Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'TREDEGAR CORP | ' |
Entity Central Index Key | '0000850429 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 32,282,631 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $42,604 | $48,822 |
Accounts and other receivables, net of allowance for doubtful accounts and sales returns of $3,769 in 2013 and $3,552 in 2012 | 111,452 | 100,798 |
Income taxes recoverable | ' | 2,886 |
Inventories | 76,749 | 74,670 |
Deferred income taxes | 7,143 | 5,614 |
Prepaid expenses and other | 6,119 | 6,780 |
Total current assets | 244,067 | 239,570 |
Property, plant and equipment, at cost | 779,806 | 749,153 |
Less accumulated depreciation | 508,323 | 495,736 |
Net property, plant and equipment | 271,483 | 253,417 |
Goodwill and other intangibles, net | 230,394 | 240,619 |
Other assets and deferred charges | 47,350 | 49,559 |
Total assets | 793,294 | 783,165 |
Liabilities and Shareholders' Equity | ' | ' |
Accounts payable | 87,866 | 82,067 |
Accrued expenses | 44,953 | 42,514 |
Income taxes payable | 36 | ' |
Total current liabilities | 132,855 | 124,581 |
Long-term debt | 134,000 | 128,000 |
Deferred income taxes | 59,774 | 60,773 |
Other noncurrent liabilities | 89,960 | 97,559 |
Total liabilities | 416,589 | 410,913 |
Commitments and contingencies (Notes 1, 3 and 13) | ' | ' |
Shareholders' equity: | ' | ' |
Common stock, no par value (issued and outstanding - 32,275,206 at September 30, 2013 and 32,069,370 at December 31, 2012) | 19,664 | 15,195 |
Common stock held in trust for savings restoration plan | -1,414 | -1,401 |
Foreign currency translation adjustment | -12,412 | 131 |
Gain (loss) on derivative financial instruments | 689 | 993 |
Pension and other postretirement benefit adjustments | -96,405 | -103,471 |
Retained earnings | 466,583 | 460,805 |
Total shareholders' equity | 376,705 | 372,252 |
Total liabilities and shareholders' equity | $793,294 | $783,165 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ' | ' |
Accounts and other receivables, allowance for doubtful accounts and sales returns | $3,769 | $3,552 |
Common stock, no par value | ' | ' |
Common stock, shares issued | 32,275,206 | 32,069,370 |
Common stock, shares outstanding | 32,275,206 | 32,069,370 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues and other items: | ' | ' | ' | ' |
Sales | $243,194 | $216,648 | $728,250 | $649,150 |
Other income (expense), net | -3,229 | 2,880 | -1,559 | 8,070 |
Total revenues, net of other expenses | 239,965 | 219,528 | 726,691 | 657,220 |
Costs and expenses: | ' | ' | ' | ' |
Cost of goods sold | 198,433 | 172,431 | 594,502 | 524,774 |
Freight | 7,508 | 6,130 | 22,119 | 17,404 |
Selling, general and administrative | 17,842 | 15,902 | 53,541 | 54,296 |
Research and development | 3,189 | 3,429 | 9,605 | 10,163 |
Amortization of intangibles | 1,700 | 1,305 | 5,233 | 4,047 |
Interest expense | 727 | 708 | 2,132 | 2,732 |
Asset impairments and costs associated with exit and disposal activities | 201 | 937 | 839 | 3,151 |
Total | 229,600 | 200,842 | 687,971 | 616,567 |
Income from continuing operations before income taxes | 10,365 | 18,686 | 38,720 | 40,653 |
Income taxes from continuing operations | 2,937 | 4,476 | 12,185 | 11,318 |
Income from continuing operations | 7,428 | 14,210 | 26,535 | 29,335 |
Loss from discontinued operations | -450 | -6,783 | -13,990 | -11,557 |
Net income | $6,978 | $7,427 | $12,545 | $17,778 |
Basic | ' | ' | ' | ' |
Continuing operations | $0.23 | $0.44 | $0.83 | $0.92 |
Discontinued operations | ($0.01) | ($0.21) | ($0.44) | ($0.36) |
Net income | $0.22 | $0.23 | $0.39 | $0.56 |
Diluted | ' | ' | ' | ' |
Continuing operations | $0.23 | $0.44 | $0.81 | $0.91 |
Discontinued operations | ($0.02) | ($0.21) | ($0.43) | ($0.36) |
Net income | $0.21 | $0.23 | $0.38 | $0.55 |
Shares used to compute earnings per share: | ' | ' | ' | ' |
Basic | 32,201 | 32,052 | 32,155 | 32,038 |
Diluted | 32,658 | 32,101 | 32,591 | 32,198 |
Dividends per share | $0.07 | $0.06 | $0.21 | $0.15 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Net income | $6,978 | $7,427 | $12,545 | $17,778 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustment (net of tax) | 337 | 420 | -12,543 | -10,875 |
Derivative financial instruments adjustment (net of tax benefit) | 236 | 1,523 | -304 | 1,276 |
Amortization of prior service costs and net gains or losses (net of tax) | 2,441 | 1,556 | 7,066 | 4,818 |
Other comprehensive income (loss) | 3,014 | 3,499 | -5,781 | -4,781 |
Comprehensive income | $9,992 | $10,926 | $6,764 | $12,997 |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Foreign currency translation adjustment, (benefit) tax | $608 | $546 | $16 | $218 |
Derivative financial instruments adjustment, tax (benefit) | 140 | 904 | -174 | 752 |
Amortization of prior service costs and net gains or losses, tax | $1,410 | $899 | $4,083 | $2,784 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $12,545 | $17,778 |
Adjustments for noncash items: | ' | ' |
Depreciation | 28,608 | 34,470 |
Amortization of intangibles | 5,233 | 4,047 |
Deferred income taxes | -4,259 | -2,828 |
Accrued pension and postretirement benefits | 10,464 | 6,258 |
Net gain on investment accounted for under the fair value method | -100 | -9,000 |
Loss on asset impairments and divestitures | 1,254 | 1,942 |
Gain on disposal of assets | ' | -303 |
Changes in assets and liabilities, net of effects of acquisitions and divestitures: | ' | ' |
Accounts and other receivables | -13,258 | 1,652 |
Inventories | -3,722 | -6,319 |
Income taxes recoverable/payable | 2,728 | 4,122 |
Prepaid expenses and other | -171 | 1,783 |
Accounts payable and accrued expenses | 9,905 | 565 |
Other, net | -4,346 | -4,606 |
Net cash provided by operating activities | 44,881 | 49,561 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -54,734 | -20,638 |
Acquisition, net of cash acquired | 561 | -3,311 |
Proceeds from the sale of business | 306 | ' |
Proceeds from the sale of assets and other | 742 | 1,141 |
Net cash used in investing activities | -53,125 | -22,808 |
Cash flows from financing activities: | ' | ' |
Borrowings | 55,000 | ' |
Debt principal payments and financing costs | -49,000 | -46,354 |
Dividends paid | -6,780 | -4,817 |
Proceeds from exercise of stock options | 2,838 | 125 |
Net cash provided by (used in) financing activities | 2,058 | -51,046 |
Effect of exchange rate changes on cash | -32 | -479 |
Increase (decrease) in cash and cash equivalents | -6,218 | -24,772 |
Cash and cash equivalents at beginning of period | 48,822 | 68,939 |
Cash and cash equivalents at end of period | $42,604 | $44,167 |
Consolidated_Statements_Of_Sha
Consolidated Statements Of Shareholders' Equity (USD $) | Common Stock [Member] | Retained Earnings [Member] | Trust For Savings Restoration Plan [Member] | Foreign Currency Translation [Member] | Gain (Loss) On Derivative Financial Instruments [Member] | Pension & Other Post-Retirement Benefit Adjust. [Member] | Total |
In Thousands | |||||||
Balance at Dec. 31, 2012 | $15,195 | $460,805 | ($1,401) | $131 | $993 | ($103,471) | $372,252 |
Net income | ' | 12,545 | ' | ' | ' | ' | 12,545 |
Foreign currency translation adjustment (net of tax of $16) | ' | ' | ' | -12,543 | ' | ' | -12,543 |
Derivative financial instruments adjustment (net of tax benefit of $174) | ' | ' | ' | ' | -304 | ' | -304 |
Amortization of prior service costs and net gains or losses (net of tax of $4,083) | ' | ' | ' | ' | ' | 7,066 | 7,066 |
Cash dividends declared ($.21 per share) | ' | -6,780 | ' | ' | ' | ' | -6,780 |
Stock-based compensation expense | 2,072 | ' | ' | ' | ' | ' | 2,072 |
Issued upon exercise of stock options (including related income tax benefits of $134) & other | 2,397 | ' | ' | ' | ' | ' | 2,397 |
Tredegar common stock purchased by trust for savings restoration plan | ' | 13 | -13 | ' | ' | ' | ' |
Balance at Sep. 30, 2013 | $19,664 | $466,583 | ($1,414) | ($12,412) | $689 | ($96,405) | $376,705 |
Consolidated_Statements_Of_Sha1
Consolidated Statements Of Shareholders' Equity (Parenthetical) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Consolidated Statements Of Shareholders' Equity [Abstract] | ' |
Foreign currency translation adjustment, tax (benefit) | $16 |
Derivative financial instruments adjustment, tax (benefit) | -174 |
Amortization of prior service costs and net gains or losses, tax | 4,083 |
Cash dividends declared, per share | $0.21 |
Issued upon exercise of stock options, income tax benefit | $134 |
Basis_Of_Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis Of Presentation [Abstract] | ' |
Basis Of Presentation | ' |
1. In the opinion of management, the accompanying consolidated financial statements of Tredegar Corporation and its subsidiaries ("Tredegar," "we," "us" or "our") contain all adjustments necessary to state fairly, in all material respects, Tredegar's consolidated financial position as of September 30, 2013, the consolidated results of operations for the three and nine months ended September 30, 2013 and 2012, the consolidated cash flows for the nine months ended September 30, 2013 and 2012, and the consolidated changes in shareholders' equity for the nine months ended September 30, 2013. All such adjustments, unless otherwise detailed in the notes to the consolidated interim financial statements, are deemed to be of a normal, recurring nature. The financial position data as of December 31, 2012 that is included herein was derived from the audited consolidated financial statements provided in our Annual Report on Form 10-K for the year ended December 31, 2012 ("2012 Form 10-K") but does not include all disclosures required by United States generally accepted accounting principles. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2012 Form 10-K. The results of operations for the three and nine months ended September 30, 2013, are not necessarily indicative of the results to be expected for the full year. | |
Acquisitions
Acquisitions | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Acquisitions [Abstract] | ' | ||||
Acquisitions | ' | ||||
2. On October 1, 2012, The William L. Bonnell Company, Inc. acquired 100% ownership of AACOA, Inc. ("AACOA"). AACOA operates production facilities in Elkhart, Indiana and Niles, Michigan. Its primary markets include consumer durables, machinery and equipment and transportation. The acquisition added fabrication capabilities to Aluminum Extrusions' current array of products and services, and provided AACOA with large press capabilities and enhanced geographic sales coverage in a variety of end-use markets. | |||||
In the second quarter of 2013, all post-closing adjustments to the purchase price were resolved. Adjustments to the purchase price were made retrospectively as if the accounting had been completed on the acquisition date. Upon completing these post-closing adjustments, which were primarily related to the resolution of contractual obligations related to income taxes, the total purchase price (net of cash acquired) was $54.1 million, which includes $0.6 million that was received from the seller during the third quarter of 2013. The purchase price was funded using financing secured from our existing $350 million revolving credit facility. Based upon management's valuation of the fair value of tangible and intangible assets (net of cash) acquired and liabilities assumed, the estimated purchase price allocation is as follows: | |||||
(In Thousands) | |||||
Accounts receivable | $ | 12,477 | |||
Inventories | 4,708 | ||||
Property, plant & equipment | 15,116 | ||||
Identifiable intangible assets: | |||||
Customer relationships | 4,800 | ||||
Trade names | 4,800 | ||||
Proprietary technology | 3,400 | ||||
Noncompete agreements | 1,600 | ||||
Other assets (current & noncurrent) | 42 | ||||
Trade payables & accrued expenses | (6,574 | ) | |||
Total identifiable net assets | 40,369 | ||||
Purchase price, net of cash received | 54,065 | ||||
Goodwill | $ | 13,696 | |||
The goodwill and other intangible asset balances associated with this acquisition are expected to be deductible for tax purposes. Intangible assets acquired in the purchase of AACOA are being amortized over the following periods: | |||||
Identifiable Intangible Asset | Useful Life (Yrs) | ||||
Customer relationships | 10 | ||||
Proprietary technology | 10-Jun | ||||
Trade names | Indefinite | ||||
Noncompete agreements | 2 | ||||
The financial position and results of operations for AACOA have been consolidated with Tredegar subsequent to October 1, 2012. For the three and nine month periods ended September 30, 2013, the consolidated results of operations included sales of $22.7 million and $67.4 million, respectively, and net income of $0.7 million and $2.0 million, respectively, related to AACOA. The following unaudited supplemental pro forma data presents our consolidated revenues and earnings as if the acquisition of AACOA had been consummated as of January 1, 2012. The pro forma results are not necessarily indicative of our consolidated revenues and earnings if the acquisition and related borrowing had been consummated as of January 1, 2012. Supplemental unaudited pro forma results for the three and nine month periods ended September 30, 2012 are as follows: | |||||
