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Segment Reporting | 9 Months Ended
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Sep. 30, 2019
Segment Reporting [Abstract] |
Segment Reporting | The Company’s business segments are Aluminum Extrusions, PE Films, and Flexible Packaging Films. 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 months ended September 30, 2019 and 2018:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2019 |  | 2018 |  | 2019 |  | 2018
Net Sales |  |  |  |  |  |  |
Aluminum Extrusions | $ | 129,506 |  |  | $ | 147,661 |  |  | $ | 405,310 |  |  | $ | 420,455 |
PE Films | 69,837 |  |  | 76,470 |  |  | 205,778 |  |  | 252,177 |
Flexible Packaging Films | 34,888 |  |  | 33,725 |  |  | 101,950 |  |  | 90,466 |
Total net sales | 234,231 |  |  | 257,856 |  |  | 713,038 |  |  | 763,098 |
Add back freight | 8,986 |  |  | 9,438 |  |  | 26,893 |  |  | 26,667 |
Sales as shown in the Consolidated Statements of Income | $ | 243,217 |  |  | $ | 267,294 |  |  | $ | 739,931 |  |  | $ | 789,765 |
Operating Profit (Loss) |  |  |  |  |  |  |
Aluminum Extrusions: |  |  |  |  |  |  |
Ongoing operations | $ | 12,147 |  |  | $ | 11,730 |  |  | $ | 38,751 |  |  | $ | 35,086 |
Plant shutdowns, asset impairments, restructurings and other | (610 | ) |  | (297 | ) |  | (667 | ) |  | (396 | )
Trade name accelerated amortization | (2,510 | ) |  | — |  |  | (2,510 | ) |  | — |
PE Films: |  |  |  |  |  |  |
Ongoing operations | 6,889 |  |  | 4,145 |  |  | 17,606 |  |  | 26,857 |
Plant shutdowns, asset impairments, restructurings and other | 3,834 |  |  | (2,355 | ) |  | 933 |  |  | (4,542 | )
Goodwill impairment charge | — |  |  | (46,792 | ) |  | — |  |  | (46,792 | )
Flexible Packaging Films: |  |  |  |  |  |  |
Ongoing operations | 4,000 |  |  | 3,609 |  |  | 9,376 |  |  | 6,617 |
Plant shutdowns, asset impairments, restructurings and other | — |  |  | — |  |  | — |  |  | — |
Total | 23,750 |  |  | (29,960 | ) |  | 63,489 |  |  | 16,830 |
Interest income | 56 |  |  | 6 |  |  | 163 |  |  | 290 |
Interest expense | 859 |  |  | 1,318 |  |  | 3,354 |  |  | 4,539 |
Gain (loss) on investment in kaléo accounted for under fair value method | 4,300 |  |  | (2,100 | ) |  | 28,482 |  |  | 11,900 |
Unrealized loss on investment property | — |  |  | 186 |  |  | — |  |  | 186 |
Stock option-based compensation costs | 807 |  |  | 415 |  |  | 2,121 |  |  | 806 |
Corporate expenses, net | 9,350 |  |  | 6,926 |  |  | 26,840 |  |  | 21,668 |
Income (loss) before income taxes | 17,090 |  |  | (40,899 | ) |  | 59,819 |  |  | 1,821 |
Income tax expense (benefit) | (43 | ) |  | (6,699 | ) |  | 8,424 |  |  | 3,135 |
Net income (loss) | $ | 17,133 |  |  | $ | (34,200 | ) |  | $ | 51,395 |  |  | $ | (1,314 | )
The following table presents identifiable assets by segment at September 30, 2019 and December 31, 2018:
(In thousands) | September 30, 2019 |  | December 31, 2018
Aluminum Extrusions | $ | 282,932 |  |  | $ | 281,372 |
PE Films | 230,236 |  |  | 231,720 |
Flexible Packaging Films | 58,965 |  |  | 58,964 |
Subtotal | 572,133 |  |  | 572,056 |
General corporate | 114,149 |  |  | 100,920 |
Cash, cash equivalents and restricted cash | 44,652 |  |  | 34,397 |
Total | $ | 730,934 |  |  | $ | 707,373 |
The following tables disaggregate the Company’s revenue by geographic area and product group for the three and nine months ended September 30, 2019 and 2018:
Net Sales by Geographic Area (a)
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2019 |  | 2018 |  | 2019 |  | 2018
United States | $ | 156,469 |  |  | $ | 176,022 |  |  | $ | 491,511 |  |  | $ | 506,769 |
Exports from the United States to: |  |  |  |  |  |  |
Asia | 23,344 |  |  | 14,893 |  |  | 61,350 |  |  | 57,370 |
Latin America | 3,332 |  |  | 3,104 |  |  | 8,869 |  |  | 9,810 |
Canada | 2,429 |  |  | 13,451 |  |  | 11,906 |  |  | 40,988 |
Europe | 1,616 |  |  | 1,608 |  |  | 4,493 |  |  | 5,127 |
Operations outside the United States: |  |  |  |  |  |  |
Brazil | 29,481 |  |  | 26,591 |  |  | 85,202 |  |  | 73,402 |
The Netherlands | 9,471 |  |  | 11,428 |  |  | 27,508 |  |  | 34,750 |
Hungary | 6,404 |  |  | 7,987 |  |  | 18,400 |  |  | 25,324 |
India | 1,685 |  |  | 396 |  |  | 3,574 |  |  | 3,216 |
China | — |  |  | 2,376 |  |  | 225 |  |  | 6,342 |
Total | $ | 234,231 |  |  | $ | 257,856 |  |  | $ | 713,038 |  |  | $ | 763,098 |
Net Sales by Product Group
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2019 |  | 2018 |  | 2019 |  | 2018
Aluminum Extrusions: |  |  |  |  |  |  |
Nonresidential building & construction | $ | 64,341 |  |  | $ | 75,870 |  |  | $ | 202,998 |  |  | $ | 213,500 |
Consumer durables | 12,939 |  |  | 14,991 |  |  | 44,865 |  |  | 47,300 |
Automotive | 11,091 |  |  | 13,205 |  |  | 36,214 |  |  | 33,992 |
Residential building & construction | 11,110 |  |  | 11,163 |  |  | 33,060 |  |  | 32,976 |
Electrical | 10,468 |  |  | 12,093 |  |  | 31,910 |  |  | 30,243 |
Machinery & equipment | 10,191 |  |  | 11,191 |  |  | 29,585 |  |  | 30,335 |
Distribution | 9,366 |  |  | 9,148 |  |  | 26,678 |  |  | 32,109 |
Subtotal | 129,506 |  |  | 147,661 |  |  | 405,310 |  |  | 420,455 |
PE Films: |  |  |  |  |  |  |
Personal care materials | 40,958 |  |  | 57,356 |  |  | 123,770 |  |  | 174,985 |
Surface protection films | 27,052 |  |  | 17,193 |  |  | 76,194 |  |  | 71,926 |
LED lighting products & other films | 1,827 |  |  | 1,921 |  |  | 5,814 |  |  | 5,266 |
Subtotal | 69,837 |  |  | 76,470 |  |  | 205,778 |  |  | 252,177 |
Flexible Packaging Films | 34,888 |  |  | 33,725 |  |  | 101,950 |  |  | 90,466 |
Total | $ | 234,231 |  |  | $ | 257,856 |  |  | $ | 713,038 |  |  | $ | 763,098 |
See the previous page for a reconciliation of net sales to sales (as shown in the consolidated statements of income).
(a) | Export sales relate primarily 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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