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Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2011	Jul. 29, 2011
Document And Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Entity Registrant Name	TREDEGAR CORP
Entity Central Index Key	0000850429
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		32,013,568

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010
Assets
Cash and cash equivalents	$ 93,784	$ 73,191
Accounts and other receivables, net of allowance for doubtful accounts and sales returns of $2,336 in 2011 and $5,286 in 2010	100,822	84,076
Income taxes recoverable	6,319	6,643
Inventories	35,747	43,058
Deferred income taxes	6,500	6,924
Prepaid expenses and other	4,205	5,369
Total current assets	247,377	219,261
Property, plant and equipment, at cost	692,303	669,290
Less accumulated depreciation	494,466	462,453
Net property, plant and equipment	197,837	206,837
Other assets and deferred charges	49,079	48,127
Goodwill and other intangibles, net	106,561	106,117
Total assets	600,854	580,342
Liabilities and Shareholders' Equity
Accounts payable	64,726	58,209
Accrued expenses	27,089	33,229
Current portion of long-term debt	122	222
Total current liabilities	91,937	91,660
Long-term debt	248	228
Deferred income taxes	55,545	51,879
Other noncurrent liabilities	16,916	19,029
Total liabilities	164,646	162,796
Commitments and contingencies (Notes 1 and 2)
Shareholders' equity:
Common stock, no par value (issued and outstanding - 32,013,568 at June 30, 2011 and 31,883,173 at December 31, 2010)	12,781	10,724
Common stock held in trust for savings restoration plan	(1,337)	(1,332)
Foreign currency translation adjustment	28,880	23,572
Gain (loss) on derivative financial instruments	64	280
Pension and other postretirement benefit adjustments	(57,851)	(59,871)
Retained earnings	453,671	444,173
Total shareholders' equity	436,208	417,546
Total liabilities and shareholders' equity	$ 600,854	$ 580,342

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010
Consolidated Balance Sheets
Accounts and other receivable, allowance for doubtful accounts and sales returns	$ 2,336	$ 5,286
Common stock, no par value
Common stock, shares issued	32,013,568	31,883,173
Common stock, shares outstanding	32,013,568	31,883,173

Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Revenues and other items:
Sales	$ 200,966	$ 185,031	$ 392,490	$ 360,012
Other income (expense), net	429	166	623	222
Revenues, total	201,395	185,197	393,113	360,234
Costs and expenses:
Cost of goods sold	167,125	150,326	324,983	291,698
Freight	4,742	4,747	8,741	8,692
Selling, general and administrative	15,247	17,809	31,409	33,750
Research and development	3,187	3,299	6,744	6,901
Amortization of intangibles	129	129	258	217
Interest expense	361	222	716	417
Asset impairments and costs associated with exit and disposal activities	1,084	355	1,084	411
Total	191,875	176,887	373,935	342,086
Income from continuing operations before income taxes	9,520	8,310	19,178	18,148
Income taxes	3,472	3,350	6,462	7,406
Income from continuing operations	6,048	4,960	12,716	10,742
Loss from discontinued operations	(345)		(345)
Net income	$ 5,703	$ 4,960	$ 12,371	$ 10,742
Earnings per share Basic
Continuing operations	$ 0.19	$ 0.15	$ 0.40	$ 0.33
Discontinued operations	(0.01)		(0.01)
Net income	0.18	0.15	0.39	0.33
Earnings per share Diluted
Continuing operations	0.19	0.15	0.39	0.33
Discontinued operations	(0.01)		(0.01)
Net income	$ 0.18	$ 0.15	$ 0.38	$ 0.33
Shares used to compute earnings per share:
Basic	31,946	32,260	31,900	32,799
Diluted	32,205	32,450	32,233	32,979
Dividends per share	$ 0.045	$ 0.040	$ 0.090	$ 0.080

