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Business Segments
 12 Months Ended
Dec. 31, 2012
Business Segments [Abstract]  
Business Segments

5 BUSINESS SEGMENTS

     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 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. Prior year balances for Bright View have been reclassified to Film Products to conform with the current year presentation. 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 and geographic area for the last three years is provided below. 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 $264.0 million in 2012, $280.3 million in 2011 and $273.1 million in 2010. These amounts include plastic film sold to others that convert the film into materials used with products manufactured by P&G.

Net Sales
(In T housands)   2012   2011   2010
Film Products $ 611,877 $ 535,540 $ 520,749
Aluminum Extrusions   245,465   240,392   199,639
Total net sales   857,342   775,932   720,388
Add back freight   24,846   18,488   17,812
Sales as shown in consolidated            
statements of income $ 882,188 $ 794,420 $ 738,200

 

Operating Profit
(In T housands)   2012     2011     2010  
Film Products:                  
Ongoing operations $ 69,950   $ 59,493   $ 66,718  
Plant shutdowns, asset impairments,
restructurings and other (a)		   (109 )   (6,807 )   (758 )
Aluminum Extrusions:                  
Ongoing operations   9,037     3,457     (4,154 )
Plant shutdowns, asset impairments,
restructurings and other (a)		   (5,427 )   58     493  
Total   73,451     56,201     62,299  
Interest income   418     1,023     709  
Interest expense   3,590     1,926     1,136  
Gain (loss) on investment accounted for
under the fair value method (a)		   16,100     1,600     (2,200 )
Stock option-based compensation expense   1,432     1,940     2,064  
Corporate expenses, net (a)   23,443     16,169     17,118  
Income from continuing operations
before income taxes		   61,504     38,789     40,490  
Income taxes (a)   18,319     10,244     13,649  
Income from continuing operations   43,185     28,545     26,841  
Income (loss) from discontinued operations (a)   (14,934 )   (3,690 )   186  
Net income (loss) $ 28,251   $ 24,855   $ 27,027  

 

(a) See Notes 1, 3, 4 and 18 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 $83.3 million, $57.8 million and $8.3 million in "Other noncurrent liabilities" as of December 31, 2012, 2011 and 2010. See Note 14 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 $24.8 million in 2012, $18.5 million in 2011 and $17.8 million in 2010.

(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 $28.6 million, $42.3 million and $35.7 million at December 31, 2012, 2011 and 2010, respectively. Export sales relate almost entirely to Film Products. Operations outside the U.S. in The Netherlands, Hungary, China, Italy (sold in 2011), Brazil and India also relate to Film Products. Sales from our locations in The 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)   2012   2011
Film Products $ 551,842 $ 574,571
Aluminum Extrusions   129,279   78,661
Subtotal   681,121   653,232
General corporate (b)   53,222   40,917
Cash and cash equivalents (d)   48,822   68,939
Continuing operations   783,165   763,088
Discontinued operations   -   17,522
Total $ 783,165 $ 780,610

 

Depreciation and Amortization Capital Expenditures
(In Thousands)   2012   2011   2010   2012   2011   2010
Film Products $ 39,202 $ 36,315 $ 34,448 $ 30,484 $ 13,107 $ 15,839
Aluminum Extrusions   9,984   8,333   9,054   2,332   2,697   4,339
Subtotal   49,186   44,648   43,502   32,816   15,804   20,178
General corporate   73   75   74   436   76   236
Continuing operations   49,259   44,723   43,576   33,252   15,880   20,414
Discontinued operations   10   12   12   -   -   4
Total $ 49,269 $ 44,735 $ 43,588 $ 33,252 $ 15,880 $ 20,418

 

Net Sales by Geographic Area (d)
(In Thousands)   2012   2011   2010
United States $ 480,041 $ 462,479 $ 414,617
Exports from the United States to:            
Asia   57,639   56,050   68,818
Canada   46,948   49,428   50,534
Europe   5,186   6,171   8,572
Latin America   3,145   4,413   2,684
Operations outside the United States:            
Brazil   121,373   43,528   24,302
The Netherlands   67,758   80,509   81,945
Hungary   41,285   33,824   23,645
China   30,636   32,740   35,999
India   3,331   -   -
Italy   -   6,790   9,272
Total (c) $ 857,342 $ 775,932 $ 720,388

 

  Identifiable Assets
by Geographic Area (d)		 Property, Plant & Equipment,
Net by Geographic Area (d)
(In Thousands)   2012   2011   2012   2011
United States (b) $ 412,822 $ 369,173 $ 126,072 $ 119,650
Operations outside the United States:            
Brazil   181,663   191,695   77,723   80,992
The Netherlands   37,076   40,973   19,443   24,850
China   25,167   28,469   16,584   18,931
Hungary   17,887   16,480   7,782   7,326
India   6,506   6,442   4,653   4,705
General corporate (b)   53,222   40,917   1,160   797
Cash and cash equivalents (d)   48,822   68,939   n/a   n/a
Continuing operations   783,165   763,088   253,417   257,251
Discontinued operations   -   17,522   -   23
Total $ 783,165 $ 780,610 $ 253,417 $ 257,274

 

See footnotes on prior page and a reconciliation of net sales to sales as shown in the consolidated statements of income.

 

Net Sales by Product Group
(In Thousands)   2012   2011   2010
Film Products:            
Personal care materials $ 327,161 $ 352,376 $ 358,597
Flexible packaging films   138,028   28,256   -
Surface protection films   69,627   69,452   85,451
Polyethylene overwrap and polypropylene films   63,796   67,282   61,148
Films for other markets   13,265   18,174   15,553
Subtotal   611,877   535,540   520,749
Aluminum Extrusions:            
Nonresidential building & construction   165,159   166,229   134,467
Residential building & construction   23,555   31,444   29,554
Distribution   15,227   14,700   9,793
Consumer durables   12,259   4,784   3,532
Transportation   11,757   13,176   15,058
Machinery & equipment   8,773   5,665   2,571
Electrical   6,140   4,394   4,664
Other   2,595   -   -
Subtotal   245,465   240,392   199,639
Total $ 857,342 $ 775,932 $ 720,388

 

See footnotes on prior pages and a reconciliation of net sales to sales as shown in the consolidated statements of income.