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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.