Three Months | Nine Months | ||||
(In Thousands, Except Per Share Data) | Ended September 30, 2012 | ||||
Sales | $ | 238,652 | $ | 713,556 | |
Income from continuing operations | 15,425 | 31,662 | |||
Earnings per share from continuing operations: | |||||
Basic | $ | 0.48 | $ | 0.99 | |
Diluted | 0.48 | 0.98 | |||
The supplemental unaudited pro forma amounts reflect the application of the following adjustments in order to present the consolidated results as if the acquisition and related borrowing had occurred on January 1, 2012: | |||||
Adjustment for additional depreciation and amortization expense associated with the adjustments to property, plant and equipment and intangible assets associated with purchase accounting; | |||||
Additional interest expense and financing fees associated with borrowings from the existing revolving credit facility used to fund the acquisition of AACOA and the elimination of historical interest expense associated with historical borrowings of AACOA that were not assumed by Tredegar; | |||||
Adjustments to eliminate transaction-related expenses associated with the October 2012 acquisition of AACOA; | |||||
Adjustments for the estimated net income tax benefit associated with the previously described adjustments; and | |||||
Adjustments to income tax expense for AACOA as it had previously elected to be treated as an S-Corp for federal income tax purposes. | |||||
On October 14, 2011, TAC Holdings, LLC (the "Buyer") and Tredegar Film Products Corporation ("Film Products"), which are indirect and direct, respectively, wholly-owned subsidiaries of Tredegar, entered into a Membership Interest Purchase Agreement (the "Terphane Purchase Agreement") with Gaucho Holdings, B.V. (the "Seller"), an indirect, wholly-owned subsidiary of Vision Capital Partners VII LP ("Vision Capital"). On October 24, 2011, under the terms of the Terphane Purchase Agreement, the Buyer acquired from the Seller 100% of the outstanding equity interests of Terphane Holdings LLC ("Terphane"). | |||||
As of December 31, 2011, the purchase price allocation was preliminary, subject to adjustments for certain terms and conditions under the Terphane Purchase Agreement. In the first quarter of 2012, all post-closing adjustments to the purchase price were resolved. Adjustments to the purchase price were made retrospectively as if the accounting had been completed on the acquisition date. Upon completing these post-closing adjustments, which were primarily related to working capital transferred, the total purchase price (net of cash acquired) was $182.7 million, $3.3 million of which was paid during the first quarter of 2012. The purchase price was funded using available cash (net of cash received) of approximately $57.7 million and financing of $125 million secured from Tredegar's then-existing revolving credit facility. | |||||
Discontinued_Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2013 | |
Discontinued Operations [Abstract] | ' |
Discontinued Operations | ' |
3. On November 20, 2012, Tredegar Real Estate Holdings, Inc., a wholly-owned subsidiary, sold its membership interests in Falling Springs, LLC ("Falling Springs") to Arc Ventures, LC for $16.6 million. Arc Ventures, LC is a Virginia limited liability company affiliated with John D. Gottwald, a member of our Board of Directors. The purchase price was comprised of $12.8 million of cash and 209,576 shares of common stock of Tredegar owned by Arc Ventures, LC. | |
The results of operations related to Falling Springs have been classified as discontinued operations for all periods presented. For the three and nine month periods ended September 30, 2012, sales of $2.2 million and $3.0 million, respectively, and net income of $0.3 million and $0.3 million, respectively, have been reclassified to discontinued operations. Falling Springs was formerly a component of the Other segment. | |
On February 12, 2008, we sold our aluminum extrusions business in Canada for approximately $25.0 million to an affiliate of H.I.G. Capital. All historical results for this business have been reflected as discontinued operations; however, cash flows for discontinued operations have not been separately disclosed in the consolidated statements of cash flows. Charges of $0.5 million ($0.5 million after taxes) and $14.0 million ($14.0 million after taxes) were made for indemnifications under the purchase agreement related to environmental matters in the third quarter and first nine months of 2013, respectively. Charges of $7.1 million ($7.1 million after taxes) and $11.9 million ($11.9 million after taxes) were made for indemnifications under the purchase agreement related to environmental matters in the third quarter and first nine months of 2012. | |
Plants_Shutdowns_Asset_Impairm
Plants Shutdowns, Asset Impairments, Restructurings And Other | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Plants Shutdowns, Asset Impairments, Restructurings And Other [Abstract] | ' | |||||||||
Plant Shutdowns, Asset Impairments, Restructurings And Other | ' | |||||||||
4. Plant shutdowns, asset impairments, restructurings and other charges are shown in the net sales and operating profit by segment table in Note 10, and unless otherwise noted below, are also included in "Asset impairments and costs associated with exit and disposal activities" in the consolidated statements of income. | ||||||||||
Plant shutdowns, asset impairments, restructurings and other items in the third quarter of 2013 include: | ||||||||||
Pretax charges of $0.2 million associated with severance and other employee related costs associated with restructurings in Film Products; | ||||||||||
Pretax charge of $0.1 million related to expected future environmental costs at our aluminum extrusions manufacturing facility in Newnan, Georgia (included in "Cost of goods sold" in the consolidated statements of income); and | ||||||||||
Net pretax charge of $45,000 associated with the shutdown of the aluminum extrusions manufacturing facility in Kentland, Indiana. | ||||||||||
Plant shutdowns, asset impairments, restructurings and other items in the first nine months of 2013 include: | ||||||||||
Net pretax charges of $0.6 million associated with the shutdown of the aluminum extrusions manufacturing facility in Kentland, Indiana; | ||||||||||
Pretax charges of $0.3 million associated with severance and other employee related costs associated with restructurings in Film Products; | ||||||||||
Pretax charges of $0.2 million for integration-related expenses and other non-recurring transactions (included in "Selling, general and administrative expenses" in the consolidated statements of income) associated with the acquisition of AACOA by Aluminum Extrusions; | ||||||||||
Pretax charges of $0.2 million related to expected future environmental costs at our aluminum extrusions manufacturing facility in Newnan, Georgia (included in "Cost of goods sold" in the consolidated statements of income); and | ||||||||||
Pretax loss of $0.1 million related to the sale of previously impaired machinery and equipment at our film products manufacturing facility in Shanghai, China (included in "Other income (expense), net" in the consolidated statements of income). | ||||||||||
Results in the third quarter of 2013 include an unrealized loss from the write-down of our investment in Intelliject, Inc. ("Intelliject"), which is accounted for under the fair value method (included in "Other income (expense), net" in the consolidated statements of income), of $3.1 million ($1.9 million after taxes). Results in the first nine months of 2013 include a net unrealized gain from the write-up of our investment in Intelliject of $0.1 million ($0.1 million after taxes), respectively. An unrealized loss (included in "Other income (expense), net" in the consolidated statements of income and "Corporate expenses, net" in the statement of net sales and operating profit by segment) on our investment in Harbinger Capital Partners Special Situations Fund, L.P. ("Harbinger Fund") of $0.2 million ($0.1 million after taxes) was recorded in the third quarter of 2013 as a result of a reduction in the value of our investment that is not expected to be temporary. See Note 8 for additional information on investments. | ||||||||||
An unrealized loss on our investment property in Alleghany and Bath County, Virginia (included in "Other income (expense), net" in the consolidated statements of income) of $1.0 million ($0.6 million after taxes) was recorded in the second quarter of 2013 as a result of a reduction in the estimated fair value of our investment that is not expected to be temporary. | ||||||||||
Plant shutdowns, asset impairments, restructurings and other charges in the third quarter of 2012 include: | ||||||||||
Net pretax charge of $0.7 million associated with the shutdown of the aluminum extrusions manufacturing facility in Kentland, Indiana, which includes accelerated depreciation for property, plant and equipment of $0.6 million (included in "Cost of goods sold" in the consolidated statements of income), severance and other employee related expenses of $0.2 million and other shutdown-related charges of $0.7 million, partially offset by adjustments to inventories accounted for under the last-in, first-out ("LIFO") method of $0.5 million (included in "Cost of goods sold" in the consolidated statements of income) and gains on the sale of equipment of $0.3 million (included in "Other income (expense), net" in the consolidated statements of income); | ||||||||||
Pretax charges of $0.3 million for acquisition-related expenses (included in "Selling, general and administrative" expenses in the consolidated statement of income) associated with the acquisition of AACOA by Aluminum Extrusions; and | ||||||||||
Pretax charges of $0.1 million for integration-related expenses and other non-recurring transactions (included in "Selling, general and administrative" expenses in the consolidated statements of income) associated with the acquisition of Terphane by Film Products. | ||||||||||
Plant shutdowns, asset impairments, restructurings and other charges in the first nine months of 2012 include: | ||||||||||
Net pretax charge of $2.7 million associated with the shutdown of the aluminum extrusions manufacturing facility in Kentland, Indiana, which includes accelerated depreciation for property, plant and equipment of $2.4 million (included in "Cost of goods sold" in the consolidated statements of income), severance and other employee related expenses of $1.2 million and other shutdown-related charges of $0.9 million, partially offset by adjustments to inventories accounted for under the LIFO method of $1.5 million (included in "Cost of goods sold" in the consolidated statements of income) and gains on the sale of equipment of $0.3 million (included in "Other income (expense), net" in the consolidated statements of income); | ||||||||||
Pretax charges of $1.0 million for integration-related expenses and other non-recurring transactions (included in "Selling, general and administrative" expenses in the consolidated statements of income) associated with the acquisition of Terphane by Film Products; | ||||||||||
Pretax loss of $0.8 million for asset impairments associated with a previously shutdown film products manufacturing facility in LaGrange, Georgia; | ||||||||||
Pretax charges of $0.3 million for acquisition-related expenses (included in "Selling, general and administrative" expenses in the consolidated statement of income) associated with the acquisition of AACOA by Aluminum Extrusions; and | ||||||||||
Pretax charges of $0.3 million for severance and other employee-related costs in connection with restructurings in Film Products ($0.1 million) and Aluminum Extrusions ($0.2 million). | ||||||||||
Results in the third quarter and first nine months of 2012 include an unrealized gain from the write-up of our investment in Intelliject (included in "Other income (expense), net" in the consolidated statements of income) of $2.7 million ($1.7 million after taxes) and $9.0 million ($5.7 million after taxes), respectively. An unrealized loss (included in "Other income (expense), net" in the consolidated statements of income and "Corporate expenses, net" in the statement of net sales and operating profit by segment) on our investment in the Harbinger Fund of $1.1 million ($0.7 million after taxes) was recorded in the first quarter of 2012 as a result of a reduction in the value of our investment that is not expected to be temporary. See Note 8 for additional information on investments. | ||||||||||
A reconciliation of the beginning and ending balances of accrued expenses associated with asset impairments and exit and disposal activities for the nine months ended September 30, 2013 is as follows: | ||||||||||
(In Thousands) | Severance | Other (a) | Total | |||||||
Balance at December 31, 2012 | $ | 296 | $ | 585 | $ | 881 | ||||
Changes in 2013: | ||||||||||
Charges | 273 | 566 | 839 | |||||||
