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Business Segments | 12 Months Ended
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Dec. 31, 2016
Segment Reporting [Abstract] |
Business Segments | BUSINESS SEGMENTS Tredegar has historically reported two business segments: Film Products and Aluminum Extrusions. In the third quarter of 2015, the Company divided Film Products into two separate reportable segments: PE Films and Flexible Packaging Films. PE Films is comprised of the following operating segments: personal care materials, surface protection films, and LED lighting products. Flexible Packaging Films is comprised of the Company’s polyester films business, Terphane Holdings LLC (“Terphane”), which was acquired by Film Products in October 2011. Therefore, the Company's business segments are now PE Films, Flexible Packaging Films and Aluminum Extrusions. All historical results for PE Films and Flexible Packaging Films have been separately presented to conform with the new presentation of segments. 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 (Tredegar’s President and Chief Executive Officer) for purposes of assessing performance. PE Films’ net sales to The Procter & Gamble Company (“P&G”) totaled $129.1 million in 2016, $163.9 million in 2015 and $220.8 million in 2014. 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) |  | 2016 |  | 2015 |  | 2014
PE Films | $ | 331,146 |  |  | $ | 385,550 |  |  | $ | 464,339 |
Flexible Packaging Films | 108,028 |  |  | 105,332 |  |  | 114,348 |
Aluminum Extrusions | 360,098 |  |  | 375,457 |  |  | 344,346 |
Total net sales | 799,272 |  |  | 866,339 |  |  | 923,033 |
Add back freight | 29,069 |  |  | 29,838 |  |  | 28,793 |
Sales as shown in consolidated statements of income | $ | 828,341 |  |  | $ | 896,177 |  |  | $ | 951,826 |
Operating Profit
(In Thousands) |  | 2016 |  | 2015 |  | 2014
PE Films: |  |  |  |  |
Ongoing operations | $ | 26,312 |  |  | $ | 48,275 |  |  | $ | 60,971 |
Plant shutdowns, asset impairments, restructurings and other (a) | (4,602 | ) |  | (4,180 | ) |  | (12,236 | )
Flexible Packaging Films: |  |  |  |  |
Ongoing operations | 1,774 |  |  | 5,453 |  |  | (2,917 | )
Plant shutdowns, asset impairments, restructurings and other (a) | (214 | ) |  | (185 | ) |  | (591 | )
Goodwill impairment charge | — |  |  | (44,465 | ) |  | — |
Aluminum Extrusions: |  |  |  |  |
Ongoing operations | 37,794 |  |  | 30,432 |  |  | 25,664 |
Plant shutdowns, asset impairments, restructurings and other (a) | (741 | ) |  | (708 | ) |  | (976 | )
Total | 60,323 |  |  | 34,622 |  |  | 69,915 |
Interest income | 261 |  |  | 294 |  |  | 588 |
Interest expense | 3,806 |  |  | 3,502 |  |  | 2,713 |
Gain (loss) on investment accounted for under the fair value method (a) | 1,600 |  |  | (20,500 | ) |  | 2,000 |
Gain on sale of investment property (a) | — |  |  | — |  |  | 1,208 |
Unrealized loss on investment property (a) | 1,032 |  |  | — |  |  | — |
Stock option-based compensation expense | 56 |  |  | 483 |  |  | 1,272 |
Corporate expenses, net (a) | 29,607 |  |  | 33,638 |  |  | 24,310 |
Income (loss) from continuing operations before income taxes | 27,683 |  |  | (23,207 | ) |  | 45,416 |
Income taxes (a) | 3,217 |  |  | 8,928 |  |  | 9,387 |
Income (loss) from continuing operations | 24,466 |  |  | (32,135 | ) |  | 36,029 |
Income (loss) from discontinued operations (a) | — |  |  | — |  |  | 850 |
Net income (loss) | $ | 24,466 |  |  | $ | (32,135 | ) |  | $ | 36,879 |
Identifiable Assets
(In Thousands) |  | 2016 |  | 2015
PE Films | $ | 278,558 |  |  | $ | 270,236 |
Flexible Packaging Films | 156,836 |  |  | 146,253 |
Aluminum Extrusions | 147,639 |  |  | 136,935 |
Subtotal | 583,033 |  |  | 553,424 |
General corporate (b) | 38,618 |  |  | 25,680 |
Cash and cash equivalents (d) | 29,511 |  |  | 44,156 |
Total | $ | 651,162 |  |  | $ | 623,260 |
|  | Depreciation and Amortization |  | Capital Expenditures
(In Thousands) |  | 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014
PE Films | $ | 13,653 |  |  | $ | 15,480 |  |  | $ | 21,399 |  |  | $ | 25,759 |  |  | $ | 21,218 |  |  | $ | 17,000 |
Flexible Packaging Films | 9,505 |  |  | 9,697 |  |  | 9,331 |  |  | 3,391 |  |  | 3,489 |  |  | 21,806 |
Aluminum Extrusions | 9,173 |  |  | 9,698 |  |  | 9,974 |  |  | 15,918 |  |  | 8,124 |  |  | 6,092 |
Subtotal | 32,331 |  |  | 34,875 |  |  | 40,704 |  |  | 45,068 |  |  | 32,831 |  |  | 44,898 |
General corporate | 141 |  |  | 107 |  |  | 114 |  |  | 389 |  |  | — |  |  | — |
Total | $ | 32,472 |  |  | $ | 34,982 |  |  | $ | 40,818 |  |  | $ | 45,457 |  |  | $ | 32,831 |  |  | $ | 44,898 |
See footnotes on page 68.
