XML 39 R12.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Business Segments | 12 Months Ended
--- | ---
Dec. 31, 2011
Business Segments [Abstract] |
Business Segments | 4 BUSINESS SEGMENTS Our primary business segments are Film Products and Aluminum Extrusions. In February 2010, we added a fourth segment, Other, comprised of the start-up operations of Bright View and Falling Springs, LLC ("Falling Springs"). Effective January 1, 2012, the operations and results of Bright View were incorporated into Film Products in order to better leverage efforts to produce films for new market segments. Information by business segment and geographic area for the last three years is provided below. For periods prior to 2010, net sales and income (loss) from ongoing operations for Falling Springs (which were immaterial) have been included in "Corporate expense, net" and identifiable assets for this business (which were immaterial) have been included in "General corporate" in order to reflect the strategic view and structure of operations during this time period. There were no accounting transactions between segments and no allocations to segments. Net sales (sales less freight) and operating profit from ongoing operations are the measures of sales and operating profit used by the chief operating decision maker for purposes of assessing performance. Film Products' net sales to The Procter & Gamble Company ("P&G") totaled $280.3 million in 2011, $273.1 million in 2010 and $253.5 million in 2009. These amounts include plastic film sold to others that convert the film into materials used with products manufactured by P&G.
|  | Net Sales |  |  |  |  |  |  |
(In Thousands) |  | 2011 |  |  | 2010 |  |  | 2009 |
Film Products | $ | 535,193 |  | $ | 520,445 |  | $ | 455,007 |
Aluminum Extrusions |  | 240,392 |  |  | 199,639 |  |  | 177,521 |
Other |  | 3,524 |  |  | 2,579 |  |  | - |
Total net sales |  | 779,109 |  |  | 722,663 |  |  | 632,528 |
Add back freight |  | 18,488 |  |  | 17,812 |  |  | 16,085 |
Sales as shown in consolidated |  |  |  |  |  |  |  |  |
statements of income | $ | 797,597 |  | $ | 740,475 |  | $ | 648,613 |
|  | Operating Profit |  |  |  |  |  |  |
(In Thousands) |  | 2011 |  |  | 2010 |  |  | 2009 |
Film Products: |  |  |  |  |  |  |  |  |
Ongoing operations | $ | 63,420 |  | $ | 71,184 |  | $ | 64,379 |
Plant shutdowns, asset impairments, |  |  |  |  |  |  |  |  |
restructurings and other (a) |  | (6,807 | ) |  | (505 | ) |  | (1,846 | )
Aluminum Extrusions: |  |  |  |  |  |  |  |  |
Ongoing operations |  | 3,457 |  |  | (4,154 | ) |  | (6,494 | )
Plant shutdowns, asset impairments, |  |  |  |  |  |  |  |  |
restructurings and other (a) |  | 58 |  |  | 493 |  |  | (639 | )
Goodwill impairment charge (a) |  | - |  |  | - |  |  | (30,559 | )
AFBS (formerly Therics): |  |  |  |  |  |  |  |  |
Gain on sale of investments in Theken |  |  |  |  |  |  |  |  |
Spine and T herics, LLC |  | - |  |  | - |  |  | 1,968 |
Other: |  |  |  |  |  |  |  |  |
Ongoing operations |  | (2,835 | ) |  | (4,173 | ) |  | - |
Plant shutdowns, asset impairments, |  |  |  |  |  |  |  |  |
restructurings and other (a) |  | - |  |  | (253 | ) |  | - |
Total |  | 57,293 |  |  | 62,592 |  |  | 26,809 |
Interest income |  | 1,023 |  |  | 709 |  |  | 806 |
Interest expense |  | 1,926 |  |  | 1,136 |  |  | 783 |
Gain on sale of corporate assets (a) |  | - |  |  | - |  |  | 404 |
Gain (loss) on investment accounted for |  |  |  |  |  |  |  |  |
under the fair value method (a) |  | 1,600 |  |  | (2,200 | ) |  | 5,100 |
Stock option-based compensation expense |  | 1,940 |  |  | 2,064 |  |  | 1,692 |
Corporate expenses, net (a) |  | 16,158 |  |  | 17,118 |  |  | 13,334 |
Income from continuing operations |  |  |  |  |  |  |  |  |
before income taxes |  | 39,892 |  |  | 40,783 |  |  | 17,310 |
Income taxes (a) |  | 10,648 |  |  | 13,756 |  |  | 18,663 |
Income (loss) from continuing operations |  | 29,244 |  |  | 27,027 |  |  | (1,353 | )
Income (loss) from discontinued operations (a) |  | (4,389 | ) |  | - |  |  | - |
Net income (loss) | $ | 24,855 |  | $ | 27,027 |  | $ | (1,353 | )
(a) | See Notes 1, 3, 7 and 17 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items.