Cash spent | (390 | ) | (786 | ) | (1,176 | ) | ||||
Balance at September 30, 2013 | $ | 179 | $ | 365 | $ | 544 | ||||
(a) Other includes other shutdown-related costs associated with the shutdown of our aluminum extrusions manaufacturing facility in Kentland, Indiana. |
Inventories
Inventories | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Inventories [Abstract] | ' | ||||
Inventories | ' | ||||
5. The components of inventories are as follows: | |||||
September 30, | December 31, | ||||
(In Thousands) | 2013 | 2012 | |||
Finished goods | $ | 16,405 | $ | 16,138 | |
Work-in-process | 8,816 | 7,451 | |||
Raw materials | 28,282 | 28,758 | |||
Stores, supplies and other | 23,246 | 22,323 | |||
Total | $ | 76,749 | $ | 74,670 | |
During the first nine months of 2012, certain inventories accounted for on a LIFO basis declined permanently, which resulted in cost of goods sold being stated at below current replacement costs by approximately $1.5 million in Aluminum Extrusions. | |||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Earnings Per Share [Abstract] | ' | ||||
Earnings Per Share | ' | ||||
6. 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 | Nine Months | ||||
Ended September 30 | Ended September 30 | ||||
(In Thousands) | 2013 | 2012 | 2013 | 2012 | |
Weighted average shares outstanding used | |||||
to compute basic earnings per share | 32,201 | 32,052 | 32,155 | 32,038 | |
Incremental dilutive shares attributable to stock | |||||
options and restricted stock | 457 | 49 | 436 | 160 | |
Shares used to compute diluted earnings | |||||
per share | 32,658 | 32,101 | 32,591 | 32,198 | |
Incremental shares attributable to stock options and restricted stock are computed using the average market price during the related period. During the three and nine months ended September 30, 2013 average out-of-the-money options to purchase shares were excluded from the calculation of incremental shares attributable to stock options and restricted stock were 60,100 and 40,056, respectively, and for the three and nine months ended September 30, 2012, average out-of-the-money options to purchase shares were excluded from the calculation of incremental shares attributable to stock options and restricted stock were 1,023,733 and 692,600, respectively. | |||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
7. The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the nine months ended September 30, 2013: | |||||||||||||
Pension and | |||||||||||||
Foreign | Gain (loss) on | other post- | |||||||||||
currency | derivative | retirement | |||||||||||
translation | financial | benefit | |||||||||||
(In Thousands) | adjustment | instruments | adjustments | Total | |||||||||
Beginning balance, January 1, 2013 | $ | 131 | $ | 993 | $ | (103,471 | ) | $ | (102,347 | ) | |||
Other comprehensive income (loss) | |||||||||||||
before reclassifications | (12,543 | ) | (44 | ) | - | (12,587 | ) | ||||||
Amounts reclassified from accumulated | |||||||||||||
other comprehensive income (loss) | - | (260 | ) | 7,066 | 6,806 | ||||||||
Net other comprehensive income (loss) - | |||||||||||||
current period | (12,543 | ) | (304 | ) | 7,066 | (5,781 | ) | ||||||
Ending balance, September 30, 2013 | $ | (12,412 | ) | $ | 689 | $ | (96,405 | ) | $ | (108,128 | ) | ||
Reclassifications of balances out of accumulated other comprehensive income (loss) into net income for the three month period ended September 30, 2013 are summarized as follows: | |||||||||||||
Location of gain | |||||||||||||
(loss) reclassified | |||||||||||||
Amount | from accumulated | ||||||||||||
reclassified from | other | ||||||||||||
other | comprehensive | ||||||||||||
comprehensive | income to net | ||||||||||||
(In Thousands) | income | income | |||||||||||
Gain (loss) on dervative financial | |||||||||||||
instruments: | |||||||||||||
Aluminum future contracts, before taxes | $ | (268 | ) | Cost of sales | |||||||||
Foreign currency forward contracts, before taxes | - | ||||||||||||
Total, before taxes | (268 | ) | |||||||||||
Income taxexpense (benefit) | (101 | ) | Income taxes | ||||||||||
Total, net of tax | $ | (167 | ) | ||||||||||
Amortization of pension and other post- | |||||||||||||
retirement benefits: | |||||||||||||
Actuarial gain (loss) and prior service | |||||||||||||
costs, before taxes | $ | (3,851 | ) | (a) | |||||||||
Income taxexpense (benefit) | (1,410 | ) | Income taxes | ||||||||||
Total, net of tax | $ | (2,441 | ) | ||||||||||
(a) This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 10 for additional detail). | |||||||||||||
Reclassifications of balances out of accumulated other comprehensive income (loss) into net income for the nine month period ended September 30, 2013 are summarized as follows: | |||||||||||||
Location of gain | |||||||||||||
(loss) reclassified | |||||||||||||
Amount | from accumulated | ||||||||||||
reclassified from | other | ||||||||||||
other | comprehensive | ||||||||||||
comprehensive | income to net | ||||||||||||
(In Thousands) | income | income | |||||||||||
Gain (loss) on dervative financial | |||||||||||||
instruments: | |||||||||||||
Aluminum future contracts, before taxes | $ | (417 | ) | Cost of sales | |||||||||
Foreign currency forward contracts, before taxes | - | ||||||||||||
Total, before taxes | (417 | ) | |||||||||||
Income tax expense (benefit) | (157 | ) | Income taxes | ||||||||||
Total, net of tax | $ | (260 | ) | ||||||||||
Amortization of pension and other post- | |||||||||||||
retirement benefits: | |||||||||||||
Actuarial gain (loss) and prior service | |||||||||||||
costs, before taxes | $ | (11,149 | ) | (a) | |||||||||
Income tax expense (benefit) | (4,083 | ) | Income taxes | ||||||||||
Total, net of tax | $ | (7,066 | ) | ||||||||||
(a) This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 10 for additional detail). | |||||||||||||
Investments
Investments | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Investments [Abstract] | ' | ||||||||||||
Investments | ' | ||||||||||||
8. In August 2007 and December 2008, we made an aggregate investment of $7.5 million in Intelliject, a privately held specialty pharmaceutical company. Intelliject seeks to set a new standard in drug/device combination pharmaceuticals designed to enable superior treatment outcomes, improved cost effectiveness and intuitive patient administration. Our ownership interest on a fully diluted basis is approximately 20%, and the investment is accounted for under the fair value method. At the time of our initial investment, we elected the fair value option over the equity method of accounting since our investment objectives were similar to those of venture capitalists, which typically do not have controlling financial interests. | |||||||||||||
At September 30, 2013 and December 31, 2012, the estimated fair value of our investment (also the carrying value included in "Other assets and deferred charges" in our balance sheet) was $33.8 million and $33.7 million, respectively. The fair value estimates are based upon significant unobservable (Level 3) inputs since there is no secondary market for our ownership interest. Accordingly, until the next round of financing or other significant financial transaction, value estimates will primarily be based on assumptions relating to meeting product development and commercialization milestones, corresponding cash flow projections (projections of sales, costs, expenses, capital expenditures and working capital investment) and discounting of these factors for the high degree of risk. Adjustments to the estimated fair value of our investment will be made in the period during which changes can be quantified. | |||||||||||||
We recognized an unrealized loss on our investment in Intelliject (included in "Other income (expense), net" in the consolidated statements of income) of $3.1 million in the third quarter of 2013 and a net unrealized gain of $0.1 million in the first nine months of 2013. The unrealized loss in the third quarter of 2013 was primarily related to adjustments in the fair value due to a reassessment of the amount and timing of the projected receipt of royalty and milestone payments from commercial sales of Intelliject's licensed product, which launched in early 2013, and increased development and commercialization expenses related to its pipeline products, partially offset by the impact of the passage of time as anticipated cash flows associated with achieving product development and commercialization milestones are discounted at 55% for their high degree of risk. The net unrealized gain in the first nine months of 2013 was primarily related to adjustments in the fair value for the passage of time as anticipated cash flows associated with achieving product development and commercialization milestones are discounted at 55% for their high degree of risk, offset by adjustments in the fair value due to a reassessment of the amount and timing of projected receipt of royalty and milestone payments from commercial sales of Intelliject's licensed product, which launched in early 2013, and increased development and commercialization expenses related to its pipeline products. | |||||||||||||
We recognized an unrealized gain on our investment in Intelliject (included in "Other income (expense), net" in the consolidated statements of income) of $2.7 million and $9.0 million in the third quarter and first nine months of 2012, respectively. The unrealized gain in the third quarter of 2012 was primarily related to adjustments in the fair value for the passage of time as anticipated cash flows associated with achieving product development and commercialization milestones are discounted at 55% for their high degree of risk. The unrealized gain in the second quarter of 2012 was primarily attributed to the appreciation of our ownership interest to reflect insights from a new marketing study for its first product, which resulted in a favorable adjustment to the timing and amount of anticipated cash flows from an upcoming product introduction and achieving related milestones. The unrealized gain in the first quarter of 2012 was primarily attributed to the appreciation of our ownership interest after the weighted average cost of capital used to discount cash flows in our valuation of the specialty pharmaceutical company was reduced to reflect the completion of certain process testing and a reassessment of the risk associated with the timing for obtaining final marketing approval from the U.S. Food and Drug Administration for its first product. | |||||||||||||
The fair market valuation of our interest in Intelliject is sensitive to changes in the weighted average cost of capital used to discount cash flow projections for the high degree of risk associated with meeting development and commercialization milestones as anticipated. The weighted average cost of capital used in the fair market valuation of our interest in Intelliject was 55% at September 30, 2013 and December 31, 2012. At September 30, 2013, the effect of a 500 basis point decrease in the weighted average cost of capital assumption would have further increased the fair value of our interest in Intelliject by approximately $5 million, and a 500 basis point increase in the weighted average cost of capital assumption would have decreased the fair value of our interest by approximately $4 million. | |||||||||||||
Had we not elected to account for our investment under the fair value method, we would have been required to use the equity method of accounting. The condensed unaudited balance sheets for Intelliject at September 30, 2013 and December 31, 2012 and condensed unaudited statements of operations for the three and nine month periods ended September 30, 2013 and 2012, as reported to us by Intelliject, are provided below: | |||||||||||||
September 30, | December 31, | September 30, | December 31, | ||||||||||
(In Thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Assets: | Liabilities & Equity: | ||||||||||||
Cash & cash equivalents | $ | 32,198 | $ | 53,288 | Long term debt, current portion | $ | 3,997 | $ | - | ||||
Other current assets | 9,289 | 686 | Other current liabilities | 4,242 | 13,405 | ||||||||
Patents | 2,331 | 2,152 | Non-current liabilities | 2,895 | 1,449 | ||||||||
Other long-term assets | 9,737 | 4,278 | Long term debt, net of discount | 10,766 | 14,696 | ||||||||
Redeemable preferred stock | 21,724 | 20,995 | |||||||||||
Equity | 9,931 | 9,859 | |||||||||||
Total assets | $ | 53,555 | $ | 60,404 | Total liabilities & equity | $ | 53,555 | $ | 60,404 | ||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Revenues & Expenses: | |||||||||||||
Royalty revenues | $ | 7,904 | $ | - | $ | 12,420 | $ | - | |||||
Expenses and other, net | (5,604 | ) | (3,089 | ) | (12,515 | ) | (8,026 | ) | |||||
Income tax (expense) benefit | (912 | ) | 1,209 | 322 | 3,100 | ||||||||
Net income (loss) | $ | 1,388 | $ | (1,880 | ) | $ | 227 | $ | (4,926 | ) | |||
