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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2011	Jan. 31, 2012	Jun. 30, 2011
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY
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		32,057,281
Entity Well-known Seasoned Issuer	No
Entity Public Float			$ 494,136,764
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No

Consolidated Statements Of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements Of Income - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Revenues andother:
Sales	$ 797,597	$ 740,475	$ 648,613
Other income (expense), net	3,224	(940)	8,464
Revenues, total	800,821	739,535	657,077
Costs and expenses:
Cost of goods sold	655,089	596,330	516,933
Freight	18,488	17,812	16,085
Selling, general and administrative	68,891	68,610	60,481
Research and development	13,219	13,625	11,856
Amortization of intangibles	1,399	466	120
Interest expense	1,926	1,136	783
Asset impairments and costs associated with exit and disposal activities	1,917	773	2,950
Goodwill impairment charge			30,559
Total	760,929	698,752	639,767
Income from continuing operations before income taxes	39,892	40,783	17,310
Income taxes	10,648	13,756	18,663
Income (loss) from continuing operations	29,244	27,027	(1,353)
Income (loss) from discontinued operations	(4,389)
Net income (loss)	$ 24,855	$ 27,027	$ (1,353)
Earnings (loss) per share:
Continuing operations	$ 0.92	$ 0.84	$ (0.04)
Discontinued operations	(0.14)
Net income (loss)	0.78	0.84	(0.04)
Diluted:
Continuing operations	0.91	0.83	(0.04)
Discontinued operations	(0.14)
Net income (loss)	$ 0.77	$ 0.83	$ (0.04)

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Assets
Cash and cash equivalents	$ 68,939	$ 73,191
Accounts and other receivables, net of allowance for doubtful accounts and sales returns of $3,539 in 2011 and $5,286 in 2010	98,027	84,076
Income taxes recoverable	2,592	6,643
Inventories	61,290	43,058
Deferred income taxes	7,135	6,924
Prepaid expenses and other	7,551	5,369
Total current assets	245,534	219,261
Property, plant and equipment, at cost:
Land and land improvements	19,118	7,034
Buildings	106,237	86,145
Machinery and equipment	620,407	576,111
Total property, plant and equipment	745,762	669,290
Less accumulated depreciation	488,488	462,453
Net property, plant and equipment	257,274	206,837
Other assets and deferred charges	54,041	48,127
Goodwill and other intangibles	221,740	106,117
Total assets	778,589	580,342
Liabilities and Shareholders' Equity
Accounts payable	73,742	58,209
Accrued expenses	39,882	33,229
Current portion of long-term debt		222
Total current liabilities	113,624	91,660
Long-term debt	125,000	228
Deferred income taxes	70,754	51,879
Other noncurrent liabilities	72,210	19,029
Total liabilities	381,588	162,796
Commitments and contingencies (Notes 15 and 18)
Shareholders' equity:
Common stock (no par value): Authorized 150,000,000 shares; Issued and outstanding - 32,057,281 shares in 2011 and 31,883,173 in 2010 (including restricted stock)	14,357	10,724
Common stock held in trust for savings restoration plan (61,577 shares in 2011 and 60,986 in 2010)	(1,343)	(1,332)
Accumulated other comprehensive income (loss):
Foreign currency translation adjustment	11,787	23,572
Gain (loss) on derivative financial instruments	(406)	280
Pension and other postretirement benefit adjustments	(90,672)	(59,871)
Retained earnings	463,278	444,173
Total shareholders' equity	397,001	417,546
Total liabilities and shareholders' equity	$ 778,589	$ 580,342

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Consolidated Balance Sheets [Abstract]
Accounts and notes receivable, allowance for doubtful accounts and sales returns	$ 3,539	$ 5,286
Common stock, no par value
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	32,057,281	31,883,173
Common stock, shares outstanding	32,057,281	31,883,173
Common stock held in trust for savings restoration plan, shares	61,577	60,986