(b) | We recognize in the balance sheets the funded status of each of our defined benefit pension and other postretirement plans.
| The funded status of our defined benefit pension plan was a net liability of $57.8 million, $8.3 million and $6.0 million in "Other noncurrent liabilities" as of December 31, 2011, 2010 and 2009. See Note 13 for more information on our pension and other postretirement plans.
(c) | The difference between total consolidated sales as reported in the consolidated statements of income and segment and geographic net sales reported in this note is freight of $18.5 million in 2011, $17.8 million in 2010 and $16.1 million in 2009.
(d) | Information on exports and foreign operations are provided on the next page. Cash and cash equivalents includes funds held in locations outside the U.S. of $42.3 million $35.7 million and $34.2 million at December 31, 2011, 2010 and 2009, respectively. Export sales relate almost entirely to Film Products. Operations outside the U.S. in T he Netherlands, Hungary, China, Italy (sold in 2011), Brazil and India also relate to Film Products. Sales from our locations in T he Netherlands, Hungary and Italy are primarily to customers located in Europe. Sales from our locations in China (Guangzhou and Shanghai) are primarily to customers located in China, but also include other customers in Asia. Sales activity at the new film products manufacturing facility in India were not significant in 2011.
| Identifiable Assets |  |  |  |  |  |  |  |  |  |
(In Thousands) |  | 2011 |  | 2010 |  | 2009 |  |  |  |  |  |
Film Products | $ | 567,664 | $ | 363,312 | $ | 371,639 |  |  |  |  |  |
Aluminum Extrusions |  | 78,661 |  | 81,731 |  | 82,429 |  |  |  |  |  |
AFBS (formerly Therics) |  | - |  | 583 |  | 1,147 |  |  |  |  |  |
Other |  | 22,406 |  | 19,701 |  | - |  |  |  |  |  |
Subtotal |  | 668,731 |  | 465,327 |  | 455,215 |  |  |  |  |  |
General corporate (b) |  | 40,919 |  | 41,824 |  | 50,401 |  |  |  |  |  |
Cash and cash equivalents (d) |  | 68,939 |  | 73,191 |  | 90,663 |  |  |  |  |  |
Total | $ | 778,589 | $ | 580,342 | $ | 596,279 |  |  |  |  |  |
Depreciation and Amortization |  |  |  |  | Capital Expenditures
(In Thousands) |  | 2011 |  | 2010 |  | 2009 |  | 2011 |  | 2010 |  | 2009
Film Products | $ | 35,590 | $ | 33,765 | $ | 32,360 | $ | 12,895 | $ | 15,664 | $ | 11,487
Aluminum Extrusions |  | 8,333 |  | 9,054 |  | 7,566 |  | 2,697 |  | 4,339 |  | 22,530
Other |  | 737 |  | 695 |  | - |  | 212 |  | 179 |  | -
Subtotal |  | 44,660 |  | 43,514 |  | 39,926 |  | 15,804 |  | 20,182 |  | 34,017
General corporate |  | 75 |  | 74 |  | 71 |  | 76 |  | 236 |  | 125
Continuing operations |  | 44,735 |  | 43,588 |  | 39,997 |  | 15,880 |  | 20,418 |  | 34,142
