Plant Shutdowns, Asset Impairments, Restructurings And Other

9 Months Ended

Sep. 30, 2011

Plant Shutdowns, Asset Impairments, Restructurings And Other [Abstract]

Plant Shutdowns, Asset Impairments, Restructurings And Other

3.Plant shutdowns, asset impairments, restructurings and other charges are shown in the net sales and operating profit by segment table in Note 10, and unless otherwise noted below, are also included in "Asset impairments and costs associated with exit and disposal activities" in the consolidated statements of income.

            Plant shutdowns, asset impairments, restructurings and other items in the third quarter of 2011 include:

·Pretax charges of $2.3 million for acquisition-related expenses (included in "Selling, general and administrative expenses" in the consolidated statements of income) associated with the purchase of Terphane by Film Products;

·Pretax gain of $1.0 million on the divestiture of our film products business in Roccamontepiano, Italy (included in "Other income (expenses), net" in the consolidated statements of income), which includes the recognition of previously unrealized foreign currency translation gains of $4.3 million that were associated with the business;

·Pretax charges of $193,000 for severance and other employee-related costs in connection with restructurings in Film Products; and

·Pretax losses of $43,000 for timing differences between the recognition of realized losses on aluminum futures contracts and related revenues from the delayed fulfillment by customers of fixed-price forward purchase commitments (included in "Cost of goods sold" in the consolidated statements of income).

            Plant shutdowns, asset impairments, restructurings and other items in the first nine months of 2011 include:

·Pretax charges of $2.3 million for acquisition-related expenses (included in "Selling, general and administrative expenses" in the consolidated statements of income) associated with the purchase of Terphane by Film Products;

·Pretax gain of $1.0 million on the divestiture of our film products business in Roccamontepiano, Italy (included in "Other income (expenses), net" in the consolidated statements of income), which includes the recognition of previously unrealized foreign currency translation gains of $4.3 million that were associated with the business;

·Pretax charges of $798,000 for asset impairments in Film Products;

·Pretax charges of $479,000 for severance and other employee-related costs in connection with restructurings in Film Products; and

·Pretax gains of $19,000 for timing differences between the recognition of realized losses on aluminum futures contracts and related revenues from the delayed fulfillment by customers of fixed-price forward purchase commitments (included in "Cost of goods sold" in the consolidated statements of income).

Plant shutdowns, asset impairments, restructurings and other items in the third quarter of 2010 include:

·Pretax charge of $109,000 for severance and other employee-related costs in connection with restructurings in Film Products; and

·Pretax gain of $14,000 for timing differences between the recognition of realized losses on aluminum futures contracts and related revenues from the delayed fulfillment by customers of fixed-price forward purchase commitments (included in "Cost of goods sold" in the consolidated statements of income).

Plant shutdowns, asset impairments, restructurings and other items in the first nine months of 2010 include:

·Pretax gains of $480,000 for timing differences between the recognition of realized losses on aluminum futures contracts and related revenues from the delayed fulfillment by customers of fixed-price forward purchase commitments (included in "Cost of goods sold" in the consolidated statements of income);

·Pretax charge of $355,000 for an asset impairment in Film Products;

·Pretax charge of $165,000 for severance and other employee-related costs in connection with restructurings in Film Products;

·Pretax gain of $120,000 on the sale of previously impaired equipment (included in "Other income (expense), net" in the consolidated statement of income) at our film products manufacturing facility in Pottsville, Pennsylvania; and

·Pretax losses of $105,000 on the disposal of equipment (included in "Other income (expense), net" in the consolidated statements of income) from a previously shutdown film products manufacturing facility in LaGrange, Georgia.

            A reconciliation of the beginning and ending balances of accrued expenses related to asset impairments and costs associated with exit and disposal activities for the nine months ended September 30, 2011 is as follows:

(In Thousands)		Severance	Other (a)	Total
Balance at December 31, 2010		$             237	$            1,593	$            1,830
Changes in 2011:
	Charges	479	-	479
	Cash spent	(359)	(1,593)	(1,952)
Balance at September 30, 2011		$             357	$                    -	$               357

(a)  Other represents accrued losses on a sub-lease at a facility in Princeton, New Jersey.

On February 12, 2008, we sold our aluminum extrusions business in Canada for approximately $25 million.  All historical results for this business were previously reported in discontinued operations.  In the second quarter of 2011, an adjustment of $345,000 ($345,000 net of tax) was made to amounts previously accrued for environmental obligations after we received notices of claims for indemnification under the related purchase agreement.