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Cash flows from operating activities:
Net income	$ 12,371	$ 10,742
Adjustments for noncash items:
Depreciation	21,731	21,716
Amortization of intangibles	258	217
Deferred income taxes	229	(2,436)
Accrued pension and postretirement benefits	1,196	349
Loss on asset impairments and divestitures	798	355
Gain on disposal of assets	(188)	(15)
Changes in assets and liabilities, net of effects of acquisitions and divestitures:
Accounts and other receivables	(14,776)	(21,877)
Inventories	8,346	27
Income taxes recoverable	324	329
Prepaid expenses and other	1,066	721
Accounts payable and accrued expenses	(709)	5,646
Other, net	(2,475)	421
Net cash provided by operating activities	28,171	16,195
Cash flows from investing activities:
Capital expenditures	(8,504)	(7,629)
Acquisition		(5,500)
Proceeds from the sale of assets and property disposals	960	120
Net cash used in investing activities	(7,544)	(13,009)
Cash flows from financing activities:
Dividends paid	(2,878)	(2,591)
Debt principal payments and financing costs	(81)	(2,325)
Proceeds from exercise of stock options	709	247
Repurchases of Tredegar common stock		(35,138)
Net cash used in financing activities	(2,250)	(39,807)
Effect of exchange rate changes on cash	2,216	(1,372)
Increase (decrease) in cash and cash equivalents	20,593	(37,993)
Cash and cash equivalents at beginning of period	73,191	90,663
Cash and cash equivalents at end of period	$ 93,784	$ 52,670

Consolidated Statement Of Shareholders' Equity - 6 months ended Jun. 30, 2011 - USD ($) $ in Thousands	Common Stock [Member]	Retained Earnings [Member]	Trust For Savings Restoration Plan [Member]	Foreign Currency Translation [Member]	Gain (Loss) On Derivative Financial Instruments [Member]	Pension & Other Post-retirement Benefit Adjust. [Member]	Total
Balance at Dec. 31, 2010	$ 10,724	$ 444,173	$ (1,332)	$ 23,572	$ 280	$ (59,871)	$ 417,546
Comprehensive income (loss):
Net income		12,371					12,371
Other comprehensive income (loss):
Foreign currency translation adjustment (net of tax of $2,867)				5,308			5,308
Derivative financial instruments adjustment (net of tax benefit of $134)					(216)		(216)
Amortization of prior service costs and net gains or losses (net of tax of $1,137)						2,020	2,020
Comprehensive income							19,483
Cash dividends declared ($.090 per share)		(2,878)					(2,878)
Stock-based compensation expense	1,823						1,823
Issued upon exercise of stock options (including related income tax benefits of $110) & other	234						234
Tredegar common stock purchased by trust for savings restoration plan		5	(5)
Balance at Jun. 30, 2011	$ 12,781	$ 453,671	$ (1,337)	$ 28,880	$ 64	$ (57,851)	$ 436,208

Consolidated Statement Of Shareholders' Equity (Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2011 USD ($) $ / shares
Consolidated Statement Of Shareholders' Equity
Foreign currency translation adjustment, tax	$ 2,867
Derivative financial instruments adjustment, tax benefit	134
Amortization of prior service costs and net gains or losses, tax	$ 1,137
Cash dividends declared, per share \| $ / shares	$ 0.090
Issued upon exercise of stock options, income tax benefits	$ 110

- Definition

Tax effect of the adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity that is attributable to the parent entity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=6921628&loc=SL4569643-111683

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-Topic 810
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-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=6921628&loc=SL4569616-111683

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(3)
-URI http://asc.fasb.org/extlink&oid=6921930&loc=SL4573702-111684

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Basis Of Presentation	6 Months Ended
Basis Of Presentation	Jun. 30, 2011
Basis Of Presentation
Basis Of Presentation	1. In the opinion of management, the accompanying consolidated financial statements of Tredegar Corporation and Subsidiaries ("Tredegar," "we," "us" or "our") contain all adjustments necessary to state fairly, in all material respects, Tredegar's consolidated financial position as of June 30, 2011, the consolidated results of operations for the three and six months ended June 30, 2011 and 2010, the consolidated cash flows for the six months ended June 30, 2011 and 2010, and the consolidated changes in shareholders' equity for the six months ended June 30, 2011. All such adjustments, unless otherwise detailed in the notes to the consolidated interim financial statements, are deemed to be of a normal, recurring nature. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in Tredegar's Annual Report on Form 10-K for the year ended December 31, 2010. The results of operations for the three and six months ended June 30, 2011, are not necessarily indicative of the results to be expected for the full year.

