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Business Segments | 12 Months Ended
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Dec. 31, 2014
Segment Reporting [Abstract] |
Business Segments | BUSINESS SEGMENTS Tredegar’s primary business segments are Film Products and Aluminum Extrusions. Beginning in February 2010, the Company 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. As discussed in Note 3, Falling Springs was divested in November 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 $220.8 million in 2014, $261.9 million in 2013 and $264.0 million in 2012. 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) |  | 2014 |  | 2013 |  | 2012
Film Products | $ | 578,687 |  |  | $ | 621,239 |  |  | $ | 611,877 |
Aluminum Extrusions | 344,346 |  |  | 309,482 |  |  | 245,465 |
Total net sales | 923,033 |  |  | 930,721 |  |  | 857,342 |
Add back freight | 28,793 |  |  | 28,625 |  |  | 24,846 |
Sales as shown in consolidated statements of income | $ | 951,826 |  |  | $ | 959,346 |  |  | $ | 882,188 |
Operating Profit
(In Thousands) |  | 2014 |  | 2013 |  | 2012
Film Products: |  |  |  |  |
Ongoing operations | $ | 58,054 |  |  | $ | 70,966 |  |  | $ | 69,950 |
Plant shutdowns, asset impairments, restructurings and other (a) | (12,827 | ) |  | (671 | ) |  | (109 | )
Aluminum Extrusions: |  |  |  |  |
Ongoing operations | 25,664 |  |  | 18,291 |  |  | 9,037 |
Plant shutdowns, asset impairments, restructurings and other (a) | (976 | ) |  | (2,748 | ) |  | (5,427 | )
Total | 69,915 |  |  | 85,838 |  |  | 73,451 |
Interest income | 588 |  |  | 594 |  |  | 418 |
Interest expense | 2,713 |  |  | 2,870 |  |  | 3,590 |
Gain on investment accounted for under the fair value method (a) | 2,000 |  |  | 3,400 |  |  | 16,100 |
Gain on sale of investment property (a) | 1,208 |  |  | — |  |  | — |
Unrealized loss on investment property (a) | — |  |  | 1,018 |  |  | — |
Stock option-based compensation expense | 1,272 |  |  | 1,155 |  |  | 1,432 |
Corporate expenses, net (a) | 24,310 |  |  | 31,857 |  |  | 23,443 |
Income from continuing operations before income taxes | 45,416 |  |  | 52,932 |  |  | 61,504 |
Income taxes (a) | 9,387 |  |  | 16,995 |  |  | 18,319 |
Income from continuing operations | 36,029 |  |  | 35,937 |  |  | 43,185 |
Income (loss) from discontinued operations (a) | 850 |  |  | (13,990 | ) |  | (14,934 | )
Net income | $ | 36,879 |  |  | $ | 21,947 |  |  | $ | 28,251 |
See footnotes on page 63.
Identifiable Assets
(In Thousands) |  | 2014 |  | 2013
Film Products | $ | 546,210 |  |  | $ | 556,873 |
Aluminum Extrusions | 143,328 |  |  | 134,928 |
Subtotal | 689,538 |  |  | 691,801 |
General corporate (b) | 49,032 |  |  | 48,590 |
Cash and cash equivalents (d) | 50,056 |  |  | 52,617 |
Total | $ | 788,626 |  |  | $ | 793,008 |
|  | Depreciation and Amortization |  | Capital Expenditures
(In Thousands) |  | 2014 |  | 2013 |  | 2012 |  | 2014 |  | 2013 |  | 2012
Film Products | $ | 30,730 |  |  | $ | 35,332 |  |  | $ | 39,202 |  |  | $ | 38,806 |  |  | $ | 64,867 |  |  | $ | 30,484 |
Aluminum Extrusions | 9,974 |  |  | 9,202 |  |  | 9,984 |  |  | 6,092 |  |  | 14,742 |  |  | 2,332 |
Subtotal | 40,704 |  |  | 44,534 |  |  | 49,186 |  |  | 44,898 |  |  | 79,609 |  |  | 32,816 |
General corporate | 114 |  |  | 121 |  |  | 73 |  |  | — |  |  | 52 |  |  | 436 |
Continuing operations | 40,818 |  |  | 44,655 |  |  | 49,259 |  |  | 44,898 |  |  | 79,661 |  |  | 33,252 |
Discontinued operations | — |  |  | — |  |  | 10 |  |  | — |  |  | — |  |  | — |
Total | $ | 40,818 |  |  | $ | 44,655 |  |  | $ | 49,269 |  |  | $ | 44,898 |  |  | $ | 79,661 |  |  | $ | 33,252 |
Net Sales by Geographic Area (d)
(In Thousands) |  | 2014 |  | 2013 |  | 2012
United States | $ | 542,395 |  |  | $ | 534,346 |  |  | $ | 480,041 |
Exports from the United States to: |  |  |  |  |
Asia | 72,597 |  |  | 82,235 |  |  | 57,639 |
Canada | 47,391 |  |  | 46,481 |  |  | 46,948 |
Europe | 10,874 |  |  | 6,984 |  |  | 5,186 |
Latin America | 3,116 |  |  | 3,505 |  |  | 3,145 |
Operations outside the United States: |  |  |  |  |
Brazil | 97,954 |  |  | 109,415 |  |  | 121,373 |
The Netherlands | 74,329 |  |  | 68,471 |  |  | 67,758 |
Hungary | 39,457 |  |  | 43,482 |  |  | 41,285 |