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Cash flows from operating activities:
Net income (loss)	$ 24,855	$ 27,027	$ (1,353)
Adjustments for noncash items:
Depreciation	43,336	43,122	39,877
Amortization of intangibles	1,399	466	120
Goodwill impairment charge			30,559
Deferred income taxes	2,108	(6,392)	6,771
Accrued pension and postretirement benefits	2,481	1,125	(2,654)
(Gain) loss on an investment accounted for under the fair value method	(1,600)	2,200	(5,100)
Gain on sale of assets	(653)	(15)	(3,462)
Loss on asset impairments and divestitures	1,376	608	1,005
Changes in assets and liabilities, net of effects of acquisitions and divestitures:
Accounts and notes receivables	(4,737)	(10,981)	18,449
Inventories	2,410	(7,717)	2,200
Income taxes recoverable	(1,254)	(2,627)	8,533
Prepaid expenses and other	(271)	(969)	1,209
Accounts payable and accrued expenses	(282)	2,942	7,023
Other, net	2,597	(2,380)	38
Net cash provided by operating activities	71,765	46,409	103,215
Cash flows from investing activities:
Acquisition, net of cash acquired	(180,975)	(5,500)
Capital expenditures (including settlement of related accounts payable of $1,709 in 2009)	(15,880)	(20,418)	(35,851)
Proceeds from the sale of assets and property disposals	1,622	3,768	4,146
Net cash used in investing activities	(195,233)	(22,150)	(31,705)
Cash flows from financing activities:
Borrowings	125,000
Dividends paid	(5,761)	(5,141)	(5,426)
Debt principal payments and financing costs	(89)	(2,815)	(21,539)
Repurchases of Tredegar common stock		(35,141)	(1,523)
Proceeds from exercise of stock options and other	1,242	980	244
Net cash provided by (used in) financing activities	120,392	(42,117)	(28,244)
Effect of exchange rate changes on cash	(1,176)	386	1,422
Increase (decrease) in cash andcash equivalents	(4,252)	(17,472)	44,688
Cash and cash equivalents at beginning of period	73,191	90,663	45,975
Cash and cash equivalents at end of period	68,939	73,191	90,663
Supplemental cash flow information:
Interest payments (net of amount capitalized)	1,966	911	786
Income taxpayments (refunds), net	$ 8,594	$ 23,539	$ 3,019

Consolidated Statements Of Cash Flows (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2009 USD ($)
Consolidated Statements Of Cash Flows [Abstract]
Settlement of related accounts under capital expenditures	$ 1,709

Consolidated Statements Of Shareholders' Equity - 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, 2008	$ 40,719	$ 429,047	$ (1,313)	$ 23,443	$ (6,692)	$ (64,788)	$ 420,416
Balance, shares at Dec. 31, 2008	33,909,932
Comprehensive income (loss):
Net income (loss)		(1,353)					(1,353)
Other comprehensive income (loss):
Foreign currency translation adjustment				2,807			2,807
Derivative financial instruments adjustment					7,450		7,450
Net gains or losses and prior service costs						4,061	4,061
Amortization of prior service costs and net gains or losses						699	699
Comprehensive income							13,664
Cash dividends declared ($.18 per share)		(5,426)					(5,426)
Stock-based compensation expense	$ 2,538						2,538
Stock-based compensation expense, shares	9,387
Issued upon exercise of stock options & other	$ (597)						(597)
Issued upon exercise of stock options & other, shares	73,728
Repurchases of Tredegar common stock	$ (1,523)						(1,523)
Repurchases of Tredegar common stock, shares	(105,497)
Tredegar common stock purchased by trust for savings restoration plan		9	(9)
Balance at Dec. 31, 2009	$ 41,137	422,277	(1,322)	26,250	758	(60,028)	429,072
Balance, shares at Dec. 31, 2009	33,887,550
Comprehensive income (loss):
Net income (loss)		27,027					27,027
Other comprehensive income (loss):
Foreign currency translation adjustment				(2,678)			(2,678)
Derivative financial instruments adjustment					(478)		(478)
Net gains or losses and prior service costs						(2,838)	(2,838)
Amortization of prior service costs and net gains or losses						2,995	2,995
Comprehensive income							24,028
Cash dividends declared ($.18 per share)		(5,141)					(5,141)
Stock-based compensation expense	$ 3,952						3,952
Stock-based compensation expense, shares	8,017
Issued upon exercise of stock options & other	$ 776						776
Issued upon exercise of stock options & other, shares	112,506
Repurchases of Tredegar common stock	$ (35,141)						(35,141)
Repurchases of Tredegar common stock, shares	(2,124,900)
Tredegar common stock purchased by trust for savings restoration plan		10	(10)
Balance at Dec. 31, 2010	$ 10,724	444,173	(1,332)	23,572	280	(59,871)	417,546
Balance, shares at Dec. 31, 2010	31,883,173
Comprehensive income (loss):
Net income (loss)		24,855					24,855
Other comprehensive income (loss):
Foreign currency translation adjustment				(11,785)			(11,785)
Derivative financial instruments adjustment					(686)		(686)
Net gains or losses and prior service costs						(34,664)	(34,664)
Amortization of prior service costs and net gains or losses						3,863	3,863
Comprehensive income							(18,417)
Cash dividends declared ($.18 per share)		(5,761)					(5,761)
Stock-based compensation expense	$ 2,897						2,897
Stock-based compensation expense, shares	14,973
Issued upon exercise of stock options & other	$ 736						736
Issued upon exercise of stock options & other, shares	159,135
Tredegar common stock purchased by trust for savings restoration plan		11	(11)
Balance at Dec. 31, 2011	$ 14,357	$ 463,278	$ (1,343)	$ 11,787	$ (406)	$ (90,672)	$ 397,001
Balance, shares at Dec. 31, 2011	32,057,281