Plant Shutdowns, Asset Impairments, Restructurings And Other

6 Months Ended

Jun. 30, 2011

Plant Shutdowns, Asset Impairments, Restructurings And Other

Plant Shutdowns, Asset Impairments, Restructurings And Other

2. Plant shutdowns, asset impairments, restructurings and other charges are shown in the net sales and operating profit by segment table in Note 8, 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 second quarter of 2011 include:

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

·Pretax charges of $286,000 for severance and other employee-related costs in connection with restructurings in Film Products; and

·Pretax gains of $94,000 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, see Note 6 for additional detail).

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

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

·Pretax charges of $286,000 for severance and other employee-related costs in connection with restructurings in Film Products; and

·Pretax gains of $62,000 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, see Note 6 for additional detail).

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

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

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

·Pretax loss of $44,000 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; and

·Pretax gain of $23,000 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, see Note 6 for additional detail).

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

· Pretax gains of $466,000 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, see Note 6 for additional detail);

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

·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; and

·Pretax charge of $56,000 for severance and other employee-related costs in connection with restructurings in Film Products.

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 six months ended June 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	286	-	286
	Cash spent	(216)	(1,593)	(1,809)
Balance at June 30, 2011		$ 307	$ -	$ 307

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

Income taxes for the first six months of 2011 include the net increase of a valuation allowance of $61,000 (a reduction of the allowance of $117,000 in the first quarter and an increase of the allowance of $178,000 in the second quarter) related to expected limitations on the utilization of assumed capital losses on certain investments that was recognized in the prior years. Income taxes for the first six months of 2010 include the partial reduction of a valuation allowance of $137,000 (a reduction of the allowance of $168,000 in the first quarter and an increase of the allowance of $31,000 in the second quarter) related to expected limitations on the utilization of assumed capital losses on certain investments that was recognized in the prior years.

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.

Inventories

6 Months Ended

Jun. 30, 2011

Inventories

Inventories

<head>

3. The components of inventories are as follows:

		June 30,	December 31,
(In Thousands)		2011	2010
Finished goods		$ 5,340	$ 7,373
Work-in-process		2,157	3,669
Raw materials		10,713	15,327
Stores, supplies and other		17,537	16,689
	Total	$ 35,747	$ 43,058

Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Earnings Per Share

4. Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding. Diluted earnings per share is computed by dividing net income by the weighted average common and potentially dilutive common equivalent shares outstanding, determined as follows:


		Three Months		Six Months
		Ended June 30		Ended June 30
(In Thousands)		2011	2010	2011	2010
Weighted average shares outstanding used
	to compute basic earnings per share	31,946	32,260	31,900	32,799
Incremental dilutive shares attributable to stock
	options and restricted stock	259	190	333	180
Shares used to compute diluted earnings
	per share	32,205	32,450	32,233	32,979

Incremental shares attributable to stock options and restricted stock are computed using the average market price during the related period. During the three and six months ended June 30, 2011 and the three and six months ended June 30, 2010, 235,867, 157,317, 459,067, and 464,317, respectively, of average out-of-the-money options to purchase shares of our common stock were excluded from the calculation of incremental shares attributable to stock options and restricted stock.

