDA”), the EV of kaléo can also be estimated by applying the EV-to-adjusted EBITDA multiple of guideline public companies to kaléo’s most recent trailing 12-month adjusted EBITDA (the “EBITDA Multiple Method”). The Company estimates the fair value of its investment in kaléo by: (i) computing the weighted average estimated EV utilizing both the DCF Method and EBITDA Multiple Method (including adjustments for any surplus or deficient working capital and estimates of contingent liabilities), (ii) adding cash and cash equivalents, (iii) subtracting interest-bearing debt, (iv) subtracting a private company liquidity discount estimated at 15% of the net result of (i) through (iii) and (v) applying liquidation preferences and fully diluted ownership percentages to the estimated equity value computed in (i) through (iv). The Company’s estimate of kaléo’s EV as of March 31, 2019 was determined by weighting the EBITDA Multiple Method by 80% and the DCF Method by 20% , which was consistent with the weighting applied at December 31, 2018. The heavier weighting towards the EBITDA Multiple Method was due to its heuristic nature and kaléo’s transition and actual performance in 2018, versus the hypothetical nature of the projections used in the DCF Method. The DCF Method projections rely on numerous assumptions and Level 3 inputs, including estimating market growth, market share, pricing, net margins (after allowances for temporary discounts, prompt pay discounts, product returns, wholesaler fees, chargebacks, rebates and copays), selling expenses, R&D expenses, general and administrative expenses, income taxes on unlevered pretax income, working capital, capital expenditures and the risk-adjusted discount rate. In addition, there are various regulatory and legal enforcement efforts, including an ongoing Department of Justice investigation related to kaléo’s Evzio business, which could have a material adverse effect on kaléo’s business that require assessment in any valuation method applied. The table below provides a sensitivity analysis of the estimated fair value at March 31, 2019, of the Company’s investment in kaléo (including the kaléo dividend receivable) for changes in the EBITDA multiple used in applying the EBITDA Multiple Method and the changes in the weighting of the DCF Method. ($ Millions) EV-to-Adjusted EBITDA Multiple 6.4 x 7.4 x 8.4 x 9.4 x 10.4 x Weighting to DCF Method 50 % $ 90.9 $ 97.9 $ 105.0 $ 112.1 $ 119.1 40 % $ 86.9 $ 95.4 $ 103.9 $ 112.4 $ 120.8 30 % $ 83.0 $ 92.9 $ 102.8 $ 112.7 $ 122.5 20 % $ 79.1 $ 90.4 $ 101.7 $ 113.0 $ 124.3 10 % $ 75.1 $ 87.9 $ 100.6 $ 113.3 $ 126.0 — % $ 71.2 $ 85.3 $ 99.5 $ 113.6 $ 127.7 The ultimate value of the Company’s ownership interest in kaléo will be determined and realized only if and when a liquidity event occurs, and the ultimate value could be materially different from the $101.7 million estimated fair value reflected in the Company’s financial statements at March 31, 2019 . |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Summary of Derivative Instruments [Abstract] | |
Derivative Financial Instruments | Tredegar uses derivative financial instruments for the purpose of hedging margin exposure from fixed-price forward sales contracts in Aluminum Extrusions and exposure from currency volatility that exist as part of ongoing business operations (primarily in Flexible Packaging Films). These derivative financial instruments are designated as and qualify as cash flow hedges and are recognized in the consolidated balance sheet at fair value. The fair value of derivative instruments recorded on the consolidated balance sheets are based upon Level 2 inputs. If individual derivative instruments with the same counterparty can be settled on a net basis, the Company records the corresponding derivative fair values as a net asset or net liability. In the normal course of business, Aluminum Extrusions enters into fixed-price forward sales contracts with certain customers for the future sale of fixed quantities of aluminum extrusions at scheduled intervals. In order to hedge margin exposure created from the fixing of future sales prices relative to volatile raw material (aluminum) costs, Aluminum Extrusions enters into a combination of forward purchase commitments and futures contracts to acquire or hedge aluminum, based on the scheduled purchases for the firm sales commitments. The fixed-price firm sales commitments and related hedging instruments generally have durations of not more than 12 months, and the notional amount of aluminum futures contracts that hedged future purchases of aluminum to meet fixed-price forward sales contract obligations was $24.6 million ( 22.2 million pounds of aluminum) at March 31, 2019 and $25.4 million ( 22.5 million pounds of aluminum) at December 31, 2018 . The table below summarizes the location and gross amounts of aluminum futures contract fair values (Level 2) in the consolidated balance sheets as of March 31, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 (In thousands) Balance Sheet Account Fair Value Balance Sheet Account Fair Value Derivatives Designated as Hedging Instruments Asset derivatives: Accrued Expenses $ 25 Accrued Expenses $ 20 Liability derivatives: Accrued Expenses (1,284 ) Accrued Expenses $ (1,650 ) Net asset (liability) $ (1,259 ) $ (1,630 ) In the event that a counterparty to an aluminum fixed-price forward sales contract chooses not to take delivery of its aluminum extrusions, the customer is contractually obligated to compensate Aluminum Extrusions for any losses on the related aluminum futures and/or forward contracts through the date of cancellation. The table below summarizes the location and gross amounts of foreign currency forward contract fair values (Level 2) in the consolidated balance sheets as of March 31, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 (In Thousands) Balance Sheet Fair Balance Sheet Fair Derivatives Designated as Hedging Instruments Asset derivatives: Prepaid expenses and other $ 11 Prepaid expenses and other $ 37 Liability derivatives: Accrued Expenses (1,561 ) Accrued Expenses (1,090 ) Net asset (liability) $ (1,550 ) $ (1,053 ) The Company's earnings are exposed to foreign currency exchange risk primarily through the translation of the financial statements of subsidiaries that have a functional currency other than the U.S. Dollar. The Company estimates that the net mismatch translation exposure between Flexible Packaging Films business unit in Brazil, Terphane Ltda.'s (“Terphane Ltda.”) U.S. Dollar quoted or priced sales and underlying Brazilian Real (“R$”) quoted or priced operating costs (excluding depreciation and amortization) is annual net costs of R$125 million . Terphane Ltda. has the following outstanding foreign exchange average forward rate contracts to purchase Brazilian Real and sell U.S. Dollars: USD Notional Amount (000s) Average Forward Rate Contracted on USD/BRL R$ Equivalent Amount (000s) Applicable Month Estimated % of Terphane Ltda. R$ Operating Cost Exposure Hedged $2,025 3.6690 R$7,430 Apr-19 72% $2,025 3.6795 R$7,451 May-19 73% $2,025 3.6904 R$7,473 Jun-19 72% $1,800 3.8826 R$6,989 Jul-19 65% $1,800 3.8950 R$7,011 Aug-19 68% $1,800 3.9070 R$7,033 Sep-19 66% $1,800 3.9203 R$7,056 Oct-19 67% $1,800 3.9331 R$7,080 Nov-19 67% $1,800 3.9455 R$7,102 Dec-19 73% $1,400 3.8256 R$5,356 Jan-20 51% $1,400 3.8331 R$5,366 Feb-20 52% $1,400 3.8377 R$5,373 Mar-20 49% $1,400 3.8456 R$5,384 Apr-20 50% $1,400 3.8539 R$5,395 May-20 51% $1,400 3.8621 R$5,407 Jun-20 50% $1,400 3.8727 R$5,422 Jul-20 48% $1,400 3.8850 R$5,439 Aug-20 50% $1,400 3.8964 R$5,455 Sep-20 49% $1,400 3.9079 R$5,471 Oct-20 50% $1,400 3.9187 R$5,486 Nov-20 50% $1,400 3.9306 R$5,503 Dec-20 54% $33,675 3.8510 R$129,682 58% These foreign currency exchange contracts have been designated and qualify as cash flow hedges of Terphane Ltda. forecasted sales to customers quoted or priced in U.S. Dollars over that period. By changing the currency risk associated with these U.S. Dollar sales, the derivatives have the effect of offsetting operating costs quoted or priced in Brazilian Real and decreasing the net exposure to Brazilian Real in the consolidated statements of income. The net fair value of the open forward contracts was a negative $1.5 million as of March 31, 2019. 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 the Company’s foreign currency cash flow hedge contracts are major financial institutions. The pretax effect on net income (loss) and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for the three month periods ended March 31, 2019 and 2018 is summarized in the table below: (In thousands) Cash Flow Derivative Hedges Three Months Ended March 31, Aluminum Futures Contracts Foreign Currency Forwards 2019 2018 2019 2019 2018 2018 Amount of pretax gain (loss) recognized in other comprehensive income (loss) $ (246 ) $ (392 ) $ — $ (816 ) $ — 170 Location of gain (loss) reclassified from accumulated other comprehensive income (loss) into net income (effective portion) Cost of Cost of Cost of Selling, general & admin Cost of Selling, general & admin Amount of pretax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income effective portion) $ (617 ) $ 232 $ 15 $ (191 ) $ 15 (41 ) As of March 31, 2019 , the Company expects $1.2 million of unrealized after-tax losses 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, 2019 and 2018 , net gains or losses realized, from previously unrealized net gains or losses on hedges that had been discontinued, were not material. |
Pension And Other Post-Retireme
Pension And Other Post-Retirement Benefits | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Pension And Other Post-Retirement Benefits | The components of net periodic benefit cost for the pension and other postretirement benefit programs reflected in the consolidated statements of income are shown below: Pension Benefits Other PostRetirement Benefits Three Months Ended March 31, Three Months Ended March 31, (In thousands) 2019 2018 2019 2018 Service cost $ — $ 5 $ 8 $ 10 Interest cost 3,067 2,882 73 69 Expected return on plan assets (3,404 ) (3,761 ) — — Amortization of prior service costs, (gains) losses and net transition asset 2,729 3,428 (58 ) (54 ) Net periodic benefit cost $ 2,392 $ 2,554 $ 23 $ 25 Pension and other postretirement liabilities were $86.8 million and $88.8 million at March 31, 2019 and December 31, 2018 , respectively ( $0.6 million included in “Accrued expenses” at March 31, 2019 and December 31, 2018 , with the remainder included in “Pension and other postretirement benefit obligations, net” in the consolidated balance sheets). The Company’s required contributions are expected to be $8.1 million in 2019 . Contributions to the pension plan during the first three months of 2019 were $1.7 million . Tredegar funds its other postretirement benefits (life insurance and health benefits) on a claims-made basis; for 2019 , the Company anticipates the amount will be consistent with amounts paid for the year ended December 31, 2018 , or $0.3 million . |
Other Income (Expense), Net (No
