XML 36 R18.htm IDEA: XBRL DOCUMENT v3.4.0.3
Segment Reporting
 3 Months Ended
Mar. 31, 2016
Segment Reporting [Abstract]  
Segment Reporting
The Company’s business segments are PE Films, Flexible Packaging and Aluminum Extrusions. Information by business segment is reported below. Tredegar had historically reported two business segments: Film Products and Aluminum Extrusions. In 2015, the Company divided Film Products into two separate reportable segments: PE Films and Flexible Packaging Films. All historical results for PE Films and Flexible Packaging Films have been separately presented to conform with the new presentation of segments. There are 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.

The following table presents net sales and operating profit by segment for the three-month periods ended March 31, 2016 and 2015:
 
Three Months Ended March 31,
(In Thousands)
2016
 
2015
Net Sales
 
 
 
PE Films
$
88,481

 
$
106,357

Flexible Packaging Films
26,377

 
26,844

Aluminum Extrusions
85,474

 
93,645

Total net sales
200,332

 
226,846

Add back freight
7,001

 
7,325

Sales as shown in the Consolidated Statements of Income
$
207,333

 
$
234,171

Operating Profit
 
 
 
PE Films:
 
 
 
Ongoing operations
$
10,235

 
$
16,832

Plant shutdowns, asset impairments, restructurings and other
(1,135
)
 
—

Flexible Packaging Films:
 
 
 
Ongoing operations
2,032

 
785

Plant shutdowns, asset impairments, restructurings and other
—

 
67

Aluminum Extrusions:
 
 
 
Ongoing operations
7,499

 
5,292

Plant shutdowns, asset impairments, restructurings and other
(7
)
 
(15
)
Total
18,624

 
22,961

Interest income
37

 
89

Interest expense
1,085

 
885

Gain on investment accounted for under fair value method
800

 
—

Stock option-based compensation costs
(37
)
 
300

Corporate expenses, net
7,916

 
7,216

Income before income taxes
10,497

 
14,649

Income taxes
3,216

 
4,779

Net income
$
7,281

 
$
9,870


The following table presents identifiable assets by segment at March 31, 2016 and December 31, 2015:
(In Thousands)
March 31, 2016
 
December 31, 2015
PE Films
$
276,940

 
$
270,236

Flexible Packaging Films
155,000

 
146,253

Aluminum Extrusions
135,726

 
136,935

Subtotal
567,666

 
553,424

General corporate
28,075

 
25,680

Cash and cash equivalents
40,022

 
44,156

Total
$
635,763

 
$
623,260