Investments	6 Months Ended
Investments	Jun. 30, 2011
Investments
Investments	5. We have invested $7.5 million in a privately held specialty pharmaceutical company. The company is developing and commercializing state of the art drug delivery systems designed to improve patient compliance and outcomes, and our ownership interest on a fully diluted basis is approximately 21%. The investment is accounted for under the fair value method. We elected the fair value option over the equity method of accounting since our investment objectives are similar to those of venture capitalists, which typically do not have controlling financial interests. At June 30, 2011 and December 31, 2010, the estimated fair value of our investment (also the carrying value included in "Other assets and deferred charges" in our balance sheet) was $16.0 million. The fair value estimates are based upon significant unobservable (Level 3) inputs since there is no secondary market for our ownership interest. Accordingly, until the next round of financing or other significant financial transaction, value estimates will primarily be based on assumptions relating to meeting product development and commercialization milestones, corresponding cash flow projections (projections of sales, costs, expenses, capital expenditures and working capital investment) and discounting of these factors for the high degree of risk. Adjustments to the estimated fair value of our investment will be made in the period during which changes can be quantified. Had we not elected to account for our investment under the fair value method, we would have been required to use the equity method of accounting. For the three and six months ended June 30, 2011, net income recorded by the specialty pharmaceutical company, as reported to us by the investee, was $189,000 and $625,000, respectively, compared to $9.5 million and $11.1 million for the first three and six months of 2010, respectively. Operating results included $3.3 million and $18.3 million in licensing revenues in the second quarters of 2011 and 2010, respectively, and $6.6 million and $22.4 million in the first six months of 2011 and 2010, respectively. Total assets (which included cash and cash equivalents of $15.2 million at June 30, 2011 and $18.8 million at December 31, 2010) were $21.4 million and $26.6 million at June 30, 2011 and December 31, 2010, respectively. Our investment in Harbinger Capital Partners Special Situations Fund, L.P. ("Harbinger Fund") had a reported capital account value of $8.8 million at June 30, 2011, compared with $9.6 million at December 31, 2010. This investment had a carrying value in Tredegar's balance sheet (included in "Other assets and deferred charges") of $5.7 million at June 30, 2011 and $6.4 million at December 31, 2010. The carrying value at June 30, 2011 reflected Tredegar's cost basis in its investment in the Harbinger Fund, net of total withdrawal proceeds received. The timing and amount of future installments of withdrawal proceeds, which commenced in August 2010, were not known as of June 30, 2011. There were no gains or losses associated with our investment in Harbinger in 2011 or 2010. Gains on our investment in Harbinger will be recognized when the amounts expected to be collected from our withdrawal from the investment are known, which will likely be when cash in excess of our remaining carrying value is received. Losses will be recognized when management believes it is probable that future withdrawal proceeds will not exceed the remaining carrying value.

- Definition

Tabular disclosure of investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 3, 19, 20, 21, 22, 137
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803

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-Name Accounting Standards Codification
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-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

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-Publisher FASB
-Name Accounting Standards Codification
-Glossary Debt Security
-URI http://asc.fasb.org/extlink&oid=6509901
-Topic 320

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Equity Security
-URI http://asc.fasb.org/extlink&oid=6511694
-Topic 320

+ Details

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2011

Derivative Financial Instruments

Derivative Financial Instruments

6. We use derivative financial instruments for the purpose of hedging margin exposure from fixed-price forward sales contracts in Aluminum Extrusions and currency exchange rate exposures that exist due to specified transactions. Our derivative financial instruments are designated as and qualify as cash flow hedges and are recognized in the balance sheet at fair value. A change in the fair value of derivatives that are highly effective as and that are designated and qualify as cash flow hedges is recorded in other comprehensive income (loss). Gains and losses reported in other comprehensive income (loss) are reclassified to earnings in the periods in which earnings are affected by the variability of cash flows of the hedged transaction. Such gains and losses are reported on the same line as the underlying hedged item. Any hedge ineffectiveness (which represents the amount by which the changes in the fair value of the derivative exceed the variability in the cash flows of the forecasted transaction) is recorded in current period earnings. The amount of gains (losses) recognized for hedge ineffectiveness was not material to the second quarter or first six months of 2011 and 2010.

The fair value of derivative instruments recorded on the consolidated balance sheets are based upon significant other observable (Level 2) inputs within the corresponding commodity or foreign currency markets. If individual derivative instruments with the same counterparty can be settled on a net basis, we record the corresponding derivative fair values as a net asset or net liability.

In the normal course of business, we enter into fixed-price forward sales contracts with certain customers for the future sale of fixed quantities of aluminum extrusions at scheduled intervals. In order to hedge our margin exposure created from the fixing of future sales prices relative to volatile raw material (aluminum) costs, we enter into a combination of forward purchase commitments and futures contracts to acquire or hedge aluminum, based on the scheduled purchases for the firm sales commitments. The fixed-price firm sales commitments and related hedging instruments generally have durations of not more than 12 months, and the notional amount of aluminum futures contracts that hedged future purchases of aluminum to meet fixed-price forward sales contract obligations was $2.8 million (2.5 million pounds of aluminum) at June 30, 2011 and $5.8 million (5.7 million pounds of aluminum) at December 31, 2010.

