Gain on Acquisition of Controlling Interest in Equity Investment

9 Months Ended

Sep. 30, 2013

Gain on Acquisition of Controlling Interest in Equity Investment [Abstract]

Gain on Acquisition of Controlling Interest in Equity Investment

GAIN ON ACQUISITION OF CONTROLLING INTEREST IN EQUITY INVESTMENT

On January 31, 2013, the Company acquired the controlling interest of an existing consumer packaging business in the Specialty Products segment previously accounted for under the equity method. The Company recorded a pre-tax gain of $30 million in Other income (expense) in the first quarter of 2013 as a result of remeasuring the Company's existing equity interest to fair value by determining the implied equity value using a Level 3 valuation method.