Other Income (Expense), Net (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | Other income (expense), net consists of the following: Three Months Ended March 31, (In thousands) 2019 2018 Gain on investment in kaléo accounted for under fair value method $ 17,082 $ 8,200 Other 28 33 Total $ 17,110 $ 8,233 The gain on investment in kaléo accounted for under fair value method shown above includes a cash dividend of $17.6 million from kaléo. See Note 7 for more details on the investment in kaléo. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | The Company’s business segments are PE Films, Flexible Packaging Films 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 months ended March 31, 2019 and 2018 : Three Months Ended March 31, (In thousands) 2019 2018 Net Sales PE Films $ 66,779 $ 93,249 Flexible Packaging Films 33,619 28,437 Aluminum Extrusions 139,047 128,235 Total net sales 239,445 249,921 Add back freight 9,021 8,790 Sales as shown in the Consolidated Statements of Income $ 248,466 $ 258,711 Operating Profit (Loss) PE Films: Ongoing operations $ 2,951 $ 14,034 Plant shutdowns, asset impairments, restructurings and other (1,378 ) (1,052 ) Flexible Packaging Films: Ongoing operations 2,859 1,715 Plant shutdowns, asset impairments, restructurings and other — — Aluminum Extrusions: Ongoing operations 12,085 10,199 Plant shutdowns, asset impairments, restructurings and other (40 ) (53 ) Total 16,477 24,843 Interest income 59 56 Interest expense 1,232 1,644 Gain (loss) on investment in kaléo accounted for under fair value method 17,082 8,200 Stock option-based compensation costs 415 86 Corporate expenses, net 8,160 7,918 Income (loss) before income taxes 23,811 23,451 Income taxes (benefit) 4,026 5,287 Net income (loss) $ 19,785 $ 18,164 The following table presents identifiable assets by segment at March 31, 2019 and December 31, 2018 : (In thousands) March 31, 2019 December 31, 2018 PE Films $ 234,301 $ 231,720 Flexible Packaging Films 59,550 58,964 Aluminum Extrusions 302,153 281,372 Subtotal 596,004 572,056 General corporate 117,071 100,920 Cash and cash equivalents 36,302 34,397 Total $ 749,377 $ 707,373 The following tables disaggregate the Company’s revenue by geographic area and product group for the three months ended March 31, 2019 and 2018 : Net Sales by Geographic Area (a) Three Months Ended March 31, (In thousands) 2019 2018 United States $ 172,254 $ 159,562 Exports from the United States to: Asia 13,493 23,592 Canada 3,605 13,298 Europe 1,360 1,822 Latin America 2,867 3,052 Operations outside the United States: Brazil 28,138 23,151 The Netherlands 9,587 11,928 Hungary 6,834 8,818 China 230 2,274 India 1,077 2,424 Total $ 239,445 $ 249,921 Net Sales by Product Group Three Months Ended March 31, (In thousands) 2019 2018 PE Films: Personal care materials 44,855 61,644 Surface protection films 19,888 29,815 LED lighting products & other films 2,036 1,790 Subtotal 66,779 93,249 Flexible Packaging Films 33,619 28,437 Aluminum Extrusions: Nonresidential building & construction 69,638 65,280 Consumer durables 15,545 15,189 Distribution 8,573 10,971 Automotive 12,627 9,673 Residential building & construction 11,672 9,601 Machinery & equipment 9,923 9,094 Electrical 11,069 8,427 Subtotal 139,047 128,235 Total 239,445 249,921 See the previous page for a reconciliation of net sales to sales (as shown in the Consolidated Statements of Income ) . (a) Export sales relate primarily to PE Films. Operations outside the U.S. in The Netherlands, Hungary, China and India also relate to PE Films. Operations in Brazil are primarily related to Flexible Packaging Films, but also include PE Films operations. Sales from locations in The Netherlands and Hungary are primarily to customers located in Europe. Sales from locations in China (Guangzhou and Shanghai) are primarily to customers located in China, but also include other customers in Asia. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Tredegar recorded tax expense of $4.0 million on pretax net income of $23.8 million in the first three months of 2019 . Therefore, the effective tax rate in the first three months of 2019 was 16.9% , compared to 22.5% in the first three months of 2018 . The quarterly effective tax rate is an estimate based on a proration of the components of the Company’s estimated annual effective tax rate. The significant differences between the U.S. federal statutory rate and the effective income tax rate for the three months ended March 31, 2019 and 2018 are as follows: (In thousands, except percentages) 2019 2018 Three Months Ended March 31, Amount % Amount % Income tax expense at federal statutory rate $ 5,000 21.0 $ 4,925 21.0 U.S. Tax on Foreign Branch Income 465 2.0 357 1.5 Foreign rate differences 329 1.4 221 0.9 State taxes, net of federal income tax benefit 180 0.8 321 1.4 Non-deductible expenses 73 0.3 84 0.4 Global Intangible Low Tax Income (GILTI) — — 32 0.1 Research and development tax credit (86 ) (0.4 ) (100 ) (0.4 ) Stock-based compensation (133 ) (0.6 ) 173 0.7 Foreign Derived Intangible Income (FDII) (194 ) (0.8 ) (153 ) (0.7 ) Valuation allowance due to foreign losses and impairments (253 ) (1.1 ) (362 ) (1.5 ) Foreign tax incentives (436 ) (1.8 ) (211 ) (0.9 ) Tax impact of dividend received (919 ) (3.9 ) — — Effective income tax rate $ 4,026 16.9 $ 5,287 22.5 Tredegar accrues U.S. federal income taxes on unremitted earnings of all foreign subsidiaries where required. However, due to changes in the taxation of dividends under the U.S. Tax Cuts and Jobs Act of 2017, Tredegar will only record U.S. federal income taxes on unremitted earnings of its foreign subsidiaries where Tredegar cannot take steps to eliminate any potential tax on future distributions from its foreign subsidiaries. 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 Ltda.’s 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 to 15.25% levied on the operating profit on certain of its products. The incentives have been granted for a 10 -year period, from the commencement date of January 1, 2015. The benefit from the tax incentives was $0.4 million and $0.2 million in the first three months of 2019 and 2018 , respectively. Tredegar and its subsidiaries file income tax returns in the U.S., various states, and jurisdictions outside the U.S. With exceptions for some U.S. states and non-U.S. jurisdictions, Tredegar and its subsidiaries are no longer subject to U.S. federal, state or non-U.S. income tax examinations by tax authorities for years before 2014. The Company includes tax-related interest and penalties in income tax expense. As of March 31, 2019 , $0.2 million of interest and penalties are accrued as a tax liability. During the first quarter of 2019 , no additional interest or penalties were recorded. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New accounting pronouncements adopted in 2019: ASU 2016-02, LEASES (TOPIC 842) In February 2016, the Financial Accounting Standards Board (“FASB”) issued a revised standard on lease accounting. Lessees will need to recognize virtually all of their leases with a term longer than 12 months on the balance sheet, by recording a right-of-use (“ROU”) asset and lease liability. The revised standard requires additional analysis of the components of a transaction to determine if a right-of-use asset is embedded in the transaction that needs to be treated as a lease. Substantial additional disclosures are also required by the revised standard. The revised standard is effective for the Company for fiscal years beginning after December 31, 2018, including the interim periods within those fiscal years. A modified retrospective transition approach which requires a cumulative-effect adjustment to the opening balance of retained earnings on the effective date is required for leases existing at, or entered into after, the effective date, with certain practical expedients available. The Company elected to use certain transition practical expedients that allow it to elect to not reassess: i) whether expired or existing contracts contain leases under the new definition of a lease; ii) lease classification for expired or existing leases; and iii) whether previously capitalized initial direct costs would qualify for capitalization under Topic 842. The Company adopted the new guidance in the first quarter of 2019, electing the modified retrospective transition approach. The adoption did not have a material effect on the Company’s consolidated financial statements. The most significant impact of the new standard was the recognition of new ROU assets of approximately $21 million and lease liabilities of approximately $22 million for real estate, office equipment and vehicle operating leases. ASU 2017-12, DERIVATIVES AND HEDGING (TOPIC 815) In August 2017, the FASB issued amended guidance on the accounting for hedging activities. The amended guidance makes more hedging strategies qualify for hedge accounting. After initial qualification, the amended guidance permits a qualitative effectiveness assessment for certain hedges instead of a quantitative test, if the company can reasonably support an expectation of effectiveness throughout the term of the hedge. The amended guidance is effective for annual and interim periods beginning after January 1, 2019, but may be adopted immediately. The Company adopted the amended guidance in the first quarter of 2019 and there was no impact from adoption on the Company’s consolidated financial statements. ASU 2018-2, REPORTING COMPREHENSIVE INCOME (TOPIC 220) In February 2018, the FASB issued ASU 2018-2 to provide entities an option to reclassify certain “stranded tax effects” resulting from the recent U.S. tax reform from accumulated other comprehensive income (AOCI) to retained earnings. This new standard takes effect for all entities in fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company has elected to not reclassify the income tax effects resulting from tax reform from AOCI to retained earnings. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue Recognition, Sales of Goods [Policy Text Block] | As of March 31, 2019 and December 31, 2018, accounts receivable and other receivables, net, were $122.9 million and $124.7 million , respectively, made up of the following: March 31, December 31, (In thousands) 2019 2018 Customer receivables $ 121,949 $ 122,182 Other accounts and notes receivable 4,192 5,482 Total accounts and other receivables 126,141 127,664 Less: Allowance for bad debts and sales returns (3,194 ) (2,937 ) Total accounts and other receivables, net $ 122,947 $ 124,727 For the three months ended March 31, 2019 , the Company had no material bad-debt expense and there were no material contract assets, contract liabilities or deferred contract costs recorded on the consolidated balance sheets as of March 31, 2019 . Payment terms start from the date of satisfaction of the performance obligation and vary from COD (cash on delivery) to 120 days. The Company’s contracts generally include one performance obligation, which is satisfied at a point in time. For the three months ended March 31, 2019 , revenue recognized from performance obligations related to prior periods (for example, changes in transaction price), was not material. Revenue expected to be recognized in any future period related to remaining performance obligations, excluding i) revenue pertaining to contracts that have an original expected duration of one year or less, ii) contracts where revenue is recognized as invoiced and iii) variable consideration related to unsatisfied performance obligations, is not expected to materially impact the Company’s financial results. |
Leasing (Notes)