Discontinued aluminum extrusions |  |  |  |  |  |  |  |  |  |  |
business in Canada (a) |  | - |  | - |  | - |  | - |  | - |  | -
Total | $ | 44,735 | $ | 43,588 | $ | 39,997 | $ | 15,880 | $ | 20,418 | $ | 34,142
Net Sales by Geographic Area (d) |  |  |  |  |  |  |  |
(In Thousands) |  | 2011 |  | 2010 |  | 2009 |  |  |  |  |  |
United States | $ | 465,656 | $ | 416,892 | $ | 363,570 |  |  |  |  |  |
Exports from the United States to: |  |  |  |  |  |  |  |  |  |  |
Canada |  | 49,428 |  | 50,534 |  | 39,300 |  |  |  |  |  |
Latin America |  | 4,413 |  | 2,684 |  | 2,238 |  |  |  |  |  |
Europe |  | 6,171 |  | 8,572 |  | 7,261 |  |  |  |  |  |
Asia |  | 56,050 |  | 68,818 |  | 43,948 |  |  |  |  |  |
Operations outside the United States: |  |  |  |  |  |  |  |  |  |  |
The Netherlands |  | 80,509 |  | 81,945 |  | 88,563 |  |  |  |  |  |
Hungary |  | 33,824 |  | 23,645 |  | 20,300 |  |  |  |  |  |
China |  | 32,740 |  | 35,999 |  | 36,438 |  |  |  |  |  |
Italy |  | 6,790 |  | 9,272 |  | 10,497 |  |  |  |  |  |
Brazil |  | 43,528 |  | 24,302 |  | 20,413 |  |  |  |  |  |
Total (c) | $ | 779,109 | $ | 722,663 | $ | 632,528 |  |  |  |  |  |
| Identifiable Assets |  |  |  |  |  | Property, Plant & Equipment,
by Geographic Area (d) |  |  |  |  | Net by Geographic Area (d)
(In Thousands) |  | 2011 |  | 2010 |  | 2009 |  | 2011 |  | 2010 |  | 2009
United States (b) | $ | 384,672 | $ | 341,970 | $ | 326,120 | $ | 119,673 | $ | 135,840 | $ | 152,189
Operations outside the United States: |  |  |  |  |  |  |  |  |  |  |
The Netherlands |  | 40,973 |  | 47,574 |  | 56,761 |  | 24,850 |  | 31,979 |  | 40,832
Hungary |  | 16,480 |  | 13,535 |  | 12,265 |  | 7,326 |  | 7,515 |  | 7,978
China |  | 28,469 |  | 31,587 |  | 34,176 |  | 18,931 |  | 21,385 |  | 23,605
Italy |  | - |  | 13,639 |  | 15,492 |  | - |  | 2,137 |  | 2,546
Brazil |  | 191,695 |  | 11,660 |  | 10,401 |  | 80,992 |  | 3,107 |  | 3,212
India |  | 6,442 |  | 5,362 |  | - |  | 4,705 |  | 4,241 |  | -
General corporate (b) |  | 40,919 |  | 41,824 |  | 50,401 |  | 797 |  | 633 |  | 514
Cash and cash equivalents (d) |  | 68,939 |  | 73,191 |  | 90,663 |  | n/a |  | n/a |  | n/a
Continuing operations |  | 778,589 |  | 580,342 |  | 596,279 |  | 257,274 |  | 206,837 |  | 230,876
Discontinued aluminum extrusions |  |  |  |  |  |  |  |  |  |  |
business in Canada (a) |  | - |  | - |  | - |  | - |  | - |  | -
Total | $ | 778,589 | $ | 580,342 | $ | 596,279 | $ | 257,274 | $ | 206,837 | $ | 230,876
See footnotes on prior page and a reconciliation of net sales to sales as shown in the consolidated statements of income.

X
- Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration