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Segment Reporting | 9 Months Ended
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Sep. 30, 2017
Segment Reporting [Abstract] |
Segment Reporting | The Company’s business segments are PE Films, Flexible Packaging Films and Aluminum Extrusions. Information by business segment is reported below. 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 and nine-month periods ended September 30, 2017 and 2016:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In Thousands) | 2017 |  | 2016 |  | 2017 |  | 2016
Net Sales |  |  |  |  |  |  |
PE Films | $ | 89,723 |  |  | $ | 82,179 |  |  | $ | 265,773 |  |  | $ | 251,473 |
Flexible Packaging Films | 26,628 |  |  | 27,303 |  |  | 79,925 |  |  | 80,888 |
Aluminum Extrusions | 122,149 |  |  | 91,067 |  |  | 344,956 |  |  | 269,987 |
Total net sales | 238,500 |  |  | 200,549 |  |  | 690,654 |  |  | 602,348 |
Add back freight | 8,621 |  |  | 7,153 |  |  | 24,840 |  |  | 21,221 |
Sales as shown in the Consolidated Statements of Income | $ | 247,121 |  |  | $ | 207,702 |  |  | $ | 715,494 |  |  | $ | 623,569 |
Operating Profit (Loss) |  |  |  |  |  |  |
PE Films: |  |  |  |  |  |  |
Ongoing operations | $ | 11,251 |  |  | $ | 9,011 |  |  | $ | 30,965 |  |  | $ | 23,564 |
Plant shutdowns, asset impairments, restructurings and other | (919 | ) |  | (1,187 | ) |  | (3,890 | ) |  | (3,678 | )
Flexible Packaging Films: |  |  |  |  |  |  |
Ongoing operations | (1,074 | ) |  | 93 |  |  | (3,392 | ) |  | 1,184 |
Plant shutdowns, asset impairments, restructurings and other | — |  |  | — |  |  | 11,856 |  |  | — |
Aluminum Extrusions: |  |  |  |  |  |  |
Ongoing operations | 12,601 |  |  | 9,427 |  |  | 34,201 |  |  | 27,786 |
Plant shutdowns, asset impairments, restructurings and other | (377 | ) |  | 1,405 |  |  | (3,147 | ) |  | 840 |
Total | 21,482 |  |  | 18,749 |  |  | 66,593 |  |  | 49,696 |
Interest income | 42 |  |  | 70 |  |  | 171 |  |  | 158 |
Interest expense | 1,757 |  |  | 886 |  |  | 4,579 |  |  | 2,918 |
Gain (loss) on investment accounted for under fair value method | — |  |  | (1,300 | ) |  | 24,800 |  |  | (200 | )
Stock option-based compensation costs | 111 |  |  | 31 |  |  | 153 |  |  | 24 |
Corporate expenses, net | 6,960 |  |  | 7,223 |  |  | 20,985 |  |  | 22,110 |
Income before income taxes | 12,696 |  |  | 9,379 |  |  | 65,847 |  |  | 24,602 |
Income taxes | 4,422 |  |  | (2,669 | ) |  | 9,667 |  |  | 1,864 |
Net income | $ | 8,274 |  |  | $ | 12,048 |  |  | $ | 56,180 |  |  | $ | 22,738 |
The following table presents identifiable assets by segment at September 30, 2017 and December 31, 2016:
(In Thousands) | September 30, 2017 |  | December 31, 2016
PE Films | $ | 295,181 |  |  | $ | 278,558 |
Flexible Packaging Films | 153,488 |  |  | 156,836 |
Aluminum Extrusions | 268,994 |  |  | 147,639 |
Subtotal | 717,663 |  |  | 583,033 |
General corporate | 62,435 |  |  | 38,618 |
Cash and cash equivalents | 31,850 |  |  | 29,511 |
Total | $ | 811,948 |  |  | $ | 651,162 |

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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 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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