Leasing (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | Tredegar has various lease agreements with terms up to 12 years, including leases of real estate, office equipment and vehicles. Some leases include options to purchase, terminate or extend for one or more years. These options are included in the lease term when it is reasonably certain that the option will be exercised. At inception, the Company determines if an arrangement contains a lease and whether that lease meets the classification criteria of a finance or operating lease. The Company has elected to not record short-term leases with an original lease term of one year or less in the consolidated balance sheet. To the extent such leases contain renewal options that the Company intends to exercise, the related ROU asset and lease liability are included in the consolidated balance sheet. Some of the Company’s lease arrangements contain lease components (e.g. minimum rent payments) and non-lease components (e.g. maintenance, labor charges, etc.). The Company generally accounts for the lease and non-lease components as a single lease component. Certain of the Company’s lease agreements include rental payments that are adjusted periodically for an index or rate. The leases are initially measured using the projected payments adjusted for the index or rate in effect at the commencement date. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Operating Leases Operating leases are included in “Right-of-use lease assets”, “Lease liabilities - short-term” and “Lease liabilities - long-term” on the consolidated balance sheets. These assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments over the lease term using the Company’s secured incremental borrowing rates, adjusted for term and geographic location using country-based swap rates. From reviewing the lease contracts in the implementation effort, the Company found no instance where it could readily determine the rate implicit in the lease. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Variable lease expense is recognized in the period in which the obligation for those payments is incurred. Depending upon the specific use of the ROU asset, lease expense is included in the “Cost of goods sold”, “Freight”, “Selling, general and administrative”, and “Research and development” line items on the consolidated statements of income. Lease income is not material to the results of operations for the quarter ended March 31, 2019. The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s operating leases as of March 31, 2019. (In thousands) As of March 31, 2019 Maturity of Lease Liabilities Future Lease Payments 2019 (remaining) 2,555 2020 3,379 2021 3,353 2022 2,451 2023 2,344 Thereafter 12,132 Total undiscounted operating lease payments 26,214 Less: Imputed interest 4,615 Present value of operating lease liabilities 21,599 Balance Sheet Classification Lease liabilities, short-term 2,526 Lease liabilities, long-term 19,073 Total operating lease liabilities 21,599 Other Information: Weighted-average remaining lease term for operating leases 9 Years Weighted-average discount rate for operating leases 4.35 % Rental expense was $5.2 million in 2018. Rental commitments under all noncancellable leases as of December 31, 2018, were as follows: (In thousands) 2019 $ 4,445 2020 4,007 2021 3,591 2022 2,391 2023 1,245 Remainder 2,630 Total minimum lease payments $ 18,309 Cash Flows An initial right-of-use asset of $21 million was recognized as a non-cash asset addition and an initial lease liability of $22 million was recognized as a non-cash liability addition with the adoption of the new lease accounting standard. Operating Lease Costs Operating lease costs were $1.4 million during the first quarter of 2019. These costs are primarily related to long-term operating leases, but also include amounts for variable leases and short-term leases. |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Business Acquisition [Line Items] | |
Schedule Of Purchase Price Allocation | As of March 31, 2019 and December 31, 2018, accounts receivable and other receivables, net, were $122.9 million and $124.7 million , respectively, made up of the following: March 31, December 31, (In thousands) 2019 2018 Customer receivables $ 121,949 $ 122,182 Other accounts and notes receivable 4,192 5,482 Total accounts and other receivables 126,141 127,664 Less: Allowance for bad debts and sales returns (3,194 ) (2,937 ) Total accounts and other receivables, net $ 122,947 $ 124,727 |
Plants Shutdowns, Asset Impai_2
Plants Shutdowns, Asset Impairments, Restructurings And Other (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 exit and disposal activities and charges associated with asset impairments and reported as “Asset impairments and costs associated with exit and disposal activities, net of adjustments” in the consolidated statements of income for the three months ended March 31, 2019 is as follows: (In thousands) Severance (a) Asset Impairments Other (b) Total Balance at January 1, 2019 $ 616 $ — $ 160 $ 776 Changes in 2019: Charges 455 404 197 1,056 Cash payments (242 ) — (226 ) (468 ) Charges against assets — (404 ) — (404 ) Reversed to income — — Balance at March 31, 2019 $ 829 $ — $ 131 $ 960 (a) Severance cash spent includes severance payments associated with the Shanghai transition. (b) Other primarily includes other restructuring costs associated with Aluminum Extrusions. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventory, Net [Abstract] | |
Schedule of Inventory, Current | The components of inventories are as follows: March 31, December 31, (In thousands) 2019 2018 Finished goods $ 25,100 $ 24,938 Work-in-process 17,192 15,648 Raw materials 39,046 33,741 Stores, supplies and other 19,056 19,483 Total $ 100,394 $ 93,810 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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) 2019 2018 Weighted average shares outstanding used to compute basic earnings per share 33,123 32,982 Incremental dilutive shares attributable to stock options and restricted stock 4 6 Shares used to compute diluted earnings per share 33,127 32,988 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
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, 2019 : (In thousands) Foreign currency translation adjustment Gain (loss) on derivative financial instruments Pension and other post-retirement benefit adjustments Total Beginning balance, January 1, 2019 $ (96,940 ) $ (1,601 ) $ (81,446 ) $ (179,987 ) Other comprehensive income (loss) before reclassifications (790 ) (1,011 ) — (1,801 ) Amounts reclassified from accumulated other comprehensive income (loss) — 658 2,079 2,737 Net other comprehensive income (loss) - current period (790 ) (353 ) 2,079 936 Ending balance, March 31, 2019 $ (97,730 ) $ (1,954 ) $ (79,367 ) $ (179,051 ) | The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2018 : (In Thousands) Foreign Gain (loss) on Pension and Total Beginning balance, January 1, 2018 $ (86,178 ) $ 459 $ (90,950 ) $ (176,669 ) Other comprehensive income (loss) before reclassifications 1,906 (132 ) — 1,774 Amounts reclassified from accumulated other comprehensive income (loss) — (153 ) 2,612 2,459 Net other comprehensive income (loss) - current period 1,906 (285 ) 2,612 4,233 Ending balance, March 31, 2018 $ (84,272 ) $ 174 $ (88,338 ) $ (172,436 ) |
Schedule Of Reclassifications Of Balances Out Of Accumulated Other Comprehensive Income (Loss) Into Net Income | (In Thousands) Amount Location of gain Gain (loss) on derivative financial instruments: Aluminum future contracts, before taxes $ (617 ) Cost of sales Foreign currency forward contracts, before taxes (191 ) Selling, general & administrative Foreign currency forward contracts, before taxes 15 Cost of sales Total, before taxes (793 ) Income tax expense (benefit) (135 ) Income taxes Total, net of tax $ (658 ) Amortization of pension and other post-retirement benefits: Actuarial gain (loss) and prior service costs, before taxes $ (2,671 ) (a) Income tax expense (benefit) (592 ) Income taxes Total, net of tax $ (2,079 ) (a) This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost (see Note 9 for additional detail). | Reclassifications of balances out of accumulated other comprehensive income (loss) into net income for the three months ended March 31, 2018 are summarized as follows: (In Thousands) Amount Location of gain Gain (loss) on derivative financial instruments: Aluminum future contracts, before taxes $ 232 Cost of sales Foreign currency forward contracts, before taxes (41 ) Selling, general & administrative Foreign currency forward contracts, before taxes 15 Cost of sales Total, before taxes 206 Income tax expense (benefit) 53 Income taxes Total, net of tax $ 153 Amortization of pension and other post-retirement benefits: Actuarial gain (loss) and prior service costs, before taxes $ (3,374 ) (a) Income tax expense (benefit) (762 ) Income taxes Total, net of tax $ (2,612 ) (a) This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost (see Note 9 for additional detail). |
Investments kaleo sensitivity t
Investments kaleo sensitivity table (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments at Fair Value [Abstract] | |
Fair Value Measurements, Sensitivity Analysis, Description | The table below provides a sensitivity analysis of the estimated fair value at March 31, 2019, of the Company’s investment in kaléo (including the kaléo dividend receivable) for changes in the EBITDA multiple used in applying the EBITDA Multiple Method and the changes in the weighting of the DCF Method. ($ Millions) EV-to-Adjusted EBITDA Multiple 6.4 x 7.4 x 8.4 x 9.4 x 10.4 x Weighting to DCF Method 50 % $ 90.9 $ 97.9 $ 105.0 $ 112.1 $ 119.1 40 % $ 86.9 $ 95.4 $ 103.9 $ 112.4 $ 120.8 30 % $ 83.0 $ 92.9 $ 102.8 $ 112.7 $ 122.5 20 % $ 79.1 $ 90.4 $ 101.7 $ 113.0 $ 124.3 10 % $ 75.1 $ 87.9 $ 100.6 $ 113.3 $ 126.0 — % $ 71.2 $ 85.3 $ 99.5 $ 113.6 $ 127.7 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivatives, Fair Value [Line Items] | |
Summary Of Location And Fair Value Of Derivative Financial Instruments | The table below summarizes the location and gross amounts of foreign currency forward contract fair values (Level 2) in the consolidated balance sheets as of March 31, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 (In Thousands) Balance Sheet Fair Balance Sheet Fair Derivatives Designated as Hedging Instruments Asset derivatives: Prepaid expenses and other $ 11 Prepaid expenses and other $ 37 Liability derivatives: Accrued Expenses (1,561 ) Accrued Expenses (1,090 ) Net asset (liability) $ (1,550 ) $ (1,053 ) The table below summarizes the location and gross amounts of aluminum futures contract fair values (Level 2) in the consolidated balance sheets as of March 31, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 (In thousands) Balance Sheet Account Fair Value Balance Sheet Account Fair Value Derivatives Designated as Hedging Instruments Asset derivatives: Accrued Expenses $ 25 Accrued Expenses $ 20 Liability derivatives: Accrued Expenses (1,284 ) Accrued Expenses $ (1,650 ) Net asset (liability) $ (1,259 ) $ (1,630 ) |
Schedule Of Pretax Effect On Net Income (Loss) And Other Comprehensive Income (Loss) Of Derivative Instruments Classified As Cash Flow Hedges | The pretax effect on net income (loss) and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for the three month periods ended March 31, 2019 and 2018 is summarized in the table below: (In thousands) Cash Flow Derivative Hedges Three Months Ended March 31, Aluminum Futures Contracts Foreign Currency Forwards 2019 2018 2019 2019 2018 2018 Amount of pretax gain (loss) recognized in other comprehensive income (loss) $ (246 ) $ (392 ) $ — $ (816 ) $ — 170 Location of gain (loss) reclassified from accumulated other comprehensive income (loss) into net income (effective portion) Cost of Cost of Cost of Selling, general & admin Cost of Selling, general & admin Amount of pretax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income effective portion) $ (617 ) $ 232 $ 15 $ (191 ) $ 15 (41 ) |
Derivative Financial Instrume_3
Derivative Financial Instruments Foreign Currency Forward Contracts Table (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The table below summarizes the location and gross amounts of foreign currency forward contract fair values (Level 2) in the consolidated balance sheets as of March 31, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 (In Thousands) Balance Sheet Fair Balance Sheet Fair Derivatives Designated as Hedging Instruments Asset derivatives: Prepaid expenses and other $ 11 Prepaid expenses and other $ 37 Liability derivatives: Accrued Expenses (1,561 ) Accrued Expenses (1,090 ) Net asset (liability) $ (1,550 ) $ (1,053 ) The table below summarizes the location and gross amounts of aluminum futures contract fair values (Level 2) in the consolidated balance sheets as of March 31, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 (In thousands) Balance Sheet Account Fair Value Balance Sheet Account Fair Value Derivatives Designated as Hedging Instruments Asset derivatives: Accrued Expenses $ 25 Accrued Expenses $ 20 Liability derivatives: Accrued Expenses (1,284 ) Accrued Expenses $ (1,650 ) Net asset (liability) $ (1,259 ) $ (1,630 ) |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Tredegar uses derivative financial instruments for the purpose of hedging margin exposure from fixed-price forward sales contracts in Aluminum Extrusions and exposure from currency volatility that exist as part of ongoing business operations (primarily in Flexible Packaging Films). These derivative financial instruments are designated as and qualify as cash flow hedges and are recognized in the consolidated balance sheet at fair value. The fair value of derivative instruments recorded on the consolidated balance sheets are based upon Level 2 inputs. If individual derivative instruments with the same counterparty can be settled on a net basis, the Company records the corresponding derivative fair values as a net asset or net liability. In the normal course of business, Aluminum Extrusions enters into fixed-price forward sales contracts with certain customers for the future sale of fixed quantities of aluminum extrusions at scheduled intervals. In order to hedge margin exposure created from the fixing of future sales prices relative to volatile raw material (aluminum) costs, Aluminum Extrusions enters into a combination of forward purchase commitments and futures contracts to acquire or hedge aluminum, based on the scheduled purchases for the firm sales commitments. The fixed-price firm sales commitments and related hedging instruments generally have durations of not more than 12 months, and the notional amount of aluminum futures contracts that hedged future purchases of aluminum to meet fixed-price forward sales contract obligations was $24.6 million ( 22.2 million pounds of aluminum) at March 31, 2019 and $25.4 million ( 22.5 million pounds of aluminum) at December 31, 2018 . The table below summarizes the location and gross amounts of aluminum futures contract fair values (Level 2) in the consolidated balance sheets as of March 31, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 (In thousands) Balance Sheet Account Fair Value Balance Sheet Account Fair Value Derivatives Designated as Hedging Instruments Asset derivatives: Accrued Expenses $ 25 Accrued Expenses $ 20 Liability derivatives: Accrued Expenses (1,284 ) Accrued Expenses $ (1,650 ) Net asset (liability) $ (1,259 ) $ (1,630 ) In the event that a counterparty to an aluminum fixed-price forward sales contract chooses not to take delivery of its aluminum extrusions, the customer is contractually obligated to compensate Aluminum Extrusions for any losses on the related aluminum futures and/or forward contracts through the date of cancellation. The table below summarizes the location and gross amounts of foreign currency forward contract fair values (Level 2) in the consolidated balance sheets as of March 31, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 (In Thousands) Balance Sheet Fair Balance Sheet Fair Derivatives Designated as Hedging Instruments Asset derivatives: Prepaid expenses and other $ 11 Prepaid expenses and other $ 37 Liability derivatives: Accrued Expenses (1,561 ) Accrued Expenses (1,090 ) Net asset (liability) $ (1,550 ) $ (1,053 ) The Company's earnings are exposed to foreign currency exchange risk primarily through the translation of the financial statements of subsidiaries that have a functional currency other than the U.S. Dollar. The Company estimates that the net mismatch translation exposure between Flexible Packaging Films business unit in Brazil, Terphane Ltda.'s (“Terphane Ltda.”) U.S. Dollar quoted or priced sales and underlying Brazilian Real (“R$”) quoted or priced operating costs (excluding depreciation and amortization) is annual net costs of R$125 million . Terphane Ltda. has the following outstanding foreign exchange average forward rate contracts to purchase Brazilian Real and sell U.S. Dollars: USD Notional Amount (000s) Average Forward Rate Contracted on USD/BRL R$ Equivalent Amount (000s) Applicable Month Estimated % of Terphane Ltda. R$ Operating Cost Exposure Hedged $2,025 3.6690 R$7,430 Apr-19 72% $2,025 3.6795 R$7,451 May-19 73% $2,025 3.6904 R$7,473 Jun-19 72% $1,800 3.8826 R$6,989 Jul-19 65% $1,800 3.8950 R$7,011 Aug-19 68% $1,800 3.9070 R$7,033 Sep-19 66% $1,800 3.9203 R$7,056 Oct-19 67% $1,800 3.9331 R$7,080 Nov-19 67% $1,800 3.9455 R$7,102 Dec-19 73% $1,400 3.8256 R$5,356 Jan-20 51% $1,400 3.8331 R$5,366 Feb-20 52% $1,400 3.8377 R$5,373 Mar-20 49% $1,400 3.8456 R$5,384 Apr-20 50% $1,400 3.8539 R$5,395 May-20 51% $1,400 3.8621 R$5,407 Jun-20 50% $1,400 3.8727 R$5,422 Jul-20 48% $1,400 3.8850 R$5,439 Aug-20 50% $1,400 3.8964 R$5,455 Sep-20 49% $1,400 3.9079 R$5,471 Oct-20 50% $1,400 3.9187 R$5,486 Nov-20 50% $1,400 3.9306 R$5,503 Dec-20 54% $33,675 3.8510 R$129,682 58% These foreign currency exchange contracts have been designated and qualify as cash flow hedges of Terphane Ltda. forecasted sales to customers quoted or priced in U.S. Dollars over that period. By changing the currency risk associated with these U.S. Dollar sales, the derivatives have the effect of offsetting operating costs quoted or priced in Brazilian Real and decreasing the net exposure to Brazilian Real in the consolidated statements of income. The net fair value of the open forward contracts was a negative $1.5 million as of March 31, 2019. 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 the Company’s foreign currency cash flow hedge contracts are major financial institutions. The pretax effect on net income (loss) and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for the three month periods ended March 31, 2019 and 2018 is summarized in the table below: (In thousands) Cash Flow Derivative Hedges Three Months Ended March 31, Aluminum Futures Contracts Foreign Currency Forwards 2019 2018 2019 2019 2018 2018 Amount of pretax gain (loss) recognized in other comprehensive income (loss) $ (246 ) $ (392 ) $ — $ (816 ) $ — 170 Location of gain (loss) reclassified from accumulated other comprehensive income (loss) into net income (effective portion) Cost of Cost of Cost of Selling, general & admin Cost of Selling, general & admin Amount of pretax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income effective portion) $ (617 ) $ 232 $ 15 $ (191 ) $ 15 (41 ) As of March 31, 2019 , the Company expects $1.2 million of unrealized after-tax losses on derivative instruments reported in accumulated other comprehensive income (loss) to be reclassified to earnings within the next 12 months. For the three month periods ended March 31, 2019 and 2018 , net gains or losses realized, from previously unrealized net gains or losses on hedges that had been discontinued, were not material. |
Derivative Financial Instrume_4
Derivative Financial Instruments Foreign Currency Cash Flow Hedge Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative, Description of Hedged Item | Terphane Ltda. has the following outstanding foreign exchange average forward rate contracts to purchase Brazilian Real and sell U.S. Dollars: USD Notional Amount (000s) Average Forward Rate Contracted on USD/BRL R$ Equivalent Amount (000s) Applicable Month Estimated % of Terphane Ltda. R$ Operating Cost Exposure Hedged $2,025 3.6690 R$7,430 Apr-19 72% $2,025 3.6795 R$7,451 May-19 73% $2,025 3.6904 R$7,473 Jun-19 72% $1,800 3.8826 R$6,989 Jul-19 65% $1,800 3.8950 R$7,011 Aug-19 68% $1,800 3.9070 R$7,033 Sep-19 66% $1,800 3.9203 R$7,056 Oct-19 67% $1,800 3.9331 R$7,080 Nov-19 67% $1,800 3.9455 R$7,102 Dec-19 73% $1,400 3.8256 R$5,356 Jan-20 51% $1,400 3.8331 R$5,366 Feb-20 52% $1,400 3.8377 R$5,373 Mar-20 49% $1,400 3.8456 R$5,384 Apr-20 50% $1,400 3.8539 R$5,395 May-20 51% $1,400 3.8621 R$5,407 Jun-20 50% $1,400 3.8727 R$5,422 Jul-20 48% $1,400 3.8850 R$5,439 Aug-20 50% $1,400 3.8964 R$5,455 Sep-20 49% $1,400 3.9079 R$5,471 Oct-20 50% $1,400 3.9187 R$5,486 Nov-20 50% $1,400 3.9306 R$5,503 Dec-20 54% $33,675 3.8510 R$129,682 58% |
Pension And Other Post-Retire_2
Pension And Other Post-Retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule Of Components Of Net Periodic Benefit Cost For Pension And Other Post-Retirement Benefit Programs | The components of net periodic benefit cost for the pension and other postretirement benefit programs reflected in the consolidated statements of income are shown below: Pension Benefits Other PostRetirement Benefits Three Months Ended March 31, Three Months Ended March 31, (In thousands) 2019 2018 2019 2018 Service cost $ — $ 5 $ 8 $ 10 Interest cost 3,067 2,882 73 69 Expected return on plan assets (3,404 ) (3,761 ) — — Amortization of prior service costs, (gains) losses and net transition asset 2,729 3,428 (58 ) (54 ) Net periodic benefit cost $ 2,392 $ 2,554 $ 23 $ 25 |
Other Income (Expense), Net Oth
Other Income (Expense), Net Other Income (Expense), Net Summary Table (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Three Months Ended March 31, (In thousands) 2019 2018 Gain on investment in kaléo accounted for under fair value method $ 17,082 $ 8,200 Other 28 33 Total $ 17,110 $ 8,233 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting Information By Segment | The following table presents net sales and operating profit by segment for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, (In thousands) 2019 2018 Net Sales PE Films $ 66,779 $ 93,249 Flexible Packaging Films 33,619 28,437 Aluminum Extrusions 139,047 128,235 Total net sales 239,445 249,921 Add back freight 9,021 8,790 Sales as shown in the Consolidated Statements of Income $ 248,466 $ 258,711 Operating Profit (Loss) PE Films: Ongoing operations $ 2,951 $ 14,034 Plant shutdowns, asset impairments, restructurings and other (1,378 ) (1,052 ) Flexible Packaging Films: Ongoing operations 2,859 1,715 Plant shutdowns, asset impairments, restructurings and other — — Aluminum Extrusions: Ongoing operations 12,085 10,199 Plant shutdowns, asset impairments, restructurings and other (40 ) (53 ) Total 16,477 24,843 Interest income 59 56 Interest expense 1,232 1,644 Gain (loss) on investment in kaléo accounted for under fair value method 17,082 8,200 Stock option-based compensation costs 415 86 Corporate expenses, net 8,160 7,918 Income (loss) before income taxes 23,811 23,451 Income taxes (benefit) 4,026 5,287 Net income (loss) $ 19,785 $ 18,164 |
Schedule Of Identifiable Assets By Segment | The following table presents identifiable assets by segment at March 31, 2019 and December 31, 2018 : (In thousands) March 31, 2019 December 31, 2018 PE Films $ 234,301 $ 231,720 Flexible Packaging Films 59,550 58,964 Aluminum Extrusions 302,153 281,372 Subtotal 596,004 572,056 General corporate 117,071 100,920 Cash and cash equivalents 36,302 34,397 Total $ 749,377 $ 707,373 |
Segment Reporting Net Sales by
Segment Reporting Net Sales by Geographic Area Table (Tables) 1 | 3 Months Ended |
Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | Net Sales by Product Group Three Months Ended March 31, (In thousands) 2019 2018 PE Films: Personal care materials 44,855 61,644 Surface protection films 19,888 29,815 LED lighting products & other films 2,036 1,790 Subtotal 66,779 93,249 Flexible Packaging Films 33,619 28,437 Aluminum Extrusions: Nonresidential building & construction 69,638 65,280 Consumer durables 15,545 15,189 Distribution 8,573 10,971 Automotive 12,627 9,673 Residential building & construction 11,672 9,601 Machinery & equipment 9,923 9,094 Electrical 11,069 8,427 Subtotal 139,047 128,235 Total 239,445 249,921 The following tables disaggregate the Company’s revenue by geographic area and product group for the three months ended March 31, 2019 and 2018 : Net Sales by Geographic Area (a) Three Months Ended March 31, (In thousands) 2019 2018 United States $ 172,254 $ 159,562 Exports from the United States to: Asia 13,493 23,592 Canada 3,605 13,298 Europe 1,360 1,822 Latin America 2,867 3,052 Operations outside the United States: Brazil 28,138 23,151 The Netherlands 9,587 11,928 Hungary 6,834 8,818 China 230 2,274 India 1,077 2,424 Total $ 239,445 $ 249,921 |
Segment Reporting Net Sales b_2
Segment Reporting Net Sales by Product Group Table (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | Net Sales by Product Group Three Months Ended March 31, (In thousands) 2019 2018 PE Films: Personal care materials 44,855 61,644 Surface protection films 19,888 29,815 LED lighting products & other films 2,036 1,790 Subtotal 66,779 93,249 Flexible Packaging Films 33,619 28,437 Aluminum Extrusions: Nonresidential building & construction 69,638 65,280 Consumer durables 15,545 15,189 Distribution 8,573 10,971 Automotive 12,627 9,673 Residential building & construction 11,672 9,601 Machinery & equipment 9,923 9,094 Electrical 11,069 8,427 Subtotal 139,047 128,235 Total 239,445 249,921 The following tables disaggregate the Company’s revenue by geographic area and product group for the three months ended March 31, 2019 and 2018 : Net Sales by Geographic Area (a) Three Months Ended March 31, (In thousands) 2019 2018 United States $ 172,254 $ 159,562 Exports from the United States to: Asia 13,493 23,592 Canada 3,605 13,298 Europe 1,360 1,822 Latin America 2,867 3,052 Operations outside the United States: Brazil 28,138 23,151 The Netherlands 9,587 11,928 Hungary 6,834 8,818 China 230 2,274 India 1,077 2,424 Total $ 239,445 $ 249,921 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Effective Income Tax Rate For Continuing Operations | he significant differences between the U.S. federal statutory rate and the effective income tax rate for the three months ended March 31, 2019 and 2018 are as follows: (In thousands, except percentages) 2019 2018 Three Months Ended March 31, Amount % Amount % Income tax expense at federal statutory rate $ 5,000 21.0 $ 4,925 21.0 U.S. Tax on Foreign Branch Income 465 2.0 357 1.5 Foreign rate differences 329 1.4 221 0.9 State taxes, net of federal income tax benefit 180 0.8 321 1.4 Non-deductible expenses 73 0.3 84 0.4 Global Intangible Low Tax Income (GILTI) — — 32 0.1 Research and development tax credit (86 ) (0.4 ) (100 ) (0.4 ) Stock-based compensation (133 ) (0.6 ) 173 0.7 Foreign Derived Intangible Income (FDII) (194 ) (0.8 ) (153 ) (0.7 ) Valuation allowance due to foreign losses and impairments (253 ) (1.1 ) (362 ) (1.5 ) Foreign tax incentives (436 ) (1.8 ) (211 ) (0.9 ) Tax impact of dividend received (919 ) (3.9 ) — — Effective income tax rate $ 4,026 16.9 $ 5,287 22.5 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of March 31, 2019 and December 31, 2018, accounts receivable and other receivables, net, were $122.9 million and $124.7 million , respectively, made up of the following: March 31, December 31, (In thousands) 2019 2018 Customer receivables $ 121,949 $ 122,182 Other accounts and notes receivable 4,192 5,482 Total accounts and other receivables 126,141 127,664 Less: Allowance for bad debts and sales returns (3,194 ) (2,937 ) Total accounts and other receivables, net $ 122,947 $ 124,727 |
Leasing (Tables)
Leasing (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s operating leases as of March 31, 2019. (In thousands) As of March 31, 2019 Maturity of Lease Liabilities Future Lease Payments 2019 (remaining) 2,555 2020 3,379 2021 3,353 2022 2,451 2023 2,344 Thereafter 12,132 Total undiscounted operating lease payments 26,214 Less: Imputed interest 4,615 Present value of operating lease liabilities 21,599 Balance Sheet Classification Lease liabilities, short-term 2,526 Lease liabilities, long-term 19,073 Total operating lease liabilities 21,599 Other Information: Weighted-average remaining lease term for operating leases 9 Years Weighted-average discount rate for operating leases 4.35 % | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Rental commitments under all noncancellable leases as of December 31, 2018, were as follows: (In thousands) 2019 $ 4,445 2020 4,007 2021 3,591 2022 2,391 2023 1,245 Remainder 2,630 Total minimum lease payments $ 18,309 |
Basis Of Presentation Revenue R
Basis Of Presentation Revenue Recognition Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Doubtful Accounts, Premiums and Other Receivables | $ (3,194) | $ (2,937) |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of March 31, 2019 and December 31, 2018, accounts receivable and other receivables, net, were $122.9 million and $124.7 million , respectively, made up of the following: March 31, December 31, (In thousands) 2019 2018 Customer receivables $ 121,949 $ 122,182 Other accounts and notes receivable 4,192 5,482 Total accounts and other receivables 126,141 127,664 Less: Allowance for bad debts and sales returns (3,194 ) (2,937 ) Total accounts and other receivables, net $ 122,947 $ 124,727 | |
Receivables, Net, Current | $ 122,947 | $ 124,727 |
Basis Of Presentation Accounts
Basis Of Presentation Accounts Receivables Table (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and other receivables, net of allowance for doubtful accounts and sales returns of $3,194 in 2019 and $2,937 in 2018 | $ 122,947 | $ 124,727 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Business Acquisition [Line Items] | ||
Payment for Contingent Consideration Liability, Investing Activities | $ 0 | |
Sales | 239,445 | $ 249,921 |
Payments to Acquire Property, Plant, and Equipment | $ 12,879 | $ 5,062 |
Effective Income Tax Rate Reconciliation, Percent | 16.90% | 22.50% |
Aluminum Extrusions | ||
Business Acquisition [Line Items] | ||
Sales | $ 139,047 | $ 128,235 |
Income Loss From Ongoing Operations | $ 12,085 | $ 10,199 |
Acquisitions (Schedule Of Purch
Acquisitions (Schedule Of Purchase Price Allocation) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ||
Goodwill | $ 81,404 | $ 81,404 |
Plants Shutdowns, Asset Impai_3
Plants Shutdowns, Asset Impairments, Restructurings And Other (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 10 Months Ended | 19 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 975,904 | 313,834 | |||
Payments to Acquire Property, Plant, and Equipment | $ 12,879 | $ 5,062 | |||
Asset impairments and costs associated with exit and disposal activities, net of adjustments | 1,056 | 123 | |||
Income before income taxes | 23,811 | 23,451 | |||
(Gain)/loss on asset impairments and divestitures | 421 | 0 | |||
Other Non-Operating and Non-Recurring Charges [Abstract] | |||||
Unrealized gain (loss) on investment under fair value method | (17,082) | (8,200) | |||
Gain (Loss) on Disposition of Assets | (385) | 0 | |||
Payments for Restructuring | 468 | ||||
Restructuring Reserve | 960 | $ 960 | $ 776 | ||
kaleo | |||||
Other Non-Operating and Non-Recurring Charges [Abstract] | |||||
Unrealized gain (loss) on investment under fair value method | (17,082) | (8,200) | |||
Unrealized gain (loss) on investment under fair value method, after taxes | 14,300 | 6,400 | |||
Other Interest and Dividend Income | 17,582 | ||||
Terphane Ltda [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Professional Fees | 300 | ||||
PE Films | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Production LIne Start-up and Ramp-up Costs | 300 | ||||
Pretax charges for severance and other employee-related costs | 400 | 100 | |||
Other Non-Operating and Non-Recurring Charges [Abstract] | |||||
Plant shutdowns, asset impairments, restructurings and other | (1,378) | (1,052) | |||
Flexible Packaging Films [Member] [Domain] | |||||
Other Non-Operating and Non-Recurring Charges [Abstract] | |||||
Plant shutdowns, asset impairments, restructurings and other | 0 | 0 | |||
Aluminum Extrusions | |||||
Other Non-Operating and Non-Recurring Charges [Abstract] | |||||
Plant shutdowns, asset impairments, restructurings and other | (40) | (53) | |||
Corporate Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Professional Fees | 900 | ||||
Severance (a) | |||||
Other Non-Operating and Non-Recurring Charges [Abstract] | |||||
Payments for Restructuring | 242 | ||||
Restructuring Reserve | 829 | 829 | $ 616 | ||
Film Products Manufacturing Facility In Shanghai, China [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Property, Plant and Equipment, Disposals | 400 | ||||
Film Products Manufacturing Facility In Shanghai, China [Member] | Other Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Other Restructuring Costs after Taxes | 200 | $ 1,000 | 3,500 | ||
Film Products Manufacturing Facility In Shanghai, China [Member] | Other Restructuring [Member] | PE Films | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Pretax charges for severance and other employee-related costs | $ 2,900 | ||||
Accelerated Depreciation Expense | 600 | ||||
Restructuring and Disposal Activities - Anticipated Cash Cost Savings | 1,700 | ||||
Other Restructuring Costs | 1,600 | ||||
Other Plant Consolidation Expenses - Cost of Goods Sold | 500 | ||||
Other Non-Operating and Non-Recurring Charges [Abstract] | |||||
Restructuring, Settlement and Impairment Provisions | $ 5,000 | ||||
Payments for Restructuring | 200 | $ 2,700 | |||
Pension Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Defined Benefit Plan Estimated Required Future Employer Contributions In Current Fiscal Year | $ 8,100 |
Plants Shutdowns, Asset Impai_4
Plants Shutdowns, Asset Impairments, Restructurings And Other (Schedule Of Accrued Expenses Associated With Asset Impairments And Exit And Disposal Activities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 10 Months Ended | 19 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Dec. 31, 2019 | |
Restructuring Reserve [Roll Forward] | ||||
January 1, 2019 | $ 776 | |||
Charges | 1,056 | |||
Cash payments | (468) | |||
Charges against assets | (404) | |||
March 31, 2019 | 960 | $ 960 | ||
Restructuring Reserve, Accrual Adjustment | 0 | |||
Severance (a) | ||||
Restructuring Reserve [Roll Forward] | ||||
January 1, 2019 | 616 | |||
Charges | 455 | |||
Cash payments | (242) | |||
March 31, 2019 | 829 | 829 | ||
Long Lived Asset Impairment [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
January 1, 2019 | 0 | |||
Charges | 404 | |||
Cash payments | 0 | |||
Charges against assets | (404) | |||
March 31, 2019 | 0 | 0 | ||
Restructuring Reserve, Accrual Adjustment | 0 | |||
Other | ||||
Restructuring Reserve [Roll Forward] | ||||
January 1, 2019 | 160 | |||
Charges | 197 | |||
Cash payments | (226) | |||
Charges against assets | 0 | |||
March 31, 2019 | 131 | 131 | ||
PE Films | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 400 | $ 100 | ||
PE Films | Film Products Manufacturing Facility In Shanghai, China [Member] | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | $ 2,900 | |||
Restructuring Reserve [Roll Forward] | ||||
Cash payments | $ (200) | $ (2,700) |
Inventories (Schedule Of Compon
Inventories (Schedule Of Components Of Inventories) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Inventory, Net [Abstract] | ||
Finished goods | $ 25,100 | $ 24,938 |
Work-in-process | 17,192 | 15,648 |
Raw materials | 39,046 | 33,741 |
Stores, supplies and other | 19,056 | 19,483 |