Our investment in the Harbinger Fund had a carrying value (included in "Other assets and deferred charges") of $3.2 million at September 30, 2013, compared with $3.6 million at December 31, 2012. The carrying value at September 30, 2013 reflected Tredegar's cost basis in its investment in the Harbinger Fund, net of total withdrawal proceeds received and unrealized losses. | |||||||||||||
We recorded an unrealized loss of $0.2 million ($0.1 million after taxes) in the third quarter of 2013 and $1.1 million ($0.7 million after taxes) in the first quarter of 2012 on our investment in the Harbinger Fund (included in "Other income (expense), net" in the consolidated statements of income) as a result of a reduction in the value of our investment that is not expected to be temporary. Withdrawal proceeds were $0.2 million and $0.5 million in the first nine months of 2013 and 2012, respectively. The timing and amount of future installments of withdrawal proceeds, which commenced in August 2010, were not known as of September 30, 2013. Gains on our investment in the Harbinger Fund will be recognized when the amounts expected to be collected from our withdrawal from the investment are known, which will likely be when cash in excess of our remaining carrying value is received. Losses will be recognized when management believes it is probable that future withdrawal proceeds will not exceed the remaining carrying value. | |||||||||||||
We have investment property in Alleghany and Bath County, Virginia. Our carrying value in this investment property (included in "Other assets and deferred charges" on the consolidated balance sheets) was $5.9 million at September 30, 2013 and $6.9 million at December 31, 2012. | |||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Derivative Financial Instruments [Abstract] | ' | |||||||||||
Derivative Financial Instruments | ' | |||||||||||
9. We use derivative financial instruments for the purpose of hedging margin exposure from fixed-price forward sales contracts in Aluminum Extrusions and currency exchange rate exposures that exist due to specified transactions. When possible, our derivative financial instruments are designated as and qualify as cash flow hedges and are recognized in the balance sheet at fair value. A change in the fair value of derivatives that are highly effective and that are designated and qualify as cash flow hedges is recorded in other comprehensive income (loss). Gains and losses reported in other comprehensive income (loss) are reclassified to earnings in the periods in which earnings are affected by the variability of cash flows of the hedged transaction. Such gains and losses are reported on the same line as the underlying hedged item. Any hedge ineffectiveness (which represents the amount by which the changes in the fair value of the derivative exceed the variability in the cash flows of the forecasted transaction) is recorded in current period earnings. The amount of gains and losses recognized for hedge ineffectiveness was not material to the third quarter and first nine months of 2013 and 2012. | ||||||||||||
The fair value of derivative instruments recorded on the consolidated balance sheets are based upon Level 2 inputs within the corresponding commodity or foreign currency markets. If individual derivative instruments with the same counterparty can be settled on a net basis, we record the corresponding derivative fair values as a net asset or net liability. | ||||||||||||
In the normal course of business, we enter 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 our margin exposure created from the fixing of future sales prices relative to volatile raw material (aluminum) costs, we enter 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 $4.6 million (4.7 million pounds of aluminum) at September 30, 2013 and $6.2 million (6.7 million pounds of aluminum) at December 31, 2012. | ||||||||||||
The table below summarizes the location and gross amounts of aluminum futures contract fair values in the consolidated balance sheets as of September 30, 2013 and December 31, 2012: | ||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | |||||||||
(In Thousands) | Account | Value | Account | Value | ||||||||
Derivatives Designated as Hedging Instruments | ||||||||||||
Asset derivatives: | Prepaid expenses | |||||||||||
Aluminum futures contracts | Accrued expenses | $ | 5 | and other | $ | 226 | ||||||
Liability derivatives: | Prepaid expense | |||||||||||
Aluminum futures contracts | Accrued expenses | $ | 223 | and other | $ | 88 | ||||||
Net asset (liability) | $ | (218 | ) | $ | 138 | |||||||
In the event that the counterparty to an aluminum fixed-price forward sales contract chooses to not take delivery of its aluminum extrusions, the customer is contractually obligated to compensate us for any losses on the related aluminum futures and/or forward purchase contracts through the date of cancellation. The offsetting asset and liability positions for derivatives not designated as hedging instruments (none at September 30, 2013 and December 31, 2012) are associated with the unwinding of aluminum futures contracts that relate to such cancellations. | ||||||||||||
We have future fixed Euro-denominated contractual payments for equipment being purchased as part of our multi-year capacity expansion project at our film products manufacturing facility in Cabo de Santo Agostinho, Brazil. We are using fixed rate Euro forward contracts with various settlement dates through November 2013 to hedge exchange rate exposure on these obligations. We had fixed rate forward contracts with outstanding notional amounts of €2.2 million and €9.9 million as of September 30, 2013 and December 31, 2012, respectively. | ||||||||||||
The table below summarizes the location and gross amounts of foreign currency forward contract fair values in the consolidated balance sheets as of September 30, 2013 and December 31, 2012: | ||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | |||||||||
(In Thousands) | Account | Value | Account | Value | ||||||||
Derivatives Designated as Hedging Instruments | ||||||||||||
Asset derivatives: | Prepaid expenses | Prepaid expenses | ||||||||||
Foreign currency forward contracts | and other | $ | 252 | and other | $ | 948 | ||||||
Net asset (liability) | $ | 252 | $ | 948 | ||||||||
These derivative contracts involve elements of market risk that are not reflected on our consolidated balance sheet, including the risk of dealing with counterparties and their ability to meet the terms of the contracts. The counterparties to our forward purchase commitments are major aluminum brokers and suppliers, and the counterparties to our aluminum futures contracts are major financial institutions. Fixed-price forward sales contracts are only made available to our best and most credit-worthy customers. The counterparties to our foreign currency futures and zero-cost collar contracts are major financial institutions. | ||||||||||||
The effect on net income and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for the three and nine month periods ended September 30, 2013 and 2012 is summarized in the table below: | ||||||||||||
(In Thousands) | Cash Flow Derivative Hedges | |||||||||||
Aluminum Futures | Foreign Currency | |||||||||||
Contracts | Forwards | |||||||||||
Three Months Ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Amount of pre-taxgain (loss) recognized in | ||||||||||||
other comprehensive income | $ | (11 | ) | $ | (617 | ) | $ | 122 | $ | 1,132 | ||
Location of gain (loss) reclassified from | ||||||||||||
accumulated other comprehensive income | Cost of | Cost of | ||||||||||
into net income (effective portion) | sales | sales | ||||||||||
Amount of pre-taxgain (loss) reclassified | ||||||||||||
from accumulated other comprehensive | ||||||||||||
income to net income (effective portion) | $ | (268 | ) | $ | (600 | ) | $ | - | $ | - | ||
Aluminum Futures | Foreign Currency | |||||||||||
Contracts | Forwards | |||||||||||
Nine Months Ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Amount of pre-taxgain (loss) recognized in | ||||||||||||
other comprehensive income | $ | (775 | ) | $ | (1,317 | ) | $ | (123 | ) | $ | 1,132 | |
Location of gain (loss) reclassified from | ||||||||||||
accumulated other comprehensive income | Cost of | Cost of | ||||||||||
into net income (effective portion) | sales | sales | ||||||||||
Amount of pre-taxgain (loss) reclassified | ||||||||||||
from accumulated other comprehensive | ||||||||||||
income to net income (effective portion) | $ | (417 | ) | $ | (902 | ) | $ | - | $ | - | ||
As of September 30, 2013, we expect $0.1 million of unrealized after-tax losses on derivative instruments reported in accumulated other comprehensive income (loss) to be reclassified to earnings within the next twelve months. For the three and nine month periods ended September 30, 2013 and 2012, net gains or losses realized on previously unrealized net gains or losses from hedges that had been discontinued were not material. | ||||||||||||
Pension_And_Other_PostRetireme
Pension And Other Post-Retirement Benefits | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Pension And Other Post-Retirement Benefits [Abstract] | ' | ||||||||||||
Pension And Other Post-Retirement Benefits | ' | ||||||||||||
10. The components of net periodic benefit cost for our pension and other post-retirement benefit programs reflected in consolidated results are shown below: | |||||||||||||
Pension | Other Post-Retirement | ||||||||||||
Benefits for Three Months | Benefits for Three Months | ||||||||||||
Ended September 30 | Ended September 30 | ||||||||||||
(In Thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Service cost | $ | (1,076 | ) | $ | (1,028 | ) | $ | (18 | ) | $ | (17 | ) | |
Interest cost | (3,039 | ) | (3,236 | ) | (89 | ) | (88 | ) | |||||
Expected return on plan assets | 4,415 | 4,709 | - | - | |||||||||
Amortization of prior service costs, gains or | |||||||||||||
losses and net transition asset | (3,892 | ) | (2,529 | ) | 41 | 74 | |||||||
Curtailment charge | - | (99 | ) | - | - | ||||||||
Net periodic benefit cost | $ | (3,592 | ) | $ | (2,183 | ) | $ | (66 | ) | $ | (31 | ) | |
Pension | Other Post-Retirement | ||||||||||||
Benefits for Nine Months | Benefits for Nine Months | ||||||||||||
Ended September 30 | Ended September 30 | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Service cost | $ | (2,816 | ) | $ | (2,743 | ) | $ | (53 | ) | $ | (43 | ) | |
Interest cost | (9,253 | ) | (9,813 | ) | (266 | ) | (289 | ) | |||||
Expected return on plan assets | 13,073 | 14,331 | - | - | |||||||||
Amortization of prior service costs, gains or | |||||||||||||
losses and net transition asset | (11,271 | ) | (7,782 | ) | 122 | 180 | |||||||
Curtailment charge | - | (99 | ) | - | - | ||||||||
Net periodic benefit cost | $ | (10,267 | ) | $ | (6,106 | ) | $ | (197 | ) | $ | (152 | ) | |
Pension and other postretirement liabilities for continuing operations of $86.1 million and $91.2 million are included in "Other noncurrent liabilities" in the consolidated balance sheets at September 30, 2013 and December 31, 2012, respectively. Our required contributions are expected to be approximately $0.2 million in 2013, and we made an additional discretionary contribution of $5.0 million to our underfunded pension plan in the third quarter of 2013. We fund our other post-retirement benefits (life insurance and health benefits) on a claims-made basis, which were $0.3 million for the year ended December 31, 2012. | |||||||||||||
Segment_Reporting
Segment Reporting | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting | ' | ||||||||||||
11. | Our primary business segments are Film Products and Aluminum Extrusions. In February 2010, we started reporting an additional segment, Other, comprised of the start-up operations of Bright View Technologies Corporation ("Bright View") and Falling Springs. Effective January 1, 2012, the operations and results of Bright View were incorporated into Film Products to leverage research and development efforts and accelerate new product development. As discussed in Note 3, Falling Springs was divested in the fourth quarter of 2012. All historical results for this business have been reflected as discontinued operations. With the sale of Falling Springs, there is no longer an Other segment to report. | ||||||||||||
Information by business segment is reported below. There are no accounting transactions between segments and no allocations to segments. Net sales (sales less freight) and operating profit from ongoing operations are the measures of sales and operating profit used by the chief operating decision maker for purposes of assessing performance. | |||||||||||||
The following table presents net sales and operating profit by segment for the three and nine month periods ended September 30, 2013 and 2012: | |||||||||||||
Three Months | Nine Months | ||||||||||||
Ended September 30 | Ended September 30 | ||||||||||||
(In Thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Net Sales | |||||||||||||
Film Products | $ | 157,187 | $ | 155,296 | $ | 469,838 | $ | 459,221 | |||||
AluminumExtrusions | 78,499 | 55,222 | 236,293 | 172,525 | |||||||||
Total net sales | 235,686 | 210,518 | 706,131 | 631,746 | |||||||||