Consolidated Statements Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Consolidated Statements Of Shareholders' Equity [Abstract]
Foreign currency translation adjustment, tax (benefit)	$ (2,002)	$ (1,443)	$ 1,563
Derivative financial instruments adjustment, tax (benefit)	(423)	(287)	4,538
Net gains or losses and prior service costs, tax (benefit)	(20,032)	(2,135)	2,310
Amortization of prior service costs and net gains or losses, tax	$ 2,232	$ 1,732	$ 398
Cash dividends declared, per share	$ 0.18	$ 0.16	$ 0.16
Issued upon exercise of stock options, income tax (benefit)	$ (76)	$ 204	$ (64)

- Definition

Tax effect on the change in the balance sheet adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into reporting currency of the reporting entity for the period being reported.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 23, 24, 25, 26
-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 Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 25
-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 Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 31
-Subparagraph c
-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 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32211-110900

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e640-108580

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

- Definition

For each annual statement of income presented, the tax effect of the net gain (loss) recognized in other comprehensive income that is a reclassification adjustment of other comprehensive income as a result of being recognized as a component of net periodic benefit cost for the period.

+ References + Details

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2011

Summary Of Significant Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization and Nature of Operations. Tredegar Corporation and subsidiaries (collectively "Tredegar," "we," "us" or "our") are primarily engaged in the manufacture of plastic films and aluminum extrusions. See Note 17 regarding restructurings and Note 19 regarding discontinued operations.

Basis of Presentation. The consolidated financial statements include the accounts and operations of Tredegar and all of its majority-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. On February 12, 2008, we sold our aluminum extrusions business in Canada. All historical results for this business have been reflected as discontinued operations in these financial statements.

The preparation of financial statements in conformity with United States ("U.S.") generally accepted accounting principles ("GAAP") requires us to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

Foreign Currency Translation. The financial statements of subsidiaries located outside the U.S., where the local currency is the functional currency, are translated into U.S. Dollars using exchange rates in effect at the period end for assets and liabilities and average exchange rates during each reporting period for results of operations. Adjustments resulting from the translation of these financial statements are reflected as a separate component of shareholders' equity. We have no subsidiaries located outside the U.S. where the U.S. Dollar is the functional currency.

Transaction and remeasurement gains or losses included in income were not material in 2011, 2010 and 2009. These amounts do not include the effects between reporting periods that exchange rate changes have on income of our locations outside the U.S. that result from translation into U.S. Dollars.

Cash and Cash Equivalents. Cash and cash equivalents consist of cash on hand in excess of daily operating requirements and highly liquid investments with original maturities of three months or less. At December 31, 2011 and 2010, Tredegar had cash and cash equivalents of $68.9 million and $73.2 million, respectively, including funds held in locations outside the U.S. of $42.3 million and $35.7 million, respectively.

Our policy permits investment of excess cash in marketable securities that have the highest credit ratings and maturities of less than one year. The primary objectives of the policy are safety of principal and liquidity.

Accounts and Other Receivables. Accounts receivable are stated at the amount invoiced to customers less allowances for doubtful accounts and sales returns. Accounts receivable are non-interest bearing and arise from the sale of product to customers under typical industry trade terms. Notes receivable are not significant. Past due amounts are determined based on established terms and charged-off when deemed uncollectible. The allowance for doubtful accounts is determined based on our assessment of probable losses taking into account past due amounts, customer credit profile, historical experience and current economic conditions. Other receivables include value-added taxes related to certain foreign subsidiaries and other miscellaneous receivables due within one year.

Inventories. Inventories are stated at the lower of cost or market, with cost determined on the last-in, first-out ("LIFO") basis, the weighted average cost or the first-in, first-out basis. Cost elements included in work-in-process and finished goods inventories are raw materials, direct labor and manufacturing overhead.

Property, Plant and Equipment. Accounts include costs of assets constructed or purchased, related delivery and installation costs and interest incurred on significant capital projects during their construction periods. Expenditures for renewals and betterments also are capitalized, but expenditures for repairs and maintenance are expensed as incurred. The cost and accumulated depreciation applicable to assets retired or sold are removed from the respective accounts, and gains or losses thereon are included in income.

Capital expenditures for property, plant and equipment include capitalized interest. Capitalized interest included in capital expenditures for property, plant and equipment were not material in 2011, 2010 and 2009.

Depreciation is computed primarily by the straight-line method based on the estimated useful lives of the assets, which range from 10 to 25 years for buildings and land improvements and 2 to 16 years for machinery and equipment. The average depreciation period for machinery and equipment is approximately 10 years in Film Products and for the continuing operations of Aluminum Extrusions.

Investments in Private Entities with Less Than or Equal to 50% Voting Ownership Interest. We account for our investments in private entities where our voting ownership is less than or equal to 50% based on the facts and circumstances surrounding the investment. We are required to account for investments under the consolidation method in situations where we are the primary beneficiary of a variable interest entity. The primary beneficiary is the party that has a controlling financial interest in a variable interest entity. We are deemed to have a controlling financial interest if we have (i) the power to direct activities of the variable interest entity that most significantly impact its economic performance and (ii) the obligation to absorb losses or the right to receive benefits from the variable interest entity that could potentially be significant to its operations.

If we are not deemed to be the primary beneficiary in an investment in a variable interest entity then we select either: (i) the fair value method or (ii) either (a) the cost method if we do not have significant influence over operating and financial policies of the investee or (b) the equity method if we do have significant influence.

U.S. GAAP requires disclosure of the level within the fair value hierarchy in which fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

Goodwill and Other Intangibles. The excess of the purchase price over the fair value of identifiable net assets of acquired companies is allocated to goodwill. We assess goodwill for impairment when events or circumstances indicate that the carrying value may not be recoverable, or, at a minimum, on an annual basis (December 1^stof each year). Our reporting units include, but are not limited to, Polyethylene and Polypropylene Films and PET Films (which comprise Film Products) as well as Aluminum Extrusions, each of which may have separately identifiable operating net assets (operating assets including goodwill and intangible assets net of operating liabilities). As of December 31, 2011, Polyethylene and Polypropylene Films and PET films were the only reporting units that carried a goodwill balance.

We estimate the fair value of our reporting units using discounted cash flow analysis and comparative enterprise value-to-EBITDA multiples. The goodwill of Polyethylene and Polypropylene Films continue to be tested for impairment at the annual testing date, with the estimated fair value of this reporting unit exceeding the carrying value of its net assets by a wide margin. The goodwill of PET Films is associated with the October 2011 acquisition of Terphane Holdings LLC ("Terphane").

Impairment of Long-Lived Assets. We review long-lived assets for possible impairment when events indicate that an impairment may exist. For assets to be held and used in operations, if events indicate that an asset may be impaired, we estimate the future unlevered pre-tax cash flows expected to result from the use of the asset and its eventual disposition. Assets are grouped for this purpose at the lowest level for which there are identifiable and independent cash flows. If the sum of these undiscounted pre-tax cash flows is less than the carrying amount of the asset, an impairment loss is calculated. Measurement of the impairment loss is amount by which the carrying amount exceeds the estimated fair value of the asset group.

Assets that are held for sale are reported at the lower of their carrying amount or estimated fair value less cost to sell, with an impairment loss recognized for any write-down required.

Pension Costs and Postretirement Benefit Costs Other than Pensions. Pension costs and postretirement benefit costs other than pensions are accrued over the period employees provide service to Tredegar. Liabilities and expenses for pension plans and other postretirement benefits are determined using actuarial methodologies and incorporate significant assumptions, including the rate used to discount the future estimated liability, the long-term rate of return on plan assets, and several assumptions relating to the employee workforce, and we recognize the funded status of our pension and other postretirement plans in the accompanying consolidated balance sheets. Our policy is to fund our pension plans at amounts not less than the minimum requirements of the Employee Retirement Income Security Act of 1974 and to fund postretirement benefits other than pensions when claims are incurred.