Total | $ 100,394 | $ 93,810 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 975,904 | 313,834 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Weighted average shares outstanding used to compute basic earnings per share | 33,123 | 32,982 |
Incremental dilutive shares attributable to stock options and restricted stock | 4 | 6 |
Shares used to compute diluted earnings per share | 33,127 | 32,988 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Schedule Of After-Tax Changes In Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Selling, general and administrative | $ 22,012 | $ 21,829 |
Beginning of Period | (179,987) | (176,669) |
Other comprehensive income (loss) before reclassifications | (1,801) | 1,774 |
Amounts reclassified from accumulated other comprehensive income (loss) | 2,737 | 2,459 |
Net other comprehensive income (loss) - current period | 936 | 4,233 |
End of Period | (179,051) | (172,436) |
Income before income taxes | 23,811 | 23,451 |
Income Tax Expense (Benefit) | 4,026 | 5,287 |
Net income | 19,785 | 18,164 |
Foreign Currency Translation | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning of Period | (96,940) | (86,178) |
Other comprehensive income (loss) before reclassifications | (790) | 1,906 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Net other comprehensive income (loss) - current period | (790) | 1,906 |
End of Period | (97,730) | (84,272) |
Gain (Loss) on Derivative Financial Instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning of Period | (1,601) | 459 |
Other comprehensive income (loss) before reclassifications | (1,011) | (132) |
Amounts reclassified from accumulated other comprehensive income (loss) | 658 | (153) |
Net other comprehensive income (loss) - current period | (353) | (285) |
End of Period | (1,954) | 174 |
Pension & Other Post-retirement Benefit Adjustment | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning of Period | (81,446) | (90,950) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 2,079 | 2,612 |
Net other comprehensive income (loss) - current period | 2,079 | 2,612 |
End of Period | (79,367) | (88,338) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain (Loss) on Derivative Financial Instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Income before income taxes | (793) | 206 |
Income Tax Expense (Benefit) | (135) | 53 |
Net income | (658) | 153 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension & Other Post-retirement Benefit Adjustment | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Income Tax Expense (Benefit) | (592) | (762) |
Net income | (2,079) | (2,612) |
Amortization Of Prior Service Costs And Net Gains Loss | (2,671) | (3,374) |
Aluminum Futures Contracts [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain (Loss) on Derivative Financial Instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Freight | (617) | 232 |
Selling, General and Administrative Expenses [Member] | Foreign Currency Forward Contracts [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain (Loss) on Derivative Financial Instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Selling, general and administrative | (191) | |
Freight | (41) | |
Cost of Sales [Member] | Foreign Currency Forward Contracts [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain (Loss) on Derivative Financial Instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Freight | $ 15 | $ 15 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Schedule Of Reclassifications Of Balances Out Of Accumulated Other Comprehensive Income (Loss) Into Net Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (179,051) | $ (172,436) | $ (179,987) | $ (176,669) |
Selling, general and administrative | 22,012 | 21,829 | ||
Income before income taxes | (23,811) | (23,451) | ||
Income taxes from continuing operations | (4,026) | (5,287) | ||
Net income | 19,785 | 18,164 | ||
Foreign Currency Translation | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (97,730) | (84,272) | (96,940) | (86,178) |
Gain (Loss) on Derivative Financial Instruments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (1,954) | 174 | (1,601) | 459 |
Pension & Other Post-retirement Benefit Adjustment | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (79,367) | (88,338) | $ (81,446) | $ (90,950) |
Reclassification Out Of Accumulated Other Comprehensive Income | Gain (Loss) on Derivative Financial Instruments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income before income taxes | 793 | (206) | ||
Income taxes from continuing operations | 135 | (53) | ||
Net income | (658) | 153 | ||
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] | ||||
Freight | (617) | 232 | ||
Reclassification Out Of Accumulated Other Comprehensive Income | Pension & Other Post-retirement Benefit Adjustment | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Actuarial gain (loss) and prior service costs, before taxes | (2,671) | (3,374) | ||
Income taxes from continuing operations | 592 | 762 | ||
Net income | (2,079) | (2,612) | ||
Selling, General and Administrative Expenses [Member] | 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] | ||||
Freight | (41) | |||
Selling, general and administrative | (191) | |||
Cost of Sales [Member] | 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] | ||||
Freight | $ 15 | $ 15 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) 1 - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2008 | |
Unrealized gain (loss) on investment under fair value method | $ 17,082 | $ 8,200 | ||
Gain (Loss) on Disposition of Assets | (385) | 0 | ||
Dividends Receivable | $ 17,582 | $ 0 | ||
kaleo | ||||
Total cash invested in private company | $ 7,500 | |||
Ownership interest percentage | 20.00% | |||
Carrying value | $ 101,700 | $ 84,600 | ||
Other Interest and Dividend Income | 17,582 | |||
Unrealized gain (loss) on investment under fair value method | 17,082 | 8,200 | ||
Unrealized Gain Loss On Investment Under Fair Value Method After Taxes | $ (14,300) | $ (6,400) | ||
Basis point decrease of weighted average cost of capital assumption | ||||
Basis point increase of weighted average cost of capital assumption | ||||
DCF Method for Fair Value Estimate [Member] | kaleo | ||||
EV-to-Adjusted EBITDA Multiple | 6.4 x | |||
Weighting of EBITDA Multiple Method versus DCF Method | 50.00% | |||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | $ 90,900 | |||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 15.00% | |||
DCF Method for Fair Value Estimate [Member] | 8.6x [Domain] | kaleo | ||||
EV-to-Adjusted EBITDA Multiple | 7.4 x | |||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | $ 97,900 | |||
DCF Method for Fair Value Estimate [Member] | 9.6x [Domain] | kaleo | ||||
EV-to-Adjusted EBITDA Multiple | 8.4 x | |||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | $ 105,000 | |||
DCF Method for Fair Value Estimate [Member] | 10.6x [Domain] | kaleo | ||||
EV-to-Adjusted EBITDA Multiple | 9.4 x | |||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | $ 112,100 | |||
DCF Method for Fair Value Estimate [Member] | 11.6x [Domain] | kaleo | ||||
EV-to-Adjusted EBITDA Multiple | 10.4 x | |||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | $ 119,100 | |||
EBITDA Multiple Method for Fair Value Estimate [Member] | kaleo | ||||
Weighting of EBITDA Multiple Method versus DCF Method | 80.00% | |||
40% [Domain] | DCF Method for Fair Value Estimate [Member] | kaleo | ||||
Weighting of EBITDA Multiple Method versus DCF Method | 40.00% | |||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | $ 86,900 | |||
40% [Domain] | DCF Method for Fair Value Estimate [Member] | 8.6x [Domain] | kaleo | ||||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | 95,400 | |||
40% [Domain] | DCF Method for Fair Value Estimate [Member] | 9.6x [Domain] | kaleo | ||||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | 103,900 | |||
40% [Domain] | DCF Method for Fair Value Estimate [Member] | 10.6x [Domain] | kaleo | ||||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | 112,400 | |||
40% [Domain] | DCF Method for Fair Value Estimate [Member] | 11.6x [Domain] | kaleo | ||||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | $ 120,800 | |||
30% [Domain] | DCF Method for Fair Value Estimate [Member] | kaleo | ||||
Weighting of EBITDA Multiple Method versus DCF Method | 30.00% | |||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | $ 83,000 | |||
30% [Domain] | DCF Method for Fair Value Estimate [Member] | 8.6x [Domain] | kaleo | ||||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | 92,900 | |||
30% [Domain] | DCF Method for Fair Value Estimate [Member] | 9.6x [Domain] | kaleo | ||||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | 102,800 | |||
30% [Domain] | DCF Method for Fair Value Estimate [Member] | 10.6x [Domain] | kaleo | ||||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | 112,700 | |||
30% [Domain] | DCF Method for Fair Value Estimate [Member] | 11.6x [Domain] | kaleo | ||||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | $ 122,500 | |||
20% [Domain] | DCF Method for Fair Value Estimate [Member] | kaleo | ||||
Weighting of EBITDA Multiple Method versus DCF Method | 20.00% | |||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | $ 79,100 | |||
20% [Domain] | DCF Method for Fair Value Estimate [Member] | 8.6x [Domain] | kaleo | ||||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | 90,400 | |||
20% [Domain] | DCF Method for Fair Value Estimate [Member] | 9.6x [Domain] | kaleo | ||||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | 101,700 | |||
20% [Domain] | DCF Method for Fair Value Estimate [Member] | 10.6x [Domain] | kaleo | ||||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | 113,000 | |||
20% [Domain] | DCF Method for Fair Value Estimate [Member] | 11.6x [Domain] | kaleo | ||||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | $ 124,300 | |||
10% [Domain] | DCF Method for Fair Value Estimate [Member] | kaleo | ||||
Weighting of EBITDA Multiple Method versus DCF Method | 10.00% | |||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | $ 75,100 | |||
10% [Domain] | DCF Method for Fair Value Estimate [Member] | 8.6x [Domain] | kaleo | ||||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | 87,900 | |||
10% [Domain] | DCF Method for Fair Value Estimate [Member] | 9.6x [Domain] | kaleo | ||||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | 100,600 | |||
10% [Domain] | DCF Method for Fair Value Estimate [Member] | 10.6x [Domain] | kaleo | ||||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | 113,300 | |||
10% [Domain] | DCF Method for Fair Value Estimate [Member] | 11.6x [Domain] | kaleo | ||||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | $ 126,000 | |||
0% [Domain] | DCF Method for Fair Value Estimate [Member] | kaleo | ||||
Weighting of EBITDA Multiple Method versus DCF Method | 0.00% | |||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | $ 71,200 | |||
0% [Domain] | DCF Method for Fair Value Estimate [Member] | 8.6x [Domain] | kaleo | ||||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | 85,300 | |||
0% [Domain] | DCF Method for Fair Value Estimate [Member] | 9.6x [Domain] | kaleo | ||||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | 99,500 | |||
0% [Domain] | DCF Method for Fair Value Estimate [Member] | 10.6x [Domain] | kaleo | ||||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | 113,600 | |||
0% [Domain] | DCF Method for Fair Value Estimate [Member] | 11.6x [Domain] | kaleo | ||||
Fair Value Sensitivity Analysis: Weighting to DCF Method at Varied EV-to-Adjusted EBITDA Multiple | $ 127,700 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Narrative) (Details) R$ in Thousands, $ in Thousands, lb in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019USD ($)lb | Dec. 31, 2018USD ($)lb | Mar. 31, 2019BRL (R$) | Mar. 31, 2019USD ($) | |