Add back freight | 7,508 | 6,130 | 22,119 | 17,404 | |||||||||
Sales as shown in the Consolidated Statements of Income | 243,194 | 216,648 | 728,250 | 649,150 | |||||||||
Operating Profit | |||||||||||||
Film Products: | |||||||||||||
Ongoing operations | 19,617 | 21,092 | 55,351 | 49,999 | |||||||||
Plant shutdowns, asset impairments, restructurings and other | (155 | ) | (87 | ) | (364 | ) | (1,879 | ) | |||||
AluminumExtrusions: | |||||||||||||
Ongoing operations | 3,426 | 1,846 | 12,351 | 7,349 | |||||||||
Plant shutdowns, asset impairments, restructurings and other | (160 | ) | (1,067 | ) | (958 | ) | (3,214 | ) | |||||
Total | 22,728 | 21,784 | 66,380 | 52,255 | |||||||||
Interest income | 138 | 84 | 307 | 337 | |||||||||
Interest expense | 727 | 708 | 2,132 | 2,732 | |||||||||
Gain (loss) on investment accounted for under fair value method | (3,100 | ) | 2,700 | 100 | 9,000 | ||||||||
Unrealized loss on investment property | - | - | 1,018 | - | |||||||||
Stock option-based compensation costs | 260 | 386 | 859 | 1,147 | |||||||||
Corporate expenses, net | 8,414 | 4,788 | 24,058 | 17,060 | |||||||||
Income from continuining operations before income taxes | 10,365 | 18,686 | 38,720 | 40,653 | |||||||||
Income taxes from continuing operations | 2,937 | 4,476 | 12,185 | 11,318 | |||||||||
Income from continuing operations | 7,428 | 14,210 | 26,535 | 29,335 | |||||||||
Loss from discontinued operations | (450 | ) | (6,783 | ) | (13,990 | ) | (11,557 | ) | |||||
Net income | $ | 6,978 | $ | 7,427 | $ | 12,545 | $ | 17,778 | |||||
The following table presents identifiable assets by segment at September 30, 2013 and December 31, 2012: | |||||||||||||
September 30, | December 31, | ||||||||||||
(In Thousands) | 2013 | 2012 | |||||||||||
Film Products | $ | 572,681 | $ | 551,842 | |||||||||
Aluminum Extrusions | 129,005 | 129,279 | |||||||||||
Subtotal | 701,686 | 681,121 | |||||||||||
General corporate | 49,004 | 53,222 | |||||||||||
Cash and cash equivalents | 42,604 | 48,822 | |||||||||||
Total | $ | 793,294 | $ | 783,165 | |||||||||
Income_Taxes
Income Taxes | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Income Taxes [Abstract] | ' | ||||
Income Taxes | ' | ||||
12. The effective tax rate for income from continuing operations in the first nine months of 2013 was 31.5% compared to 27.8% in the first nine months of 2012. The significant differences between the U.S. federal statutory rate and the effective income tax rate for continuing operations for the nine months ended September 30, 2013 and 2012 are as follows: | |||||
Percent of Income | |||||
Before Income Taxes | |||||
Nine Months Ended September 30 | 2013 | 2012 | |||
Income taxexpense at federal statutory rate | 35 | 35 | |||
State taxes, net of federal income taxbenefit | 2.2 | 1.4 | |||
Valuation allowance for capital loss carry-forwards | 1.1 | 3.3 | |||
Unremitted earnings from foreign operations | 1.1 | 0.7 | |||
Valuation allowance for foreign operating loss carry-forwards | 0.9 | 0.3 | |||
Income taxcontingency accruals/reversals | 0.9 | (.3 | ) | ||
Non-deductible expenses | 0.8 | 0.2 | |||
Changes in estimates related to prior year taxprovision | (.3 | ) | 0.1 | ||
Research and development taxcredit | (1.4 | ) | - | ||
Domestic production activities deduction | (1.5 | ) | (.4 | ) | |
Foreign rate differences | (2.3 | ) | (3.3 | ) | |
Foreign taxincentives | (4.8 | ) | (9.3 | ) | |
Other | (.2 | ) | 0.1 | ||
Effective income taxrate for income from continuing operations | 31.5 | 27.8 | |||
The Brazilian federal statutory income tax rate is a composite of 34.0% (25.0% of income tax and 9.0% of social contribution on income). Terphane's manufacturing facility in Brazil is the beneficiary of certain income tax incentives that allow for a reduction in the statutory Brazilian federal income tax rate levied on the operating profit of its products. These incentives produce a current effective tax rate of 15.25% for Terphane Ltda. (6.25% of income tax and 9.0% social contribution on income). The current incentives will expire at the end of 2014, but we anticipate that we will qualify for additional incentives that will extend beyond 2014. The benefit from tax incentives was $1.9 million (6 cents per share) and $3.8 million (12 cents per share) in the first nine months of 2013 and 2012, respectively. | |||||
Income taxes include the recognition of an additional valuation allowance of $0.4 million in the first nine months of 2013 and $1.3 million for the first nine months of 2012 related to expected limitations on the utilization of assumed capital losses on certain investments recognized in previous years. | |||||
Tredegar and its subsidiaries file income tax returns in the U.S., various states and jurisdictions outside the U.S. Except for refund claims and amended returns, the Internal Revenue Service has provided written confirmation that they do not plan to make any additional changes to our U.S. consolidated tax returns for the years prior to 2010, although the federal statute of limitations was extended for the tax years 2006-2009 through December 31, 2013. With few exceptions, Tredegar and its subsidiaries are no longer subject to state or non-U.S. income tax examinations by tax authorities for years before 2009. | |||||
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Contingencies [Abstract] | ' |
Contingencies | ' |
13. In 2011, we were notified by U.S. Customs and Border Protection ("U.S. Customs") that certain film products exported by Terphane to the U.S. since November 6, 2008 could be subject to duties associated with an antidumping duty order on imported PET films from Brazil. We contested the applicability of these antidumping duties to the films exported by Terphane, and we filed a request with the U.S. Department of Commerce ("Commerce") for clarification about whether the film products at issue are within the scope of the antidumping duty order. On January 8, 2013, Commerce issued a scope ruling confirming that the films are not subject to the order, provided that Terphane can establish to the satisfaction of U.S. Customs that the performance enhancing layer on those films is greater than 0.00001 inches thick. The films at issue are manufactured to specifications that exceed that threshold. On February 6, 2013, certain U.S. producers of PET film filed a summons with the U.S. Court of International Trade to appeal the scope ruling from Commerce. If U.S. Customs ultimately were to require the collection of antidumping duties because Commerce's scope ruling was overturned on appeal, or otherwise, indemnifications for related liabilities are specifically provided for under the Terphane Purchase Agreement. | |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncements [Abstract] | ' |
New Accounting Pronouncements | ' |
14. In January 2013, the Financial Accounting Standards Board ("FASB") issued guidance clarifying the scope of disclosures about offsetting assets and liabilities. The scope of the balance sheet offsetting disclosures, contained in the new guidance, is limited to recognized derivative instruments, repurchase agreements and reverse repurchase agreements and securities borrowing and lending transactions. The balance sheet offsetting disclosures require the presentation of gross and net information about transactions that are (1) offset in the financial statements or (2) subject to master netting arrangements, regardless of whether the transactions are actually offset in the statement of position. The disclosure requirements are effective for annual and interim periods beginning after January 1, 2013. We have complied with the requirements of this FASB accounting standard in 2013. | |
In February 2013, the FASB issued updated guidance for reporting of amounts reclassified out of the various components of accumulated other comprehensive income. The revised standard requires, among other things, that an entity present, either parenthetically on the face of the financial statements or in the notes, significant amounts reclassified from each component of accumulated other comprehensive income and the income statement line items affected by the reclassification. The revised standard is effective for annual and interim periods beginning after December 15, 2012. We have complied with the requirements of this FASB accounting standard in 2013. | |
In February 2013, the FASB issued updated guidance to address the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements for which the total amount under the arrangement is fixed at the reporting date. Under the new guidance, an entity would measure its obligation from a joint and several liability arrangement as the sum of the amount the entity agreed with its co-obligors that it will pay, and any additional amount the entity expects to pay on behalf of its co-obligors. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2013. Early application is permitted, and we do not expect the guidance to impact us. | |
In March 2013, the FASB issued updated guidance related to foreign currency matters. The updated guidance attempts to resolve the diversity in practice about the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity. In addition, the amended guidance attempts to resolve the diversity in practice for the treatment of business combinations achieved in stages involving a foreign entity. The guidance is effective for the first annual period beginning after December 15, 2013, and we do expect the guidance to impact us. | |
In July 2013, the FASB issued new guidance regarding the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The new guidance requires an unrecognized tax benefit be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, unless certain exceptions are met. The amendments are effective prospectively for fiscal and interim periods beginning after December 15, 2013. We are still assessing the applicability of this guidance in future periods. | |
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Acquisitions [Abstract] | ' | ||||
Schedule Of Purchase Price Allocation | ' | ||||
(In Thousands) | |||||
Accounts receivable | $ | 12,477 | |||
Inventories | 4,708 | ||||
Property, plant & equipment | 15,116 | ||||
Identifiable intangible assets: | |||||
Customer relationships | 4,800 | ||||
Trade names | 4,800 | ||||
Proprietary technology | 3,400 | ||||
Noncompete agreements | 1,600 | ||||
Other assets (current & noncurrent) | 42 | ||||
Trade payables & accrued expenses | (6,574 | ) | |||
Total identifiable net assets | 40,369 | ||||
Purchase price, net of cash received | 54,065 | ||||
Goodwill | $ | 13,696 | |||
Schedule Of Amortization Periods For Acquired Intangible Assets | ' | ||||
Identifiable Intangible Asset | Useful Life (Yrs) | ||||
Customer relationships | 10 | ||||
Proprietary technology | 10-Jun | ||||
Trade names | Indefinite | ||||
Noncompete agreements | 2 | ||||
Schedule Of Supplemental Unaudited Pro Forma Results | ' | ||||
Three Months | Nine Months | ||||
(In Thousands, Except Per Share Data) | Ended September 30, 2012 | ||||
Sales | $ | 238,652 | $ | 713,556 | |
Income from continuing operations | 15,425 | 31,662 | |||
Earnings per share from continuing operations: | |||||
Basic | $ | 0.48 | $ | 0.99 | |
Diluted | 0.48 | 0.98 |
Plant_Shutdowns_Asset_Impairme
Plant Shutdowns, Asset Impairments, Restructurings And Other (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Plants Shutdowns, Asset Impairments, Restructurings And Other [Abstract] | ' | |||||||||
Schedule Of Accrued Expenses Associated With Asset Impairments And Exit And Disposal Activities | ' | |||||||||
(In Thousands) | Severance | Other (a) | Total | |||||||
Balance at December 31, 2012 | $ | 296 | $ | 585 | $ | 881 | ||||
Changes in 2013: | ||||||||||
Charges | 273 | 566 | 839 | |||||||
Cash spent | (390 | ) | (786 | ) | (1,176 | ) | ||||
Balance at September 30, 2013 | $ | 179 | $ | 365 | $ | 544 | ||||
(a) Other includes other shutdown-related costs associated with the shutdown of our aluminum extrusions manaufacturing facility in Kentland, Indiana. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Inventories [Abstract] | ' | ||||
Schedule Of Components Of Inventories | ' | ||||
September 30, | December 31, | ||||
(In Thousands) | 2013 | 2012 | |||
Finished goods | $ | 16,405 | $ | 16,138 | |
Work-in-process | 8,816 | 7,451 | |||
Raw materials | 28,282 | 28,758 | |||
Stores, supplies and other | 23,246 | 22,323 | |||
Total | $ | 76,749 | $ | 74,670 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Earnings Per Share [Abstract] | ' | ||||
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share | ' | ||||
Three Months | Nine Months | ||||
Ended September 30 | Ended September 30 | ||||
(In Thousands) | 2013 | 2012 | 2013 | 2012 | |
Weighted average shares outstanding used | |||||
to compute basic earnings per share | 32,201 | 32,052 | 32,155 | 32,038 | |
Incremental dilutive shares attributable to stock | |||||
options and restricted stock | 457 | 49 | 436 | 160 | |
Shares used to compute diluted earnings | |||||
per share | 32,658 | 32,101 | 32,591 | 32,198 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||