Net Sales by Geographic Area (d)
(In Thousands) |  | 2016 |  | 2015 |  | 2014
United States | $ | 475,734 |  |  | $ | 528,881 |  |  | $ | 542,395 |
Exports from the United States to: |  |  |  |  |
Asia | 73,220 |  |  | 75,383 |  |  | 72,597 |
Canada | 45,683 |  |  | 45,290 |  |  | 47,391 |
Europe | 7,348 |  |  | 9,809 |  |  | 10,874 |
Latin America | 5,561 |  |  | 3,464 |  |  | 3,116 |
Operations outside the United States: |  |  |  |  |
Brazil | 90,571 |  |  | 89,829 |  |  | 97,954 |
The Netherlands | 54,352 |  |  | 53,211 |  |  | 74,329 |
Hungary | 24,207 |  |  | 32,612 |  |  | 39,457 |
China | 14,390 |  |  | 18,919 |  |  | 26,109 |
India | 8,206 |  |  | 8,941 |  |  | 8,811 |
Total (c) | $ | 799,272 |  |  | $ | 866,339 |  |  | $ | 923,033 |
|  | Identifiable Assets by Geographic Area (d) |  | Property, Plant & Equipment, Net by Geographic Area (d)
(In Thousands) |  | 2016 |  | 2015 |  | 2016 |  | 2015
United States (b) | $ | 367,406 |  |  | $ | 351,115 |  |  | $ | 118,661 |  |  | $ | 104,380 |
Operations outside the United States: |  |  |  |  |  |  |
Brazil | 139,163 |  |  | 126,478 |  |  | 91,553 |  |  | 78,845 |
China | 29,751 |  |  | 34,409 |  |  | 23,759 |  |  | 27,563 |
Hungary | 20,610 |  |  | 14,798 |  |  | 15,117 |  |  | 8,135 |
The Netherlands | 19,484 |  |  | 19,372 |  |  | 5,784 |  |  | 6,224 |
India | 6,619 |  |  | 7,252 |  |  | 4,670 |  |  | 5,234 |
General corporate (b) | 38,618 |  |  | 25,680 |  |  | 1,181 |  |  | 934 |
Cash and cash equivalents (d) | 29,511 |  |  | 44,156 |  |  | n/a |  |  | n/a |
Total | $ | 651,162 |  |  | $ | 623,260 |  |  | $ | 260,725 |  |  | $ | 231,315 |
Net Sales by Product Group
(In Thousands) |  | 2016 |  | 2015 |  | 2014
PE Films: |  |  |  |  |
Personal care materials | $ | 238,213 |  |  | $ | 287,768 |  |  | $ | 367,451 |
Surface protection films | 84,013 |  |  | 90,197 |  |  | 90,129 |
LED lighting products & other films | 8,920 |  |  | 7,585 |  |  | 6,759 |
Subtotal | 331,146 |  |  | 385,550 |  |  | 464,339 |
Flexible Packaging Films | 108,028 |  |  | 105,332 |  |  | 114,348 |
Aluminum Extrusions: |  |  |  |  |
Nonresidential building & construction | 212,863 |  |  | 221,363 |  |  | 200,707 |
Consumer durables | 39,293 |  |  | 41,835 |  |  | 44,897 |
Automotive | 34,700 |  |  | 30,250 |  |  | 22,272 |
Machinery & equipment | 20,872 |  |  | 18,102 |  |  | 26,907 |
Distribution | 20,506 |  |  | 18,659 |  |  | 15,318 |
Residential building & construction | 20,252 |  |  | 22,737 |  |  | 21,470 |
Electrical | 11,612 |  |  | 22,511 |  |  | 12,775 |
Subtotal | 360,098 |  |  | 375,457 |  |  | 344,346 |
Total | $ | 799,272 |  |  | $ | 866,339 |  |  | $ | 923,033 |
See footnotes on page 68 and a reconciliation of net sales to sales as shown in the Consolidated Statements of Income on page 65.
(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 $88.6 million and $93.2 million as of December 31, 2016 and 2015, 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 $29.1 million in 2016, $29.8 million in 2015 and $28.8 million in 2014.
(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 $23.8 million and $27.7 million at December 31, 2016 and 2015, respectively. Export sales relate almost entirely to PE Films. Operations outside the U.S. in The Netherlands, Hungary, China and India also relate to PE Films. Operations in Brazil are primarily related to Flexible Packaging Films, but also include PE Films operations. 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 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: 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=68060357&loc=d3e9038-108599 Reference 3: 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=68060357&loc=d3e8971-108599 Reference 4: 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=68060357&loc=d3e8595-108599 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=68060357&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 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: 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=68060357&loc=d3e8844-108599 Reference 8: 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=68060357&loc=d3e8984-108599 Reference 9: 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=68060357&loc=d3e9031-108599 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=68060357&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 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: 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=68060357&loc=d3e8864-108599 Reference 13: 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=68060357&loc=d3e8924-108599 Reference 14: 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=68060357&loc=d3e8906-108599 + Details
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