Derivative [Line Items] | ||||
Amounts of unrealized after tax gains (losses) to be Reclassified within Twelve Months | $ 1,200 | |||
Aluminum Futures Contracts | ||||
Derivative [Line Items] | ||||
Notional Amount | $ 25,400 | $ 24,600 | ||
Weight of aluminum that hedged future purchase of aluminum to meet fixed - price forward sales contract obligations, lbs | lb | 22.2 | 22.5 | ||
Net asset (liability), Fair Value | $ (1,630) | (1,259) | ||
Terphane Ltda [Member] | ||||
Derivative [Line Items] | ||||
Notional Amount | R$ 129682 | 33,675 | ||
Accrued Expenses [Member] | Derivatives Designated As Hedging Instruments [Member] | Aluminum Futures Contracts | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 20 | 25 | ||
Derivative Liability, Fair Value, Gross Liability | $ 1,650 | 1,284 | ||
Cash Flow Hedging [Member] | Foreign Currency Forwwards And Options [Member] | ||||
Derivative [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 1,500 | |||
Oct-2018 [Member] | Terphane Ltda [Member] | ||||
Derivative [Line Items] | ||||
Annual Net Costs Mismatch Translation Exposure - Real vs US Dollar | $ 125,000 |
Derivative Financial Instrume_6
Derivative Financial Instruments (Summary Of Location And Fair Value Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Flexible Packaging Films [Member] [Domain] | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ (1,550) | $ (1,053) |
Aluminum Futures Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Net asset (liability), Fair Value | (1,259) | (1,630) |
Derivatives Designated As Hedging Instruments [Member] | Flexible Packaging Films [Member] [Domain] | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 11 | 37 |
Liability derivatives: Fair Value | 1,561 | 1,090 |
Derivatives Designated As Hedging Instruments [Member] | Aluminum Futures Contracts | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 25 | 20 |
Liability derivatives: Fair Value | $ (1,284) | $ (1,650) |
Derivative Financial Instrume_7
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 ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Foreign Currency Forwards And Options [Member] | Cost Of Sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of pretax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income effective portion) | $ 15 | $ 15 |
Foreign Currency Forwards And Options [Member] | Selling, General and Administrative Expenses [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of pretax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income effective portion) | (191) | (41) |
Cash Flow Derivative Hedges | Aluminum Futures Contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of pretax gain (loss) recognized in other comprehensive income (loss) | (246) | (392) |
Cash Flow Derivative Hedges | Aluminum Futures Contracts | Cost Of Sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of pretax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income effective portion) | (617) | 232 |
Cash Flow Derivative Hedges | Foreign Currency Forwards And Options | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of pretax gain (loss) recognized in other comprehensive income (loss) | 0 | 0 |
Cash Flow Derivative Hedges | Foreign Currency Forwards And Options | Selling, General and Administrative Expenses [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of pretax gain (loss) recognized in other comprehensive income (loss) | $ (816) | $ 170 |
Derivative Financial Instrume_8
Derivative Financial Instruments Terphane Future Cash Flow Hedges (Details) - Terphane Ltda [Member] R$ in Thousands, $ in Thousands | Mar. 31, 2019BRL (R$) | Mar. 31, 2019USD ($) |
Derivative [Line Items] | ||
Derivative, Notional Amount | R$ 129682 | $ 33,675 |
Percentage of Coverage Using Cash Flow Hedges | 0.00% | 0.00% |
Foreign Currency Exchange Rate, Translation | 3.9 | 3.9 |
Apr-19 [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | R$ 7430 | $ 2,025 |
Percentage of Coverage Using Cash Flow Hedges | 0.00% | 0.00% |
Foreign Currency Exchange Rate, Translation | 3,669 | 3,669 |
May-19 [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | R$ 7451 | $ 2,025 |
Percentage of Coverage Using Cash Flow Hedges | 0.00% | 0.00% |
Foreign Currency Exchange Rate, Translation | 3,679.5 | 3,679.5 |
Jun-19 [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | R$ 7473 | $ 2,025 |
Percentage of Coverage Using Cash Flow Hedges | 0.00% | 0.00% |
Foreign Currency Exchange Rate, Translation | 3,690.4 | 3,690.4 |
Jul-19 [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | R$ 6989 | $ 1,800 |
Percentage of Coverage Using Cash Flow Hedges | 0.00% | 0.00% |
Foreign Currency Exchange Rate, Translation | 3,882.6 | 3,882.6 |
Aug-19 [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | R$ 7011 | $ 1,800 |
Percentage of Coverage Using Cash Flow Hedges | 0.00% | 0.00% |
Foreign Currency Exchange Rate, Translation | 3,895 | 3,895 |
Sep-19 [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | R$ 7033 | $ 1,800 |
Percentage of Coverage Using Cash Flow Hedges | 0.00% | 0.00% |
Foreign Currency Exchange Rate, Translation | 3,907 | 3,907 |
Oct-19 [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | R$ 7056 | $ 1,800 |
Percentage of Coverage Using Cash Flow Hedges | 0.00% | 0.00% |
Foreign Currency Exchange Rate, Translation | 3,920.3 | 3,920.3 |
Nov-19 [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | R$ 7080 | $ 1,800 |
Percentage of Coverage Using Cash Flow Hedges | 0.00% | 0.00% |
Foreign Currency Exchange Rate, Translation | 3,933.1 | 3,933.1 |
Dec-19 [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | R$ 7102 | $ 1,800 |
Percentage of Coverage Using Cash Flow Hedges | 0.00% | 0.00% |
Foreign Currency Exchange Rate, Translation | 3,945.5 | 3,945.5 |
Jan-20 [Member] [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | R$ 5356 | $ 1,400 |
Percentage of Coverage Using Cash Flow Hedges | 0.00% | 0.00% |
Foreign Currency Exchange Rate, Translation | 3,825.6 | 3,825.6 |
Feb-20 [Member] [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | R$ 5366 | $ 1,400 |
Percentage of Coverage Using Cash Flow Hedges | 0.00% | 0.00% |
Foreign Currency Exchange Rate, Translation | 3,833.1 | 3,833.1 |
Mar-20 [Member] [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | R$ 5373 | $ 1,400 |
Percentage of Coverage Using Cash Flow Hedges | 0.00% | 0.00% |
Foreign Currency Exchange Rate, Translation | 3,837.7 | 3,837.7 |
Apr-20 [Member] [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | R$ 5384 | $ 1,400 |
Percentage of Coverage Using Cash Flow Hedges | 0.00% | 0.00% |
Foreign Currency Exchange Rate, Translation | 3,845.6 | 3,845.6 |
May-20 [Member] [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | R$ 5395 | $ 1,400 |
Percentage of Coverage Using Cash Flow Hedges | 0.00% | 0.00% |
Foreign Currency Exchange Rate, Translation | 3,853.9 | 3,853.9 |
Jun-20 [Member] [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | R$ 5407 | $ 1,400 |
Percentage of Coverage Using Cash Flow Hedges | 0.00% | 0.00% |
Foreign Currency Exchange Rate, Translation | 3,862.1 | 3,862.1 |
Jul-20 [Member] [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | R$ 5422 | $ 1,400 |
Percentage of Coverage Using Cash Flow Hedges | 0.00% | 0.00% |
Foreign Currency Exchange Rate, Translation | 3,872.7 | 3,872.7 |
Aug-20 [Member] [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | R$ 5439 | $ 1,400 |
Percentage of Coverage Using Cash Flow Hedges | 0.00% | 0.00% |
Foreign Currency Exchange Rate, Translation | 3,885 | 3,885 |
Sep-20 [Member] [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | R$ 5455 | $ 1,400 |
Percentage of Coverage Using Cash Flow Hedges | 0.00% | 0.00% |
Foreign Currency Exchange Rate, Translation | 3,896.4 | 3,896.4 |
Oct-20 [Member] [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | R$ 5471 | $ 1,400 |
Percentage of Coverage Using Cash Flow Hedges | 0.00% | 0.00% |
Foreign Currency Exchange Rate, Translation | 3,907.9 | 3,907.9 |
Nov-20 [Member] [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | R$ 5486 | $ 1,400 |
Percentage of Coverage Using Cash Flow Hedges | 0.00% | 0.00% |
Foreign Currency Exchange Rate, Translation | 3,918.7 | 3,918.7 |
Dec-20 [Member] [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | R$ 5503 | $ 1,400 |
Percentage of Coverage Using Cash Flow Hedges | 0.00% | 0.00% |
Foreign Currency Exchange Rate, Translation | 3,930.6 | 3,930.6 |
Pension And Other Post-Retire_3
Pension And Other Post-Retirement Benefits (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $ (86.8) | $ (88.8) |
Other Post-Retirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Contribution to pension plans for continuing operations | 0.3 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected required contributions | 8.1 | |
Contribution to pension plans for continuing operations | 1.7 | |
Accrued Expenses [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Liability, Defined Benefit Plan, Current | $ 0.6 | $ 1 |
Pension And Other Post-Retire_4
Pension And Other Post-Retirement Benefits (Schedule Of Components Of Net Periodic Benefit Cost For Pension And Other Post-Retirement Benefit Programs) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 0 | $ 5 |
Interest cost | 3,067 | 2,882 |
Expected return on plan assets | (3,404) | (3,761) |
Amortization of prior service costs, (gains) losses and net transition asset | 2,729 | 3,428 |
Net periodic benefit cost | 2,392 | 2,554 |
Other Post-Retirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 8 | 10 |
Interest cost | 73 | 69 |
Expected return on plan assets | 0 | |
Amortization of prior service costs, (gains) losses and net transition asset | (58) | (54) |
Net periodic benefit cost | $ 23 | $ 25 |
Other Income (Expense), Net (De
Other Income (Expense), Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Other Income and Expenses [Abstract] | ||
Other income (expense), net | $ 17,110 | $ 8,233 |
Other Nonoperating Income (Expense), Net - Other | $ 28 | $ 33 |
Other Income (Expense), Net O_2
Other Income (Expense), Net Other Income (Expense), Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Other Nonoperating Income (Expense), Net - Total | $ 17,110 | $ 8,233 |
Other Nonoperating Income (Expense), Net - Other | 28 | 33 |
kaleo [Member] | ||
Other Interest and Dividend Income | 17,582 | |
Unrealized Gain (Loss) on Investments - kaleo | $ 17,082 | $ 8,200 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Segment Reporting Information By Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Assets | $ 749,377 | $ 707,373 | |
Total net sales | 239,445 | $ 249,921 | |
Gross Sales | 248,466 | 258,711 | |
Total Segment Income (Loss) | 16,477 | 24,843 | |
Interest income | 59 | 56 | |
Interest expense | 1,232 | 1,644 | |
Gain (loss) on investment in kaléo accounted for under fair value method | 17,082 | 8,200 | |
Gain (Loss) on Disposition of Assets | (385) | 0 | |
Stock option-based compensation costs | 415 | 86 | |
Corporate expenses, net | 8,160 | 7,918 | |
Income from continuing operations before income taxes | 23,811 | 23,451 | |
Income taxes from continuing operations | 4,026 | 5,287 | |
Net income | 19,785 | 18,164 | |
kaleo | |||
Segment Reporting Information [Line Items] | |||
Gain (loss) on investment in kaléo accounted for under fair value method | 17,082 | 8,200 | |
PE Films | |||
Segment Reporting Information [Line Items] | |||
Assets | 234,301 | 231,720 | |
Total net sales | 66,779 | 93,249 | |
Operating profit from ongoing operations | 2,951 | 14,034 | |
Plant shutdowns, asset impairments, restructurings and other | (1,378) | (1,052) | |
Flexible Packaging Films [Member] [Domain] | |||
Segment Reporting Information [Line Items] | |||
Assets | 59,550 | 58,964 | |
Total net sales | 33,619 | 28,437 | |
Operating profit from ongoing operations | 2,859 | 1,715 | |