The table below summarizes the location and gross amounts of aluminum futures contract fair values in the consolidated balance sheets as of June 30, 2011 and December 31, 2010:


		June 30, 2011		December 31, 2010
		Balance Sheet	Fair	Balance Sheet	Fair
(In Thousands)		Account	Value	Account	Value

Derivatives Designated as Hedging Instruments

Asset derivatives:		Prepaid expenses		Prepaid expenses
	Aluminum futures contracts	and other	$ 104	and other	$ 490

Liability derivatives:		Prepaid expenses		Prepaid expenses
	Aluminum futures contracts	and other	$ -	and other	$ 36

In the event that the counterparty to an aluminum fixed-price forward sale contract chooses to not take delivery of its aluminum extrusions, the customer is contractually obligated to compensate us for any losses on the related aluminum futures and/or forward purchase contracts through the date of cancellation.

Gains of $94,000 and $62,000 during the three and six month periods ending June 30, 2011, respectively, and gains of $23,000 and $466,000 during the three and six month periods ending June 30, 2010 were recognized by the aluminum extrusions business for timing differences between the recognition of realized losses on aluminum futures contracts and related revenues from delayed fulfillment by customers of fixed-price forward purchase commitments. Such timing differences are included in "Plant shutdowns, assets impairments, restructurings and other" in the net sales and operating profit by segment table in Note 8.

We used future fixed Euro-denominated contractual payments for equipment being purchased as part of our expansion of the Carthage, Tennessee aluminum extrusion manufacturing facility. We utilized a fixed rate Euro forward contract with various settlement dates through March 2010 to hedge exchange rate exposure on these obligations. There was no outstanding notional amount of this foreign currency forward at June 30, 2011 and December 31, 2010.

We receive Euro-based royalty payments relating to our operations in Europe. We have used zero-cost collar currency options to hedge a portion of our exposure to changes in cash flows due to variability in U.S. Dollar and Euro exchange rates. There was no outstanding notional amount for zero-cost collar currency option contracts at June 30, 2011 and December 31, 2010.

These derivative contracts involve elements of credit and market risk that are not reflected on our consolidated balance sheet, including the risk of dealing with counterparties and their ability to meet the terms of the contracts. The counterparties to our forward purchase commitments are major aluminum brokers and suppliers, and the counterparties to our aluminum futures contracts are major financial institutions. Fixed-price forward sales contracts are only made available to our most credit-worthy customers. The counterparties to our foreign currency futures and zero-cost collar option contracts are major financial institutions.

The effect on net income and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for the three and six month periods ended June 30, 2011 and 2010 is summarized in the table below:


(In Thousands)	Cash Flow Derivative Hedges
	Aluminum Futures Contracts		Foreign Currency Forwards and Options
	Three Months Ended June 30
	2011	2010	2011	2010
Amount of pre-tax gain (loss) recognized in
other comprehensive income	$ (169)	$ (928)	$ -	$ 50
Location of gain (loss) reclassified from
accumulated other comprehensive income	Cost of	Cost of
into net income (effective portion)	sales	sales

Amount of pre-tax gain (loss) reclassified
from accumulated other comprehensive
income to net income (effective portion)	$ 307	$ 140	$ -	$ -
	Cash Flow Derivative Hedges
	Aluminum Futures Contracts		Foreign Currency Forwards and Options
	Six Months Ended June 30
	2011	2010	2011	2010
Amount of pre-tax gain (loss) recognized in
other comprehensive income	$ 236	$ (1,088)	$ -	$ 37
Location of gain (loss) reclassified from
accumulated other comprehensive income	Cost of	Cost of
into net income (effective portion)	sales	sales

Amount of pre-tax gain (loss) reclassified
from accumulated other comprehensive
income to net income (effective portion)	$ 586	$ 485	$ -	$ -

Gains and losses on the ineffective portion of derivative instruments or derivative instruments that were not designated as hedging instruments were immaterial for the three and six months ended June 30, 2011 and 2010. As of June 30, 2011, we expect $64,000 of unrealized after-tax gains on derivative instruments reported in accumulated other comprehensive income (loss) to be reclassified to earnings within the next twelve months. For the three and six months ended June 30, 2011 and 2010, net gains or losses realized on previously unrealized net gains or losses from hedges that had been discontinued were not material.

