Divestiture (Notes)

6 Months Ended

Jun. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Divestitures and Plant Closure

Divestiture of Paper Packaging Division

On March 31, 2014, the Company completed the sale of its Paper Packaging Division. Annual net sales by this division were approximately $160 million. Net proceeds of the transaction totaled $79.8 million, subject to customary post-closing adjustments. A $9.4 million pre-tax gain on the sale was recorded as part of other non-operating income for the six months ended June 30, 2014.

Pressure Sensitive Materials Plant Closure

In March 2014, the Company announced the closure of its plant in Stow, Ohio, one of its Pressure Sensitive Materials manufacturing facilities. Operations ceased at this location in May 2014. During the six months ended June 30, 2014, plant closure costs of $25.0 million were recorded and approximately $20 million of cash payments were made. These costs were primarily recorded within cost of products sold ($23.2 million) and included a withdrawal liability for a multi-employer pension plan settlement. The Company expects that closure costs and cash payments during the second half of 2014 will not be significant.

Divestiture of Clysar

On May 29, 2013, the Company completed the sale of its Clysar thin gauge shrink film plant. Annual net sales of Clysar films were approximately $70 million and were sold primarily through distributors. A $5.9 million pre-tax gain on the sale was recorded as part of other non-operating income during the second quarter of 2013. As of June 30, 2013, net proceeds of the transaction totaled $30.4 million, subject to customary post-closing adjustments, which reduced the proceeds and gain slightly during the second half of 2013.