Schedule Of After-Tax Changes In Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
Pension and | |||||||||||||
Foreign | Gain (loss) on | other post- | |||||||||||
currency | derivative | retirement | |||||||||||
translation | financial | benefit | |||||||||||
(In Thousands) | adjustment | instruments | adjustments | Total | |||||||||
Beginning balance, January 1, 2013 | $ | 131 | $ | 993 | $ | (103,471 | ) | $ | (102,347 | ) | |||
Other comprehensive income (loss) | |||||||||||||
before reclassifications | (12,543 | ) | (44 | ) | - | (12,587 | ) | ||||||
Amounts reclassified from accumulated | |||||||||||||
other comprehensive income (loss) | - | (260 | ) | 7,066 | 6,806 | ||||||||
Net other comprehensive income (loss) - | |||||||||||||
current period | (12,543 | ) | (304 | ) | 7,066 | (5,781 | ) | ||||||
Ending balance, September 30, 2013 | $ | (12,412 | ) | $ | 689 | $ | (96,405 | ) | $ | (108,128 | ) | ||
Schedule Of Reclassifications Of Balances Out Of Accumulated Other Comprehensive Income (Loss) Into Net Income | ' | ||||||||||||
Location of gain | |||||||||||||
(loss) reclassified | |||||||||||||
Amount | from accumulated | ||||||||||||
reclassified from | other | ||||||||||||
other | comprehensive | ||||||||||||
comprehensive | income to net | ||||||||||||
(In Thousands) | income | income | |||||||||||
Gain (loss) on dervative financial | |||||||||||||
instruments: | |||||||||||||
Aluminum future contracts, before taxes | $ | (268 | ) | Cost of sales | |||||||||
Foreign currency forward contracts, before taxes | - | ||||||||||||
Total, before taxes | (268 | ) | |||||||||||
Income taxexpense (benefit) | (101 | ) | Income taxes | ||||||||||
Total, net of tax | $ | (167 | ) | ||||||||||
Amortization of pension and other post- | |||||||||||||
retirement benefits: | |||||||||||||
Actuarial gain (loss) and prior service | |||||||||||||
costs, before taxes | $ | (3,851 | ) | (a) | |||||||||
Income taxexpense (benefit) | (1,410 | ) | Income taxes | ||||||||||
Total, net of tax | $ | (2,441 | ) | ||||||||||
(a) This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 10 for additional detail). | |||||||||||||
Location of gain | |||||||||||||
(loss) reclassified | |||||||||||||
Amount | from accumulated | ||||||||||||
reclassified from | other | ||||||||||||
other | comprehensive | ||||||||||||
comprehensive | income to net | ||||||||||||
(In Thousands) | income | income | |||||||||||
Gain (loss) on dervative financial | |||||||||||||
instruments: | |||||||||||||
Aluminum future contracts, before taxes | $ | (417 | ) | Cost of sales | |||||||||
Foreign currency forward contracts, before taxes | - | ||||||||||||
Total, before taxes | (417 | ) | |||||||||||
Income tax expense (benefit) | (157 | ) | Income taxes | ||||||||||
Total, net of tax | $ | (260 | ) | ||||||||||
Amortization of pension and other post- | |||||||||||||
retirement benefits: | |||||||||||||
Actuarial gain (loss) and prior service | |||||||||||||
costs, before taxes | $ | (11,149 | ) | (a) | |||||||||
Income tax expense (benefit) | (4,083 | ) | Income taxes | ||||||||||
Total, net of tax | $ | (7,066 | ) | ||||||||||
(a) This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 10 for additional detail). | |||||||||||||
Investments_Tables
Investments (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2012 | |||||||||||||
Investments [Abstract] | ' | ||||||||||||
Schedule Of Fair Value Method Investments, Balance Sheets And Income Statements | ' | ||||||||||||
September 30, | December 31, | September 30, | December 31, | ||||||||||
(In Thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Assets: | Liabilities & Equity: | ||||||||||||
Cash & cash equivalents | $ | 32,198 | $ | 53,288 | Long term debt, current portion | $ | 3,997 | $ | - | ||||
Other current assets | 9,289 | 686 | Other current liabilities | 4,242 | 13,405 | ||||||||
Patents | 2,331 | 2,152 | Non-current liabilities | 2,895 | 1,449 | ||||||||
Other long-term assets | 9,737 | 4,278 | Long term debt, net of discount | 10,766 | 14,696 | ||||||||
Redeemable preferred stock | 21,724 | 20,995 | |||||||||||
Equity | 9,931 | 9,859 | |||||||||||
Total assets | $ | 53,555 | $ | 60,404 | Total liabilities & equity | $ | 53,555 | $ | 60,404 | ||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Revenues & Expenses: | |||||||||||||
Royalty revenues | $ | 7,904 | $ | - | $ | 12,420 | $ | - | |||||
Expenses and other, net | (5,604 | ) | (3,089 | ) | (12,515 | ) | (8,026 | ) | |||||
Income tax (expense) benefit | (912 | ) | 1,209 | 322 | 3,100 | ||||||||
Net income (loss) | $ | 1,388 | $ | (1,880 | ) | $ | 227 | $ | (4,926 | ) |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Derivatives, Fair Value [Line Items] | ' | |||||||||||
Schedule Of Pretax Effect On Net Income (Loss) And Other Comprehensive Income (Loss) Of Derivative Instruments Classified As Cash Flow Hedges | ' | |||||||||||
(In Thousands) | Cash Flow Derivative Hedges | |||||||||||
Aluminum Futures | Foreign Currency | |||||||||||
Contracts | Forwards | |||||||||||
Three Months Ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Amount of pre-taxgain (loss) recognized in | ||||||||||||
other comprehensive income | $ | (11 | ) | $ | (617 | ) | $ | 122 | $ | 1,132 | ||
Location of gain (loss) reclassified from | ||||||||||||
accumulated other comprehensive income | Cost of | Cost of | ||||||||||
into net income (effective portion) | sales | sales | ||||||||||
Amount of pre-taxgain (loss) reclassified | ||||||||||||
from accumulated other comprehensive | ||||||||||||
income to net income (effective portion) | $ | (268 | ) | $ | (600 | ) | $ | - | $ | - | ||
Aluminum Futures | Foreign Currency | |||||||||||
Contracts | Forwards | |||||||||||
Nine Months Ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Amount of pre-taxgain (loss) recognized in | ||||||||||||
other comprehensive income | $ | (775 | ) | $ | (1,317 | ) | $ | (123 | ) | $ | 1,132 | |
Location of gain (loss) reclassified from | ||||||||||||
accumulated other comprehensive income | Cost of | Cost of | ||||||||||
into net income (effective portion) | sales | sales | ||||||||||
Amount of pre-taxgain (loss) reclassified | ||||||||||||
from accumulated other comprehensive | ||||||||||||
income to net income (effective portion) | $ | (417 | ) | $ | (902 | ) | $ | - | $ | - | ||
Aluminum Futures Contracts [Member] | ' | |||||||||||
Derivatives, Fair Value [Line Items] | ' | |||||||||||
Summary Of Location And Fair Value Of Derivative Financial Instruments | ' | |||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | |||||||||
(In Thousands) | Account | Value | Account | Value | ||||||||
Derivatives Designated as Hedging Instruments | ||||||||||||
Asset derivatives: | Prepaid expenses | |||||||||||
Aluminum futures contracts | Accrued expenses | $ | 5 | and other | $ | 226 | ||||||
Liability derivatives: | Prepaid expense | |||||||||||
Aluminum futures contracts | Accrued expenses | $ | 223 | and other | $ | 88 | ||||||
Net asset (liability) | $ | (218 | ) | $ | 138 | |||||||
Foreign Currency Forward Contracts [Member] | ' | |||||||||||
Derivatives, Fair Value [Line Items] | ' | |||||||||||
Summary Of Location And Fair Value Of Derivative Financial Instruments | ' | |||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | |||||||||
(In Thousands) | Account | Value | Account | Value | ||||||||
Derivatives Designated as Hedging Instruments | ||||||||||||
Asset derivatives: | Prepaid expenses | Prepaid expenses | ||||||||||
Foreign currency forward contracts | and other | $ | 252 | and other | $ | 948 | ||||||
Net asset (liability) | $ | 252 | $ | 948 |
Pension_And_Other_PostRetireme1
Pension And Other Post-Retirement Benefits (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Pension And Other Post-Retirement Benefits [Abstract] | ' | ||||||||||||
Schedule Of Components Of Net Periodic Benefit Cost For Pension And Other Post-Retirement Benefit Programs | ' | ||||||||||||
Pension | Other Post-Retirement | ||||||||||||
Benefits for Three Months | Benefits for Three Months | ||||||||||||
Ended September 30 | Ended September 30 | ||||||||||||
(In Thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Service cost | $ | (1,076 | ) | $ | (1,028 | ) | $ | (18 | ) | $ | (17 | ) | |
Interest cost | (3,039 | ) | (3,236 | ) | (89 | ) | (88 | ) | |||||
Expected return on plan assets | 4,415 | 4,709 | - | - | |||||||||
Amortization of prior service costs, gains or | |||||||||||||
losses and net transition asset | (3,892 | ) | (2,529 | ) | 41 | 74 | |||||||
Curtailment charge | - | (99 | ) | - | - | ||||||||
Net periodic benefit cost | $ | (3,592 | ) | $ | (2,183 | ) | $ | (66 | ) | $ | (31 | ) | |
Pension | Other Post-Retirement | ||||||||||||
Benefits for Nine Months | Benefits for Nine Months | ||||||||||||
Ended September 30 | Ended September 30 | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Service cost | $ | (2,816 | ) | $ | (2,743 | ) | $ | (53 | ) | $ | (43 | ) | |
Interest cost | (9,253 | ) | (9,813 | ) | (266 | ) | (289 | ) | |||||
Expected return on plan assets | 13,073 | 14,331 | - | - | |||||||||
Amortization of prior service costs, gains or | |||||||||||||
losses and net transition asset | (11,271 | ) | (7,782 | ) | 122 | 180 | |||||||
Curtailment charge | - | (99 | ) | - | - | ||||||||
Net periodic benefit cost | $ | (10,267 | ) | $ | (6,106 | ) | $ | (197 | ) | $ | (152 | ) |
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule Of Segment Reporting Information By Segment | ' | ||||||||||||
Three Months | Nine Months | ||||||||||||
Ended September 30 | Ended September 30 | ||||||||||||
(In Thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Net Sales | |||||||||||||
Film Products | $ | 157,187 | $ | 155,296 | $ | 469,838 | $ | 459,221 | |||||
AluminumExtrusions | 78,499 | 55,222 | 236,293 | 172,525 | |||||||||
Total net sales | 235,686 | 210,518 | 706,131 | 631,746 | |||||||||
Add back freight | 7,508 | 6,130 | 22,119 | 17,404 | |||||||||
Sales as shown in the Consolidated Statements of Income | 243,194 | 216,648 | 728,250 | 649,150 | |||||||||
Operating Profit | |||||||||||||
Film Products: | |||||||||||||
Ongoing operations | 19,617 | 21,092 | 55,351 | 49,999 | |||||||||
Plant shutdowns, asset impairments, restructurings and other | (155 | ) | (87 | ) | (364 | ) | (1,879 | ) | |||||
AluminumExtrusions: | |||||||||||||
Ongoing operations | 3,426 | 1,846 | 12,351 | 7,349 | |||||||||
Plant shutdowns, asset impairments, restructurings and other | (160 | ) | (1,067 | ) | (958 | ) | (3,214 | ) | |||||
Total | 22,728 | 21,784 | 66,380 | 52,255 | |||||||||
Interest income | 138 | 84 | 307 | 337 | |||||||||
Interest expense | 727 | 708 | 2,132 | 2,732 | |||||||||
Gain (loss) on investment accounted for under fair value method | (3,100 | ) | 2,700 | 100 | 9,000 | ||||||||
Unrealized loss on investment property | - | - | 1,018 | - | |||||||||
Stock option-based compensation costs | 260 | 386 | 859 | 1,147 | |||||||||
Corporate expenses, net | 8,414 | 4,788 | 24,058 | 17,060 | |||||||||
Income from continuining operations before income taxes | 10,365 | 18,686 | 38,720 | 40,653 | |||||||||
Income taxes from continuing operations | 2,937 | 4,476 | 12,185 | 11,318 | |||||||||
Income from continuing operations | 7,428 | 14,210 | 26,535 | 29,335 | |||||||||
Loss from discontinued operations | (450 | ) | (6,783 | ) | (13,990 | ) | (11,557 | ) | |||||
Net income | $ | 6,978 | $ | 7,427 | $ | 12,545 | $ | 17,778 | |||||
Schedule Of Identifiable Assets By Segment | ' | ||||||||||||
September 30, | December 31, | ||||||||||||
(In Thousands) | 2013 | 2012 | |||||||||||
Film Products | $ | 572,681 | $ | 551,842 | |||||||||
Aluminum Extrusions | 129,005 | 129,279 | |||||||||||
Subtotal | 701,686 | 681,121 | |||||||||||
General corporate | 49,004 | 53,222 | |||||||||||
Cash and cash equivalents | 42,604 | 48,822 | |||||||||||
Total | $ | 793,294 | $ | 783,165 |
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Income Taxes [Abstract] | ' | ||||
Schedule Of Effective Income Tax Rate For Continuing Operations | ' | ||||
Percent of Income | |||||
Before Income Taxes | |||||
Nine Months Ended September 30 | 2013 | 2012 | |||
Income taxexpense at federal statutory rate | 35 | 35 | |||
State taxes, net of federal income taxbenefit | 2.2 | 1.4 | |||
Valuation allowance for capital loss carry-forwards | 1.1 | 3.3 | |||
Unremitted earnings from foreign operations | 1.1 | 0.7 | |||
Valuation allowance for foreign operating loss carry-forwards | 0.9 | 0.3 | |||
Income taxcontingency accruals/reversals | 0.9 | (.3 | ) | ||
Non-deductible expenses | 0.8 | 0.2 | |||
Changes in estimates related to prior year taxprovision | (.3 | ) | 0.1 | ||
Research and development taxcredit | (1.4 | ) | - | ||
Domestic production activities deduction | (1.5 | ) | (.4 | ) | |
Foreign rate differences | (2.3 | ) | (3.3 | ) | |
Foreign taxincentives | (4.8 | ) | (9.3 | ) | |
Other | (.2 | ) | 0.1 | ||
Effective income taxrate for income from continuing operations | 31.5 | 27.8 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Oct. 24, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 01, 2012 | |