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44
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+ Details

Pension And Other Post-Retirement Benefit

6 Months Ended

Jun. 30, 2011

Pension And Other Post-Retirement Benefit

Pension And Other Post-Retirement Benefit

7. The components of net periodic benefit cost for our pension and other post-retirement benefit programs reflected in consolidated results are shown below:



		Pension		Other Post-Retirement
		Benefits for Three Months		Benefits for Three Months
		Ended June 30		Ended June 30
(In Thousands)		2011	2010	2011	2010
Service cost		$ (801)	$ (797)	$ (13)	$ (18)
Interest cost		(3,283)	(3,288)	(95)	(122)
Expected return on plan assets		5,107	5,133	-	-
Amortization of prior service costs, gains or
	losses and net transition asset	(1,579)	(1,092)	66	9
Net periodic benefit cost		$ (556)	$ (44)	$ (42)	$ (131)

		Pension		Other Post-Retirement
		Benefits for Six Months		Benefits for Six Months
		Ended June 30		Ended June 30
		2011	2010	2011	2010
Service cost		$ (1,602)	$ (1,594)	$ (26)	$ (36)
Interest cost		(6,566)	(6,577)	(191)	(243)
Expected return on plan assets		10,213	10,265	-	-
Amortization of prior service costs, gains or
	losses and net transition asset	(3,157)	(2,182)	133	18
Net periodic benefit cost		$ (1,112)	$ (88)	$ (84)	$ (261)

We contributed $167,000 to our pension plans for continuing operations in 2010 and expect to contribute a similar amount in 2011. We fund our other post-retirement benefits (life insurance and health benefits) on a claims-made basis, which were $311,000 for the year ended December 31, 2010.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
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+ Details

Segment Reporting

6 Months Ended

Jun. 30, 2011

Segment Reporting

Segment Reporting

8. We have four reportable segments, which include Film Products, Aluminum Extrusions, AFBS (formerly Therics, Inc.) and Other. The Other segment is comprised of the start-up operations of Bright View Technologies Corporation and Falling Springs, LLC. 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 six months ended June 30, 2011 and 2010:



			Three Months			Six Months
			Ended June 30			Ended June 30
(In Thousands)		2011		2010	2011		2010
Net Sales
Film Products		$ 131,961		$ 126,499	$ 263,387		$ 252,367
Aluminum Extrusions		63,896		52,671	119,897		97,470
Other		367		1,114	465		1,483
Total net sales		196,224		180,284	383,749		351,320
Add back freight		4,742		4,747	8,741		8,692
Sales as shown in the Consolidated Statements of Income		$ 200,966		$ 185,031	$ 392,490		$ 360,012

Operating Profit (Loss)
Film Products:
	Ongoing operations	$ 13,864		$ 14,604	$ 30,466		$ 32,904
	Plant shutdowns, asset impairments, restructurings and other	(1,084)		(279)	(1,084)		(396)

Aluminum Extrusions:
	Ongoing operations	1,467		235	238		(2,758)
	Plant shutdowns, asset impairments, restructurings and other	94		23	62		466

Other:
	Ongoing operations	(1,036)		(1,458)	(2,247)		(2,094)

Total		13,305		13,125	27,435		28,122
Interest income		270		166	500		334
Interest expense		361		222	716		417
Stock option-based compensation costs		516		494	1,007		1,012
Corporate expenses, net		3,178		4,265	7,034		8,879
Income from continuing operations before income taxes		9,520		8,310	19,178		18,148
Income taxes		3,472		3,350	6,462		7,406
Income from continuing operations		6,048		4,960	12,716		10,742
Loss from discontinued operations		(345)		-	(345)		-
Net income		$ 5,703		$ 4,960	$ 12,371		$ 10,742

The following table presents identifiable assets by segment at June 30, 2011 and December 31, 2010:


		June 30,	December 31,
(In Thousands)		2011	2010
Film Products		$ 359,235	$ 363,312
Aluminum Extrusions		88,181	81,731
AFBS (formerly Therics)		583	583
Other		20,860	19,701
	Subtotal	468,859	465,327
General corporate		38,211	41,824
Cash and cash equivalents		93,784	73,191
	Total	$ 600,854	$ 580,342

- 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

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-Number 131
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+ Details

Income Taxes

6 Months Ended

Jun. 30, 2011

Income Taxes

Income Taxes

9. The effective tax rate for continuing operations for the first six months of 2011 was 33.7% compared to 40.8% in first six months of 2010. The significant differences between the U.S. federal statutory rate and the effective income tax rate for the six months ended June 30, 2011 and 2010 are as follows:

		Percent of Income
		Before Income Taxes
Six Months Ended June 30		2011	2010
Income tax expense at federal statutory rate		35.0	35.0
State taxes, net of federal income tax benefit		1.6	1.4
Unremitted earnings from foreign operations		1.4	2.9
Non-deductible expenses		0.7	0.2
Income tax contingency accruals/reversals		0.6	1.5
Valuation allowance for capital loss carry-forwards		0.3	(0.8)
Reserve for uncollectible tax indemnification receivable		-	4.1
Domestic production activities deduction		(0.5)	(1.2)
Research and development tax credit		(0.7)	-
Valuation allowance for foreign operating loss carry-forwards		(1.1)	0.2
Foreign rate differences		(3.7)	(1.7)
Other		0.1	(0.8)
	Effective income tax rate	33.7	40.8

We claimed an ordinary loss on the write-off of our investment in our aluminum extrusions operations in Canada, which was sold in February 2008, on our 2008 consolidated tax return (included in discontinued operations in the consolidated statement of income in 2007). The Internal Revenue Service has challenged the ordinary nature of such deduction, asserting that the deduction should be re-characterized as capital in nature. We plan to vigorously defend our position related to this matter and believe that we will prevail but there can be no assurance of such a result. If the Company were not to prevail in final, non-appealable determinations, it is possible that the matter would result in additional tax payments of up to $12 million, plus any interest and penalties.

Tredegar and its subsidiaries file income tax returns in the U.S., various states and jurisdictions outside the U.S. Generally, except for refund claims and amended returns, Tredegar is no longer subject to U.S. federal income tax examinations by tax authorities for years before 2006. With few exceptions, Tredegar and its subsidiaries are no longer subject to state or non-U.S. income tax examinations by tax authorities for years before 2007.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Name Accounting Standards Codification
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-Subparagraph (SX 210.4-08.(h))
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+ Details

New Accounting Pronouncements

6 Months Ended

Jun. 30, 2011

New Accounting Pronouncements

New Accounting Pronouncements

10. In May 2011, the Financial Accounting Standards Board ("FASB") and the International Accounting Standards Board completed their joint project on fair value measurement and issued their respective final standards. The amended FASB guidance results in common fair value measurement and disclosure requirements for U.S. GAAP and International Financial Reporting Standards. Many of the changes to U.S. GAAP clarified existing guidance. Some changes, however, such as the change in the valuation premise and the application of premiums and discounts as well as new disclosure requirements, could have a more significant impact. The new disclosure requirements include: (1) enhanced disclosure for the valuation of all Level 3 fair value measurements; (2) disclosure of transfers between Level 1 and Level 2 fair value measurements on a gross basis, including reasons for those transfers; (3) disclosure about the highest and best use of non-financial assets; and (4) disclosure of the fair value hierarchy categorization for those assets whose fair value is disclosed but not recognized on the balance sheet. The new FASB guidance is effective for interim and annual reporting periods beginning after December 15, 2011. Early application is not permitted. We are currently evaluating the impact of this guidance on our financial statements and disclosures.

In June 2011, the FASB issued authoritative guidance that will require entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income. The option to present the elements of other comprehensive income in the statement of changes in equity will be eliminated. The new guidance is effective for interim and annual periods beginning after December 15, 2011, however early application is permitted. We intend to comply with the new reporting requirements beginning with the first quarter of 2012.

- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Number 28
-Paragraph 23, 24
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
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-Paragraph b
-Subparagraph 6
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+ Details