Plant shutdowns, asset impairments, restructurings and other | 0 | 0 | |
Aluminum Extrusions | |||
Segment Reporting Information [Line Items] | |||
Assets | 302,153 | $ 281,372 | |
Total net sales | 139,047 | 128,235 | |
Operating profit from ongoing operations | 12,085 | 10,199 | |
Plant shutdowns, asset impairments, restructurings and other | (40) | (53) | |
Shipping and Handling [Member] | |||
Segment Reporting Information [Line Items] | |||
Freight | 9,021 | 8,790 | |
Personal Care Materials [Member] | PE Films | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 44,855 | 61,644 | |
Surface Protection Films [Member] | PE Films | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 19,888 | 29,815 | |
Films For Other Markets [Member] | PE Films | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 2,036 | 1,790 | |
Film Products Subtotal [Member] | PE Films | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 66,779 | 93,249 | |
Nonresidential Building And Construction [Member] | Aluminum Extrusions | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 69,638 | 65,280 | |
Consumer Durables [Member] | Aluminum Extrusions | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 15,545 | 15,189 | |
Distribution [Member] | Aluminum Extrusions | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 8,573 | 10,971 | |
Automotive [Member] | Aluminum Extrusions | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 12,627 | 9,673 | |
Residential Building And Construction [Member] | Aluminum Extrusions | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 11,672 | 9,601 | |
Machinery and Equipment BNL [Domain] | Aluminum Extrusions | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 9,923 | 9,094 | |
Electrical [Member] | Aluminum Extrusions | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 11,069 | 8,427 | |
Aluminum Extrusions Subtotal [Member] | Aluminum Extrusions | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 139,047 | 128,235 | |
Product [Member] | |||
Segment Reporting Information [Line Items] | |||
Freight | $ 200,653 | $ 203,189 |
Segment Reporting (Schedule O_2
Segment Reporting (Schedule Of Identifiable Assets By Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock option-based compensation costs | $ 415 | $ 86 | ||
Subtotal | 596,004 | $ 572,056 | ||
General corporate | 117,071 | 100,920 | ||
Cash and cash equivalents | 36,302 | $ 36,135 | 34,397 | $ 36,491 |
Total assets | 749,377 | 707,373 | ||
PE Films | ||||
Total assets | 234,301 | 231,720 | ||
Flexible Packaging Films [Member] [Domain] | ||||
Total assets | 59,550 | 58,964 | ||
Aluminum Extrusions | ||||
Total assets | $ 302,153 | $ 281,372 |
Segment Reporting Schedule of R
Segment Reporting Schedule of Revenue by Geographic Location (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Sales | $ 239,445 | $ 249,921 |
UNITED STATES | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 172,254 | 159,562 |
PE Films | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 66,779 | 93,249 |
PE Films | Personal Care Materials [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 44,855 | 61,644 |
PE Films | Surface Protection Films [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 19,888 | 29,815 |
PE Films | Films For Other Markets [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 2,036 | 1,790 |
PE Films | Film Products Subtotal [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 66,779 | 93,249 |
Flexible Packaging Films [Member] [Domain] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 33,619 | 28,437 |
Aluminum Extrusions | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 139,047 | 128,235 |
Aluminum Extrusions | Nonresidential Building And Construction [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 69,638 | 65,280 |
Aluminum Extrusions | Consumer Durables [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 15,545 | 15,189 |
Aluminum Extrusions | Distribution [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 8,573 | 10,971 |
Aluminum Extrusions | Automotive [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 12,627 | 9,673 |
Aluminum Extrusions | Residential Building And Construction [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 11,672 | 9,601 |
Aluminum Extrusions | Aluminum Extrusions Subtotal [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 139,047 | 128,235 |
Aluminum Extrusions | Machinery and Equipment BNL [Domain] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 9,923 | 9,094 |
Aluminum Extrusions | Electrical [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 11,069 | 8,427 |
Exports From United States [Member] | Asia [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 13,493 | 23,592 |
Exports From United States [Member] | CANADA | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 3,605 | 13,298 |
Exports From United States [Member] | Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 1,360 | 1,822 |
Exports From United States [Member] | Latin America [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 2,867 | 3,052 |
Operations Outside United States [Member] | BRAZIL | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 28,138 | 23,151 |
Operations Outside United States [Member] | NETHERLANDS | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 9,587 | 11,928 |
Operations Outside United States [Member] | HUNGARY | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 6,834 | 8,818 |
Operations Outside United States [Member] | CHINA | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 230 | 2,274 |
Operations Outside United States [Member] | INDIA | ||
Disaggregation of Revenue [Line Items] | ||
Sales | $ 1,077 | $ 2,424 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Taxes [Line Items] | ||
Effective Income Tax Rate Reconciliation - U.S. Tax on Foreign Branch Income | $ 465,000 | $ 357,000 |
Effective Income Tax Rate Reconciliation - U.S. Tax on Foreign Branch Income - Percentage | 2.00% | 1.50% |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | $ (86,000) | $ (100,000) |
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 5,000,000 | $ 4,925,000 |
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Percent | (1.80%) | (0.90%) |
effective income tax rate reconciliation, valuation allowance due to foreign losses | $ (253,000) | $ (362,000) |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | $ 329,000 | $ 221,000 |
Effective Income Tax Rate Reconciliation Amount - FDII | (194,000) | (153,000) |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | $ (436,000) | $ 211,000 |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 1.40% | 0.90% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | $ 180,000 | $ 321,000 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 0.80% | 1.40% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount | $ (133,000) | $ 173,000 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Percent | (0.60%) | 0.70% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | $ 73,000 | $ 84,000 |
Effective Income Tax Rate Reconciliation Percent - FDII | (0.80%) | (0.70%) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | 0.30% | 0.40% |
Effective Income Tax Rate Reconciliation Amount - GILTI | $ 0 | $ 32,000 |
Effective Income Tax Rate Reconciliation Percent - GILTI | 0.00% | 0.10% |
Effective Income Tax Rate Reconciliation Operating Loss Carryforwards Valuation Allowance For Foreign Country | (1.10%) | (1.50%) |
Effective Income Tax Rate Reconciliation, Deduction, Amount | $ (4,026,000) | $ (5,287,000) |
Income Tax Expense (Benefit) | $ 4,026,000 | $ 5,287,000 |
Effective Income Tax Rate Reconciliation, Percent | 16.90% | 22.50% |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | $ 23,811,000 | $ 23,451,000 |
Income Tax Examination, Interest Accrued | $ 200,000 | |
Brazilian [Member] | ||
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% | |
Flexible Packaging Films [Member] | ||
Income Taxes [Line Items] | ||
Foreign Tax Credit - Brazil | $ 400,000 | $ 200,000 |
Terphane Ltda [Member] | ||
Income Taxes [Line Items] | ||
Current Effective Tax Rate Including Social Contribution On Income | 15.25% | |
LengthBrazilianTaxIncentive | 10 years |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Income Tax Rate For Continuing Operations) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 5,000,000 | $ 4,925,000 |
Income tax expense at federal statutory rate | 21.00% | 21.00% |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | $ 329,000 | $ 221,000 |
State taxes, net of federal income tax benefit | 0.80% | 1.40% |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | $ (86,000) | $ (100,000) |
Non-deductible expenses | 0.30% | 0.40% |
Valuation allowance for foreign operating loss carry-forwards | (1.10%) | (1.50%) |
Research and development tax credit | (0.40%) | (0.40%) |
Foreign rate differences | 1.40% | 0.90% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | $ 180,000 | $ 321,000 |
Foreign tax incentives | (1.80%) | (0.90%) |
Effective Income Tax Rate Reconciliation, Deduction, Dividends, Amount | $ (919,000) | $ 0 |
Effective Income Tax Rate Reconciliation, Deduction, Dividend, Percent | (3.90%) | 0.00% |
effective income tax rate reconciliation, valuation allowance due to foreign losses | $ (253,000) | $ (362,000) |
Effective Income Tax Rate Reconciliation, Deduction, Amount | $ 4,026,000 | $ 5,287,000 |
Effective income tax rate for income from continuing operations | 16.90% | 22.50% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount | $ (133,000) | $ 173,000 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Percent | (0.60%) | 0.70% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | $ 73,000 | $ 84,000 |
Effective Income Tax Rate Reconciliation Amount - GILTI | $ 0 | $ 32,000 |
Effective Income Tax Rate Reconciliation Percent - GILTI | 0.00% | 0.10% |
Effective Income Tax Rate Reconciliation Amount - FDII | $ (194,000) | $ (153,000) |
Effective Income Tax Rate Reconciliation Percent - FDII | (0.80%) | (0.70%) |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | $ (436,000) | $ 211,000 |
Effective Income Tax Rate Reconciliation - U.S. Tax on Foreign Branch Income | $ 465,000 | $ 357,000 |
Effective Income Tax Rate Reconciliation - U.S. Tax on Foreign Branch Income - Percentage | 2.00% | 1.50% |
New Accounting Pronouncements N
New Accounting Pronouncements New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements [Abstract] | |||
Operating Lease, Right-of-Use Asset | $ 19,999 | $ 21,000 | $ 0 |
Operating Lease, Liability, Noncurrent | $ 19,073 | $ 22,000 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Revenue Recognition and Deferred Revenue [Abstract] | ||
Accounts Receivable, Gross, Current | $ 121,949 | $ 122,182 |
Other Receivables | 4,192 | 5,482 |
Accounts Receivable, Gross | 126,141 | 127,664 |
Allowance for Doubtful Accounts, Premiums and Other Receivables | 3,194 | 2,937 |
Accounts and other receivables, net of allowance for doubtful accounts and sales returns of $3,194 in 2019 and $2,937 in 2018 | $ 122,947 | $ 124,727 |
Leasing (Details)
Leasing (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Mar. 31, 2019 | |
ASC 840 2018 Minimum Lease Payments Table [Abstract] | ||
Operating Leases, Rent Expense, Net | $ 5,200 | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 4,445 | $ 2,555 |
Operating Leases, Future Minimum Payments, Due in Two Years | 4,007 | 3,379 |
Operating Leases, Future Minimum Payments, Due in Three Years | 3,591 | 3,353 |
Operating Leases, Future Minimum Payments, Due in Four Years | 2,391 | 2,451 |
Operating Leases, Future Minimum Payments, Due in Five Years | 1,245 | 2,344 |
Operating Leases, Future Minimum Payments, Due Thereafter | 2,630 | 12,132 |
Operating Leases, Future Minimum Payments Due | $ 18,309 | $ 26,214 |