Terphane [Member] | Terphane [Member] | Terphane [Member] | AACOA [Member] | AACOA [Member] | AACOA [Member] | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding equity interests acquired | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | 100.00% |
Total purchase price | ' | ' | ' | ' | $182,700,000 | ' | ' | $54,100,000 | ' | ' |
Cash received from seller | ' | ' | ' | ' | ' | ' | ' | 600,000 | 600,000 | ' |
Post-closing adjustment paid | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | ' | ' |
Available cash used to fund purchase price | ' | ' | ' | ' | ' | 57,700,000 | ' | ' | ' | ' |
Financing used to fund purchase price | ' | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' |
Financing used to fund purchase price from existing credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 |
Sales | 243,194,000 | 216,648,000 | 728,250,000 | 649,150,000 | ' | ' | ' | 22,700,000 | 67,400,000 | ' |
Net income | $6,978,000 | $7,427,000 | $12,545,000 | $17,778,000 | ' | ' | ' | $700,000 | $2,000,000 | ' |
Acquisitions_Schedule_Of_Purch
Acquisitions (Schedule Of Purchase Price Allocation) (Details) (AACOA [Member], USD $) | Oct. 01, 2012 |
In Thousands, unless otherwise specified | |
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ' |
Accounts receivable | $12,477 |
Inventories | 4,708 |
Property, plant & equipment | 15,116 |
Other assets (current & noncurrent) | 42 |
Trade payables & accrued expenses | -6,574 |
Total identifiable net assets | 40,369 |
Purchase price, net of cash received | 54,065 |
Goodwill | 13,696 |
Customer Relationships [Member] | ' |
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ' |
Identifiable intangible assets | 4,800 |
Trade Names [Member] | ' |
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ' |
Identifiable intangible assets | 4,800 |
Proprietary Technology [Member] | ' |
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ' |
Identifiable intangible assets | 3,400 |
Noncompete Agreements [Member] | ' |
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ' |
Identifiable intangible assets | $1,600 |
Acquisitions_Schedule_Of_Amort
Acquisitions (Schedule Of Amortization Periods For Acquired Intangible Assets) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Customer Relationships [Member] | ' |
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ' |
Identifiable Intangible Asset, Useful Life (Yrs) | '10 years |
Noncompete Agreements [Member] | ' |
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ' |
Identifiable Intangible Asset, Useful Life (Yrs) | '2 years |
Minimum [Member] | Proprietary Technology [Member] | ' |
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ' |
Identifiable Intangible Asset, Useful Life (Yrs) | '6 years |
Maximum [Member] | Proprietary Technology [Member] | ' |
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items] | ' |
Identifiable Intangible Asset, Useful Life (Yrs) | '10 years |
Acquisitions_Schedule_Of_Suppl
Acquisitions (Schedule Of Supplemental Unaudited Pro Forma Results) (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2012 |
Acquisitions [Abstract] | ' | ' |
Sales | $238,652 | $713,556 |
Income from continuing operations | $15,425 | $31,662 |
Earnings per share from continuing operations, Basic | $0.48 | $0.99 |
Earnings per share from continuing operations, Diluted | $0.48 | $0.98 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2012 | Nov. 20, 2012 | Feb. 12, 2008 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Falling Springs [Member] | Aluminum Extrusions Canada Business [Member] | Aluminum Extrusions Canada Business [Member] | Aluminum Extrusions Canada Business [Member] | Aluminum Extrusions Canada Business [Member] | Aluminum Extrusions Canada Business [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of membership interests | ' | ' | $16.60 | ' | ' | ' | ' | ' |
Proceeds from sale of business | ' | ' | 12.8 | 25 | ' | ' | ' | ' |
Common stock received from sale of membership interests | ' | ' | 209,576 | ' | ' | ' | ' | ' |
Sales reclassified to discontinued operations | 2.2 | 3 | ' | ' | ' | ' | ' | ' |
Net income reclassified to discontinued operations | 0.3 | 0.3 | ' | ' | ' | ' | ' | ' |
Charges for indemnifications under the purchase agreement related to environmental matters | ' | ' | ' | ' | -0.5 | -7.1 | -14 | -11.9 |
Charges for indemnifications under the purchase agreement related to environmental matters, net of tax | ' | ' | ' | ' | ($0.50) | ($7.10) | ($14) | ($11.90) |
Plants_Shutdowns_Asset_Impairm1
Plants Shutdowns, Asset Impairments, Restructurings And Other (Narrative) (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Mar. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Alleghany And Bath County, Virginia [Member] | Alleghany And Bath County, Virginia [Member] | Intelliject [Member] | Intelliject [Member] | Intelliject [Member] | Intelliject [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Aluminum Extrusions [Member] | Aluminum Extrusions [Member] | Aluminum Extrusions [Member] | Film Products [Member] | Film Products [Member] | Film Products [Member] | Harbinger Fund [Member] | Harbinger Fund [Member] | Terphane [Member] | Terphane [Member] | AACOA [Member] | AACOA [Member] | AACOA [Member] | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plant shutdown related expenditures | ' | ' | ' | ' | ' | ' | ' | ' | $45,000 | $700,000 | $600,000 | $2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accelerated depreciation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other shutdown-related charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of LIFO Inventory Liquidation on Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Integration-related expenses and other non-recurring transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 1,000,000 | ' | 200,000 | ' |
Gain (loss) on sale of equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | 300,000 | ' | ' | ' | ' | -100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Expected future environmental costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pretax loss for asset impairments | 1,254,000 | 1,942,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' |
Pretax charges for severance and other employee-related costs | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | 1,200,000 | ' | ' | 200,000 | 200,000 | 300,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on investment under fair value method | 100,000 | 9,000,000 | ' | ' | -3,100,000 | 2,700,000 | 100,000 | 9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on investment under fair value method, after taxes | ' | ' | ' | ' | -1,900,000 | 1,700,000 | 100,000 | 5,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost-method investment, OTTI | ' | ' | 1,000,000 | 1,018,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 1,100,000 | ' | ' | ' | ' | ' |
Cost-method investment, OTTI net of tax | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 700,000 | ' | ' | ' | ' | ' |
Pretax charges for acquisition-related expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | ' | $300,000 |
Plants_Shutdowns_Asset_Impairm2
Plants Shutdowns, Asset Impairments, Restructurings And Other (Schedule Of Accrued Expenses Associated With Asset Impairments And Exit And Disposal Activities) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | |
Restructuring Cost and Reserve [Line Items] | ' | |
Balance at December 31, 2012 | $881 | |
Charges | 839 | |
Cash spent | -1,176 | |
Balance at September 30, 2013 | 544 | |
Severance [Member] | ' | |
Restructuring Cost and Reserve [Line Items] | ' | |
Balance at December 31, 2012 | 296 | |
Charges | 273 | |
Cash spent | -390 | |
Balance at September 30, 2013 | 179 | |
Other [Member] | ' | |
Restructuring Cost and Reserve [Line Items] | ' | |
Balance at December 31, 2012 | 585 | [1] |
Charges | 566 | [1] |
Cash spent | -786 | [1] |
Balance at September 30, 2013 | $365 | [1] |
[1] | Other includes other shutdown-related costs associated with the shutdown of our aluminum extrusions manaufacturing facility in Kentland, Indiana. |
Inventories_Narrative_Details
Inventories (Narrative) (Details) (Aluminum Extrusions [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2012 |
Aluminum Extrusions [Member] | ' |
Cost of goods sold stated at below current replacement costs | $1.50 |
Inventories_Schedule_Of_Compon
Inventories (Schedule Of Components Of Inventories) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Finished goods | $16,405 | $16,138 |
Work-in-process | 8,816 | 7,451 |
Raw materials | 28,282 | 28,758 |
Stores, supplies and other | 23,246 | 22,323 |
Total | $76,749 | $74,670 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Common stock were excluded from the calculation of incremental shares | 60,100 | 1,023,733 | 40,056 | 692,600 |
Earnings_Per_Share_Schedule_Of
Earnings Per Share (Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share) (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted average shares outstanding used to compute basic earnings per share | 32,201 | 32,052 | 32,155 | 32,038 |
Incremental dilutive shares attributable to stock options and restricted stock | 457 | 49 | 436 | 160 |
Shares used to compute diluted earnings per share | 32,658 | 32,101 | 32,591 | 32,198 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Schedule Of After-Tax Changes In Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss), Beginning balance | ' | ' | ($102,347) | ' |
Other comprehensive income (loss) before reclassifications | ' | ' | -12,587 | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | 6,806 | ' |
Net other comprehensive income (loss) - current period | 3,014 | 3,499 | -5,781 | -4,781 |
Accumulated other comprehensive income (loss), Ending balance | -108,128 | ' | -108,128 | ' |
Foreign Currency Translation [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss), Beginning balance | ' | ' | 131 | ' |
Other comprehensive income (loss) before reclassifications | ' | ' | -12,543 | ' |
Net other comprehensive income (loss) - current period | ' | ' | -12,543 | ' |
Accumulated other comprehensive income (loss), Ending balance | -12,412 | ' | -12,412 | ' |
Gain (Loss) On Derivative Financial Instruments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss), Beginning balance | ' | ' | 993 | ' |
Other comprehensive income (loss) before reclassifications | ' | ' | -44 | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | -260 | ' |
Net other comprehensive income (loss) - current period | ' | ' | -304 | ' |
Accumulated other comprehensive income (loss), Ending balance | 689 | ' | 689 | ' |
Pension & Other Post-Retirement Benefit Adjust. [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss), Beginning balance | ' | ' | -103,471 | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | 7,066 | ' |
Net other comprehensive income (loss) - current period | ' | ' | 7,066 | ' |
Accumulated other comprehensive income (loss), Ending balance | ($96,405) | ' | ($96,405) | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Schedule Of Reclassifications Of Balances Out Of Accumulated Other Comprehensive Income (Loss) Into Net Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||
Cost of sales | ($198,433) | ($172,431) | ($594,502) | ($524,774) | ||
Total, before taxes | 10,365 | 18,686 | 38,720 | 40,653 | ||
Income tax expense (benefit) | 2,937 | 4,476 | 12,185 | 11,318 | ||
Total, net of tax | 6,978 | 7,427 | 12,545 | 17,778 | ||
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Gain (Loss) On Derivative Financial Instruments [Member] | ' | ' | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||
Total, before taxes | -268 | ' | -417 | ' | ||
Income tax expense (benefit) | -101 | ' | -157 | ' | ||
Total, net of tax | -167 | ' | -260 | ' | ||
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Gain (Loss) On Derivative Financial Instruments [Member] | Aluminum Futures Contracts [Member] | ' | ' | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||
Cost of sales | -268 | ' | -417 | ' | ||
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Pension & Other Post-Retirement Benefit Adjust. [Member] | ' | ' | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||
Actuarial gain (loss) and prior service costs, before taxes | -3,851 | [1] | ' | -11,149 | [1] | ' |
Income tax expense (benefit) | -1,410 | ' | -4,083 | ' | ||
Total, net of tax | ($2,441) | ' | ($7,066) | ' | ||
[1] | This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 10 for additional detail). |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2008 | Aug. 31, 2007 | Sep. 30, 2013 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Intelliject [Member] | Intelliject [Member] | Intelliject [Member] | Intelliject [Member] | Intelliject [Member] | Intelliject [Member] | Intelliject [Member] | Harbinger Fund [Member] | Harbinger Fund [Member] | Harbinger Fund [Member] | Harbinger Fund [Member] | Harbinger Fund [Member] | Alleghany And Bath County, Virginia [Member] | Alleghany And Bath County, Virginia [Member] | Alleghany And Bath County, Virginia [Member] | ||||
