XML 86 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:      
Net income $ 28,251 $ 24,855 $ 27,027
Adjustments for noncash items:      
Depreciation 43,463 43,336 43,122
Amortization of intangibles 5,806 1,399 466
Deferred income taxes (762) 2,108 (6,392)
Accrued pension and postretirement benefits 8,311 2,481 1,125
(Gain) loss on an investment accounted for under the fair value method (16,100) [1] (1,600) [1] 2,200 [1]
(Gain) loss on sale of assets 1,219 (653) (15)
Loss on asset impairments 2,185 1,376 608
Changes in assets and liabilities, net of effects of acquisitions and divestitures:      
Accounts and notes receivables 9,454 (4,737) (10,981)
Inventories (9,913) 2,410 (7,717)
Income taxes recoverable 3,193 (1,254) (2,627)
Prepaid expenses and other 1,883 (271) (969)
Accounts payable and accrued expenses 9,105 (282) 2,942
Other, net (3,509) 2,597 (2,380)
Net cash provided by operating activities 82,586 71,765 46,409
Cash flows from investing activities:      
Acquisitions, net of cash acquired (57,936) (180,975) (5,500)
Capital expenditures (33,252) (15,880) (20,418)
Net proceeds from the sale of Fallings Springs, LLC 12,071    
Proceeds from the sale of assets and other 3,557 1,622 3,768
Net cash used in investing activities (75,560) (195,233) (22,150)
Cash flows from financing activities:      
Borrowings 93,250 125,000   
Debt principal payments and financing costs (91,604) (89) (2,815)
Dividends paid (30,782) (5,761) (5,141)
Repurchases of Tredegar common stock     (35,141)
Proceeds from exercise of stock options and other 2,400 1,242 980
Net cash provided by (used in) financing activities (26,736) 120,392 (42,117)
Effect of exchange rate changes on cash (407) (1,176) 386
Increase (decrease) in cash and cash equivalents (20,117) (4,252) (17,472)
Cash and cash equivalents at beginning of period 68,939 [2] 73,191 90,663
Cash and cash equivalents at end of period 48,822 [2] 68,939 [2] 73,191
Supplemental cash flow information:      
Interest payments 2,992 1,966 911
Income tax payments (refunds), net $ 14,721 $ 8,594 $ 23,539
[1] 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.
[2] 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.