China | 26,109 |  |  | 28,702 |  |  | 30,636 |
India | 8,811 |  |  | 7,100 |  |  | 3,331 |
Total (c) | $ | 923,033 |  |  | $ | 930,721 |  |  | $ | 857,342 |
|  | Identifiable Assets by Geographic Area (d) |  | Property, Plant & Equipment, Net by Geographic Area (d)
(In Thousands) |  | 2014 |  | 2013 |  | 2014 |  | 2013
United States (b) | $ | 409,272 |  |  | $ | 419,234 |  |  | $ | 115,189 |  |  | $ | 141,444 |
Operations outside the United States: |  |  |  |  |  |  |
Brazil | 212,186 |  |  | 191,415 |  |  | 119,066 |  |  | 99,956 |
The Netherlands | 23,729 |  |  | 32,156 |  |  | 9,117 |  |  | 14,172 |
China | 23,037 |  |  | 25,165 |  |  | 14,141 |  |  | 14,430 |
Hungary | 13,440 |  |  | 17,681 |  |  | 5,829 |  |  | 7,461 |
India | 7,874 |  |  | 6,150 |  |  | 5,575 |  |  | 4,007 |
General corporate (b) | 49,032 |  |  | 48,590 |  |  | 1,040 |  |  | 1,090 |
Cash and cash equivalents (d) | 50,056 |  |  | 52,617 |  |  | n/a |  |  | n/a |
Total | $ | 788,626 |  |  | $ | 793,008 |  |  | $ | 269,957 |  |  | $ | 282,560 |
See footnotes on page 63 and a reconciliation of net sales to sales as shown in the consolidated statements of income on page 61.
Net Sales by Product Group
(In Thousands) |  | 2014 |  | 2013 |  | 2012
Film Products: |  |  |  |  |
Personal care materials | $ | 317,080 |  |  | $ | 339,559 |  |  | $ | 327,161 |
Flexible packaging films | 114,348 |  |  | 125,712 |  |  | 138,028 |
Surface protection films | 90,129 |  |  | 90,182 |  |  | 69,627 |
Polyethylene overwrap and polypropylene films | 44,263 |  |  | 56,590 |  |  | 63,796 |
Films for other markets | 12,867 |  |  | 9,196 |  |  | 13,265 |
Subtotal | 578,687 |  |  | 621,239 |  |  | 611,877 |
Aluminum Extrusions: |  |  |  |  |
Nonresidential building & construction | 200,707 |  |  | 179,437 |  |  | 165,159 |
Consumer durables | 44,897 |  |  | 39,565 |  |  | 12,259 |
Machinery & equipment | 26,907 |  |  | 21,936 |  |  | 8,773 |
Automotive | 22,272 |  |  | 19,919 |  |  | 11,757 |
Residential building & construction | 21,470 |  |  | 22,055 |  |  | 23,555 |
Distribution | 15,318 |  |  | 13,115 |  |  | 15,227 |
Electrical | 12,775 |  |  | 13,455 |  |  | 8,735 |
Subtotal | 344,346 |  |  | 309,482 |  |  | 245,465 |
Total | $ | 923,033 |  |  | $ | 930,721 |  |  | $ | 857,342 |
(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) | The balance sheets include the funded status of each of the Company’s defined benefit pension and other postretirement plans. The funded status of the Company’s defined benefit pension plan was a net liability of $96.4 million and $42.5 million as of December 31, 2014 and 2013, respectively. See Note 14 for more information on the Company’s pension and other postretirement plans.
(c) | The difference between total consolidated sales as reported in the consolidated statements of income and segment, geographic and product group net sales reported in this note is freight of $28.8 million in 2014, $28.6 million in 2013 and $24.8 million in 2012.
(d) | Information on exports and foreign operations are provided on the previous page. Cash and cash equivalents includes funds held in locations outside the U.S. of $40.5 million and $38.6 million at December 31, 2014 and 2013, respectively. Export sales relate almost entirely to Film Products. Operations outside the U.S. in The Netherlands, Hungary, China, Brazil and India also relate to Film Products. Sales from locations in The Netherlands and Hungary are primarily to customers located in Europe. Sales from locations in China (Guangzhou and Shanghai) are primarily to customers located in China, but also include other customers in Asia.

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- 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 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 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 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: 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 11: 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 Reference 12: 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 13: 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 14: 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 + Details
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