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Plants Shutdowns, Asset Impairments, Restructurings And Other | 9 Months Ended
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Sep. 30, 2014
Restructuring Charges [Abstract] |
Plant Shutdowns, Asset Impairments, Restructurings And Other | Plant shutdowns, asset impairments, restructurings and other charges are shown in the net sales and operating profit by segment table in Note 11, 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 charges in the third quarter of 2014 include:
• | Pretax charges of $0.4 million associated with severance and other employee-related costs associated with restructurings in Film Products ($0.4 million) and Aluminum Extrusions ($31,000);
• | Pretax charges of $75,000 related to expected future environmental costs at the Company’s aluminum extrusions manufacturing facility in Newnan, Georgia (included in “Cost of goods sold” in the consolidated statements of income);
• | Pretax charges of $37,000 associated with the shutdown of the film products manufacturing facility in Red Springs, North Carolina; and
• | Pretax charges of $20,000 associated with the shutdown of the aluminum extrusions manufacturing facility in Kentland, Indiana.
Plant shutdowns, asset impairments, restructurings and other charges in the first nine months of 2014 include:
• | Pretax charge of $10.0 million (included in “Other income (expense), net” in the consolidated statements of income) associated with a one-time, lump sum license payment to the 3M Company (“3M”) after the Company settled all litigation issues associated with a patent infringement complaint (see Note 14 for additional detail on this legal matter);
• | Pretax charges of $1.8 million associated with severance and other employee-related costs associated with restructurings in Film Products ($1.8 million) and Aluminum Extrusions ($31,000);
• | Pretax charges of $0.8 million associated with the shutdown of the film products manufacturing facility in Red Springs, North Carolina, which includes severance and other employee-related costs of $0.5 million and asset impairment and other shutdown-related charges of $0.3 million;
• | Pretax charges of $0.2 million related to expected future environmental costs at the Company’s aluminum extrusions manufacturing facility in Newnan, Georgia (included in “Cost of goods sold” in the consolidated statements of income); and
• | Pretax charges of $43,000 associated with the shutdown of the aluminum extrusions manufacturing facility in Kentland, Indiana.
Results in the third quarter and first nine months of 2014 include an unrealized gain (included in “Other income (expense), net” in the consolidated statements of income) on the Company’s investment in kaleo, Inc. (“kaléo”), which is accounted for under the fair value method, of $4.0 million ($2.5 million after taxes) and $2.9 million ($1.8 million after taxes), respectively. Unrealized losses (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 the Company’s investment in Harbinger Capital Partners Special Situations Fund, L.P. (“Harbinger Fund”) of $0.2 million ($0.1 million after taxes) and $0.8 million ($0.5 million after taxes) were recorded in the third quarter and first nine months of 2014, respectively, as a result of a reduction in the value of the investment that is not expected to be temporary. The Company realized a gain (included in “Other income (expense), net” in the consolidated statements of income) of $1.2 million ($0.8 million after taxes) in the first nine months of 2014 on the sale of a portion of its investment property in Alleghany and Bath Counties, Virginia. See Note 8 for additional information on investments. Plant shutdowns, asset impairments, restructurings and other charges 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 charges 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 charge 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 charge 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 and first nine months of 2013 include an unrealized loss of $3.1 million ($1.9 million after taxes) and a net unrealized gain of $0.1 million ($0.1 million after taxes), respectively, (included in “Other income (expense), net” in the consolidated statements of income) on the Company’s investment in kaléo, which is accounted for under the fair value method. Unrealized losses (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 the Company’s investment in the Harbinger Fund of $0.2 million ($0.1 million after taxes) were recorded in both the third quarter and first nine months of 2013 as a result of a reduction in the value of the investment that is not expected to be temporary. An unrealized loss associated with the Company’s investment property in Alleghany and Bath Counties, 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 first nine months of 2013 as a result of a reduction in the estimated fair 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, 2014 is as follows:
(In Thousands) | Severance |  | Asset Impairments |  | Other (a) |  | Total
Balance at December 31, 2013 | $ | 331 |  |  | $ | — |  |  | $ | 356 |  |  | $ | 687 |
Changes in 2014: |  |  |  |  |  |  |
Charges | 2,304 |  |  | 227 |  |  | 121 |  |  | 2,652 |
Cash spent | (1,673 | ) |  | — |  |  | (276 | ) |  | (1,949 | )
Charges against assets | — |  |  | (227 | ) |  | — |  |  | (227 | )
Balance at September 30, 2014 | $ | 962 |  |  | $ | — |  |  | $ | 201 |  |  | $ | 1,163 |
(a) | Other includes other shutdown-related costs associated with the shutdown of the Company’s aluminum extrusions manufacturing facility in Kentland, Indiana.

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