Business Segments

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

Our primary business segments are Film Products and Aluminum Extrusions. Beginning in February 2010, we started reporting an additional segment, Other, comprised of the start-up operations of Bright View and Falling Springs. Effective January 1, 2012, the operations and results of Bright View were incorporated into Film Products to leverage research and development efforts and accelerate new product development. Prior year balances for Bright View have been reclassified to Film Products to conform with the current year presentation. As discussed in Note 3, Falling Springs was divested in November 2012. All historical results for this business have been reflected as discontinued operations. With the sale of Falling Springs, there is no longer an Other segment to report.

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 for purposes of assessing performance. Film Products’ net sales to The Procter & Gamble Company (“P&G”) totaled $261.9 million in 2013, $264.0 million in 2012 and $280.3 million in 2011. 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)	2013		2012		2011
Film Products	$	621,239	$	611,877	$	535,540
Aluminum Extrusions	309,482		245,465		240,392
Total net sales	930,721		857,342		775,932
Add back freight	28,625		24,846		18,488
Sales as shown in consolidated statements of income	$	959,346	$	882,188	$	794,420

Operating Profit
(In Thousands)	2013			2012			2011
Film Products:
Ongoing operations	$	70,966		$	69,950		$	59,493
Plant shutdowns, asset impairments, restructurings and other (a)	(671		)	(109		)	(6,807		)
Aluminum Extrusions:
Ongoing operations	18,291			9,037			3,457
Plant shutdowns, asset impairments, restructurings and other (a)	(2,748		)	(5,427		)	58
Total	85,838			73,451			56,201
Interest income	594			418			1,023
Interest expense	2,870			3,590			1,926
Gain (loss) on investment accounted for under the fair value method (a)	3,400			16,100			1,600
Unrealized loss on investment property	1,018			—			—
Stock option-based compensation expense	1,155			1,432			1,940
Corporate expenses, net (a)	31,857			23,443			16,169
Income from continuing operations before income taxes	52,932			61,504			38,789
Income taxes (a)	16,995			18,319			10,244
Income from continuing operations	35,937			43,185			28,545
Income (loss) from discontinued operations (a)	(13,990		)	(14,934		)	(3,690		)
Net income (loss)	$	21,947		$	28,251		$	24,855

(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) We recognize in the balance sheets the funded status of each of our defined benefit pension and other postretirement plans. The funded status of our defined benefit pension plan was a net liability of $42.5 million, $83.3 million and $57.8 million in “Other noncurrent liabilities” as of December 31, 2013, 2012 and 2011, respectively. See Note 14 for more information on our pension and other postretirement plans.

(c) The difference between total consolidated sales as reported in the consolidated statements of income and segment and geographic net sales reported in this note is freight of $28.6 million in 2013, $24.8 million in 2012 and $18.5 million in 2011.

(d) Information on exports and foreign operations are provided on the next page. Cash and cash equivalents includes funds held in locations outside the U.S. of $38.6 million and $28.6 million at December 31, 2013 and 2012, respectively. Export sales relate almost entirely to Film Products. Operations outside the U.S. in The Netherlands, Hungary, China, Italy (sold in 2011), Brazil and India also relate to Film Products. Sales from our locations in The Netherlands, Hungary and Italy are primarily to customers located in Europe. Sales from our locations in China (Guangzhou and Shanghai) are primarily to customers located in China, but also include other customers in Asia. Sales activity at the new film products manufacturing facility in India was not significant in 2011.

Identifiable Assets
(In Thousands)	2013		2012
Film Products	$	556,873	$	551,842
Aluminum Extrusions	134,928		129,279
Subtotal	691,801		681,121
General corporate (b)	48,590		53,222
Cash and cash equivalents (d)	52,617		48,822
Total	$	793,008	$	783,165

	Depreciation and Amortization						Capital Expenditures
(In Thousands)	2013		2012		2011		2013		2012		2011
Film Products	$	35,332	$	39,202	$	36,315	$	64,867	$	30,484	$	13,107
Aluminum Extrusions	9,202		9,984		8,333		14,742		2,332		2,697
Subtotal	44,534		49,186		44,648		79,609		32,816		15,804
General corporate	121		73		75		52		436		76
Continuing operations	44,655		49,259		44,723		79,661		33,252		15,880
Discontinued operations	—		10		12		—		—		—
Total	$	44,655	$	49,269	$	44,735	$	79,661	$	33,252	$	15,880

Net Sales by Geographic Area (d)
(In Thousands)	2013		2012		2011
United States	$	534,346	$	480,041	$	462,479
Exports from the United States to:
Asia	82,235		57,639		56,050
Canada	46,481		46,948		49,428
Europe	6,984		5,186		6,171
Latin America	3,505		3,145		4,413
Operations outside the United States:
Brazil	109,415		121,373		43,528
The Netherlands	68,471		67,758		80,509
Hungary	43,482		41,285		33,824
China	28,702		30,636		32,740
India	7,100		3,331		—
Italy	—		—		6,790
Total (c)	$	930,721	$	857,342	$	775,932

	Identifiable Assets by Geographic Area (d)				Property, Plant & Equipment, Net by Geographic Area (d)
(In Thousands)	2013		2012		2013		2012
United States (b)	$	419,234	$	412,822	$	141,444	$	126,072
Operations outside the United States:
Brazil	191,415		181,663		99,956		77,723
The Netherlands	32,156		37,076		14,172		19,443
China	25,165		25,167		14,430		16,584
Hungary	17,681		17,887		7,461		7,782
India	6,150		6,506		4,007		4,653
General corporate (b)	48,590		53,222		1,090		1,160
Cash and cash equivalents (d)	52,617		48,822		n/a		n/a
Total	$	793,008	$	783,165	$	282,560	$	253,417

See footnotes on prior page and a reconciliation of net sales to sales as shown in the consolidated statements of income.

Net Sales by Product Group
(In Thousands)	2013		2012		2011
Film Products:
Personal care materials	$	339,559	$	327,161	$	352,376
Flexible packaging films	125,712		138,028		28,256
Surface protection films	90,182		69,627		69,452
Polyethylene overwrap and polypropylene films	56,590		63,796		67,282
Films for other markets	9,196		13,265		18,174
Subtotal	621,239		611,877		535,540
Aluminum Extrusions:
Nonresidential building & construction	179,437		165,159		166,229
Consumer durables	39,565		12,259		4,784
Residential building & construction	22,055		23,555		31,444
Machinery & equipment	21,936		8,773		5,665
Transportation	19,919		11,757		13,176
Distribution	13,115		15,227		14,700
Electrical	12,822		6,140		4,394
Other	633		2,595		—
Subtotal	309,482		245,465		240,392
Total	$	930,721	$	857,342	$	775,932

See footnotes on prior pages and a reconciliation of net sales to sales as shown in the consolidated statements of income.