Total cash invested in private company | ' | ' | ' | ' | ' | ' | ' | ' | $7,500,000 | $7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest percentage | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value | ' | ' | ' | 33,800,000 | ' | 33,800,000 | ' | 33,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on investment under fair value method | ' | 100,000 | 9,000,000 | -3,100,000 | 2,700,000 | 100,000 | 9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average cost of capital | 55.00% | 55.00% | ' | ' | ' | 55.00% | ' | 55.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis point decrease of weighted average cost of capital assumption | ' | ' | ' | 5.00% | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis point increase of weighted average cost of capital assumption | ' | ' | ' | 5.00% | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in fair value from five hundred point decrease in weighted average cost of capital assumption | ' | ' | ' | 5,000,000 | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in fair value from five hundred point increase in weighted average cost of capital assumption | ' | ' | ' | 4,000,000 | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,200,000 | ' | 3,200,000 | ' | 3,600,000 | ' | 5,900,000 | 6,900,000 |
Cost-method investment, OTTI | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 1,100,000 | ' | ' | ' | 1,000,000 | 1,018,000 | ' |
Cost-method investment, OTTI net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 700,000 | ' | ' | ' | 600,000 | ' | ' |
Total withdrawal proceeds received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000 | $500,000 | ' | ' | ' | ' |
Investments_Schedule_Of_Fair_V
Investments (Schedule Of Fair Value Method Investments, Balance Sheets And Income Statements) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash & cash equivalents | $42,604 | $44,167 | $42,604 | $44,167 | $48,822 | $68,939 |
Other long-term assets | 47,350 | ' | 47,350 | ' | 49,559 | ' |
Total assets | 793,294 | ' | 793,294 | ' | 783,165 | ' |
Long term debt, net of discount | 134,000 | ' | 134,000 | ' | 128,000 | ' |
Equity | 376,705 | ' | 376,705 | ' | 372,252 | ' |
Total liabilities and shareholders' equity | 793,294 | ' | 793,294 | ' | 783,165 | ' |
Expenses and other, net | -229,600 | -200,842 | -687,971 | -616,567 | ' | ' |
Income tax (expense) benefit | -2,937 | -4,476 | -12,185 | -11,318 | ' | ' |
Net income | 6,978 | 7,427 | 12,545 | 17,778 | ' | ' |
Intelliject [Member] | ' | ' | ' | ' | ' | ' |
Cash & cash equivalents | 32,198 | ' | 32,198 | ' | 53,288 | ' |
Other current assets | 9,289 | ' | 9,289 | ' | 686 | ' |
Patents | 2,331 | ' | 2,331 | ' | 2,152 | ' |
Other long-term assets | 9,737 | ' | 9,737 | ' | 4,278 | ' |
Total assets | 53,555 | ' | 53,555 | ' | 60,404 | ' |
Long term debt, current portion | 3,997 | ' | 3,997 | ' | ' | ' |
Other current liabilities | 4,242 | ' | 4,242 | ' | 13,405 | ' |
Non-current liabilities | 2,895 | ' | 2,895 | ' | 1,449 | ' |
Long term debt, net of discount | 10,766 | ' | 10,766 | ' | 14,696 | ' |
Redeemable preferred stock | 21,724 | ' | 21,724 | ' | 20,995 | ' |
Equity | 9,931 | ' | 9,931 | ' | 9,859 | ' |
Total liabilities and shareholders' equity | 53,555 | ' | 53,555 | ' | 60,404 | ' |
Royalty revenues | 7,904 | ' | 12,420 | ' | ' | ' |
Expenses and other, net | -5,604 | -3,089 | -12,515 | -8,026 | ' | ' |
Income tax (expense) benefit | -912 | 1,209 | 322 | 3,100 | ' | ' |
Net income | $1,388 | ($1,880) | $227 | ($4,926) | ' | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
USD ($) | Aluminum Futures Contracts [Member] | Aluminum Futures Contracts [Member] | Film Products [Member] | Film Products [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Derivatives Not Designated As Hedging Instruments [Member] | |
USD ($) | USD ($) | EUR (€) | EUR (€) | Aluminum Futures Contracts [Member] | Aluminum Futures Contracts [Member] | ||
lb | lb | USD ($) | USD ($) | ||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | ' | $4,600,000 | $6,200,000 | € 2,200,000 | € 9,900,000 | ' | ' |
Weight of aluminum that hedged future purchase of aluminum to meet fixed - price forward sales contract obligations, lbs | ' | 4,700,000 | 6,700,000 | ' | ' | ' | ' |
Net asset (liability), Fair Value | ' | -218,000 | 138,000 | ' | ' | 0 | 0 |
Amounts of unrealized after-tax losses on derivative instruments | $100,000 | ' | ' | ' | ' | ' | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Summary Of Location And Fair Value Of Derivative Financial Instruments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Aluminum Futures Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Net asset (liability), Fair Value | ($218,000) | $138,000 |
Foreign Currency Forward Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Net asset (liability), Fair Value | 252,000 | 948,000 |
Derivatives Designated As Hedging Instruments [Member] | Aluminum Futures Contracts [Member] | Accrued Expenses [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivatives: Fair Value | 5,000 | ' |
Liability derivatives: Fair Value | 223,000 | ' |
Derivatives Designated As Hedging Instruments [Member] | Aluminum Futures Contracts [Member] | Prepaid Expenses And Other [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivatives: Fair Value | ' | 226,000 |
Liability derivatives: Fair Value | ' | 88,000 |
Derivatives Designated As Hedging Instruments [Member] | Foreign Currency Forward Contracts [Member] | Prepaid Expenses And Other [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivatives: Fair Value | 252,000 | 948,000 |
Derivatives Not Designated As Hedging Instruments [Member] | Aluminum Futures Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Net asset (liability), Fair Value | $0 | $0 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Schedule Of Pretax Effect On Net Income (Loss) And Other Comprehensive Income (Loss) Of Derivative Instruments Classified As Cash Flow Hedges) (Details) (Cash Flow Derivative Hedges [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Aluminum Futures Contracts [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of pre-tax gain (loss) recognized in other comprehensive income | ($11) | ($617) | ($775) | ($1,317) |
Aluminum Futures Contracts [Member] | Cost Of Sales [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion) | -268 | -600 | -417 | -902 |
Foreign Currency Forwards And Options [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of pre-tax gain (loss) recognized in other comprehensive income | $122 | $1,132 | ($123) | $1,132 |
Pension_And_Other_PostRetireme2
Pension And Other Post-Retirement Benefits (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Other Post-Retirement Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Pension and other postretirement liabilities | $86.10 | $91.20 | ' | ' | ' |
Contribution to pension plans for continuing operations | ' | ' | 0.3 | ' | ' |
Expected required contributions | ' | ' | ' | ' | 0.2 |
Additional discretionary contribution | ' | ' | ' | $5 | ' |
Pension_And_Other_PostRetireme3
Pension And Other Post-Retirement Benefits (Schedule Of Components Of Net Periodic Benefit Cost For Pension And Other Post-Retirement Benefit Programs) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | ($1,076) | ($1,028) | ($2,816) | ($2,743) |
Interest cost | -3,039 | -3,236 | -9,253 | -9,813 |
Expected return on plan assets | 4,415 | 4,709 | 13,073 | 14,331 |
Amortization of prior service costs, gains or losses and net transition asset | -3,892 | -2,529 | -11,271 | -7,782 |
Curtailment charge | ' | -99 | ' | -99 |
Net periodic benefit cost | -3,592 | -2,183 | -10,267 | -6,106 |
Other Post-Retirement Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | -18 | -17 | -53 | -43 |
Interest cost | -89 | -88 | -266 | -289 |
Amortization of prior service costs, gains or losses and net transition asset | 41 | 74 | 122 | 180 |
Net periodic benefit cost | ($66) | ($31) | ($197) | ($152) |
Segment_Reporting_Schedule_Of_
Segment Reporting (Schedule Of Segment Reporting Information By Segment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 |
Intelliject [Member] | Intelliject [Member] | Intelliject [Member] | Intelliject [Member] | Film Products [Member] | Film Products [Member] | Film Products [Member] | Film Products [Member] | Aluminum Extrusions [Member] | Aluminum Extrusions [Member] | Aluminum Extrusions [Member] | Aluminum Extrusions [Member] | Alleghany And Bath County, Virginia [Member] | Alleghany And Bath County, Virginia [Member] | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | $235,686 | $210,518 | $706,131 | $631,746 | ' | ' | ' | ' | $157,187 | $155,296 | $469,838 | $459,221 | $78,499 | $55,222 | $236,293 | $172,525 | ' | ' |
Add back freight | 7,508 | 6,130 | 22,119 | 17,404 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales as shown in the Consolidated Statements of Income | 243,194 | 216,648 | 728,250 | 649,150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ongoing operations | ' | ' | ' | ' | ' | ' | ' | ' | 19,617 | 21,092 | 55,351 | 49,999 | 3,426 | 1,846 | 12,351 | 7,349 | ' | ' |
Plant shutdowns, asset impairments, restructurings and other | ' | ' | ' | ' | ' | ' | ' | ' | -155 | -87 | -364 | -1,879 | -160 | -1,067 | -958 | -3,214 | ' | ' |
Total | 22,728 | 21,784 | 66,380 | 52,255 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | 138 | 84 | 307 | 337 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | 727 | 708 | 2,132 | 2,732 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on investment accounted for under fair value method | ' | ' | 100 | 9,000 | -3,100 | 2,700 | 100 | 9,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized loss on investment property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | 1,018 |
Stock option-based compensation costs | 260 | 386 | 859 | 1,147 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Corporate expenses, net | 8,414 | 4,788 | 24,058 | 17,060 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations before income taxes | 10,365 | 18,686 | 38,720 | 40,653 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income taxes from continuing operations | 2,937 | 4,476 | 12,185 | 11,318 | 912 | -1,209 | -322 | -3,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | 7,428 | 14,210 | 26,535 | 29,335 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from discontinued operations | -450 | -6,783 | -13,990 | -11,557 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $6,978 | $7,427 | $12,545 | $17,778 | $1,388 | ($1,880) | $227 | ($4,926) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment_Reporting_Schedule_Of_1
Segment Reporting (Schedule Of Identifiable Assets By Segment) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Subtotal | $701,686 | $681,121 | ' | ' |
General corporate | 49,004 | 53,222 | ' | ' |
Cash and cash equivalents | 42,604 | 48,822 | 44,167 | 68,939 |
Total assets | 793,294 | 783,165 | ' | ' |
Film Products [Member] | ' | ' | ' | ' |
Total assets | 572,681 | 551,842 | ' | ' |
Aluminum Extrusions [Member] | ' | ' | ' | ' |
Total assets | $129,005 | $129,279 | ' | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 9 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Income Taxes [Line Items] | ' | ' |
Effective tax rate for continuing operations | 31.50% | 27.80% |
Benefit from the tax incentives | $1.90 | $3.80 |
Benefit from the tax incentives, per share | $0.06 | $0.12 |
Valuation allowance | $0.40 | $1.30 |
Terphane Ltda [Member] | ' | ' |
Income Taxes [Line Items] | ' | ' |
Current effective tax rate | 15.25% | ' |
Income tax rate | 6.25% | ' |
Percentage of social contribution on income included in current effective tax rate | 9.00% | ' |
Brazil [Member] | ' | ' |
Income Taxes [Line Items] | ' | ' |
Federal statutory income tax rate | 34.00% | ' |
Income tax rate | 25.00% | ' |
Percentage of social contribution on income included in federal statutory income tax rate | 9.00% | ' |
Income_Taxes_Schedule_Of_Effec
Income Taxes (Schedule Of Effective Income Tax Rate For Continuing Operations) (Details) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Income Taxes [Abstract] | ' | ' |
Income tax expense at federal statutory rate | 35.00% | 35.00% |
State taxes, net of federal income tax benefit | 2.20% | 1.40% |
Valuation allowance for capital loss carry-forwards | 1.10% | 3.30% |
Unremitted earnings from foreign operations | 1.10% | 0.70% |
Valuation allowance for foreign operating loss carry-forwards | 0.90% | 0.30% |
Income tax contingency accruals/reversals | 0.90% | -0.30% |
Non-deductible expenses | 0.80% | 0.20% |
Changes in estimates related to prior year tax provision | -0.30% | 0.10% |
Research and development tax credit | -1.40% | ' |
Domestic production activities deduction | -1.50% | -0.40% |
Foreign rate differences | -2.30% | -3.30% |
Foreign tax incentives | -4.80% | -9.30% |
Other | -0.20% | 0.10% |
Effective income tax rate for income from continuing operations | 31.50% | 27.80% |
Contingencies_Details
Contingencies (Details) | Jan. 08, 2013 |
in | |
Contingencies [Abstract] | ' |
Minimum thickness of performance enhancing layer on films required to avoid antidumping duty order | 0.00001 |