Revenue Recognition. Revenue from the sale of products, which is shown net of estimated sales returns and allowances, is recognized when title has passed to the customer, the price of the product is fixed and determinable, and collectability is reasonably assured. Amounts billed to customers related to freight have been classified as sales in the accompanying consolidated statements of income. The cost of freight has been classified as a separate line in the accompanying consolidated statements of income. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction between Tredegar and its customers (such as value-added taxes) are accounted for on a net basis and therefore excluded from revenues.

Research & Development ("R&D") Costs. R&D costs are expensed as incurred and include primarily salaries, wages, employee benefits, equipment depreciation, facility costs and the cost of materials consumed relating to R&D efforts. R&D costs include a reasonable allocation of indirect costs.

Income Taxes. Income taxes are recognized during the period in which transactions enter into the determination of income for financial reporting purposes, with deferred income taxes being provided at enacted statutory tax rates on the differences between the financial reporting and tax bases of assets and liabilities (see Note 16). Deferred U.S. federal income taxes have not been provided on the undistributed earnings for the Terphane Ltda. (a subsidiary of Terphane) because of our intent to permanently reinvest these earnings. The cumulative amount of untaxed earnings were $1 million at December 31, 2011. We accrue U.S. federal income taxes on unremitted earnings of all other foreign subsidiaries. The benefit of an uncertain tax position is included in the accompanying financial statements when we determine that it is more likely than not that the position will be sustained, based on the technical merits of the position, if the taxing authority examines the position and the dispute is litigated. This determination is made on the basis of all the facts, circumstances and information available as of the reporting date.

Earnings Per Share. Basic earnings per share is computed using the weighted average number of shares of common stock outstanding. Diluted earnings per share is computed using the weighted average common and potentially dilutive common equivalent shares outstanding, determined as follows:


	2011	2010	2009
Weighted average shares outstanding used to
compute basic earnings per share	31,931,962	32,291,556	33,861,171
Incremental shares attributable to stock
options and restricted stock	281,212	280,565	-
Shares used to compute diluted earnings
per share	32,213,174	32,572,121	33,861,171

Incremental shares attributable to stock options and restricted stock are computed using the average market price during the related period. During 2011, 2010 and 2009, the average out-of-the-money options to purchase shares that were excluded from the calculation of incremental shares attributable to stock options and restricted stock was 293,704, 324,558 and 545,450, respectively.

Stock-Based Employee Compensation Plans. Compensation expense is recorded on all share-based awards based upon its calculated fair value. The fair value of stock option awards was estimated as of the grant date using the Black-Scholes options-pricing model. The fair value of restricted stock awards was estimated as of the grant date using our closing stock price on that date.

The assumptions used in this model for valuing Tredegar stock options granted in 2011, 2010 and 2009 are as follows:


		2011			2010			2009
Dividend yield		.9	%		.9	%		.9	%
Weighted average volatility percentage		46.4	%		46.6	%		39.9	%
Weighted average risk-free interest rate		2.5	%		2.7	%		2.1	%
Holding period (years):
Officers		6.0			6.0			6.0
Management		5.0			5.0			5.0
Weighted average excercise price at date
of grant (also weighted average market
price at date of grant):
Officers	$	19.84		$	17.18		$	18.12
Management		19.73			17.13			17.81

The dividend yield is the dividend yield on our common stock at the date of grant, which we believe is a reasonable estimate of the expected yield during the holding period. We calculate expected volatility based on the historical volatility of our common stock using a sequential period of historical data equal to the expected holding period of the option. We have no reason to believe that future volatility for this period is likely to differ from the past. The assumed risk-free interest rate is based on observed interest rates (zero coupon U.S. Treasury debt securities) appropriate for the expected holding period. The expected holding period and forfeiture assumptions are based on historical experience. Estimated forfeiture assumptions are reviewed through the vesting period. Adjustments are made if actual forfeitures differ from previous estimates. The cumulative effect of a change in estimated forfeitures is recognized in the period of the change.

Tredegar stock options granted during 2011, 2010 and 2009, and related estimated fair value at the date of grant, are as follows:


		2011		2010		2009
Stock options granted (number of shares):
Officers		140,500		190,000		166,800
Management		95,300		126,000		116,600
Total		235,800		316,000		283,400
Estimated weighted average fair value of
options per share at date of grant:
Officers	$	8.55	$	7.47	$	7.53
Management		8.03		7.00		6.93
Total estimated fair value of stock
options granted (in thousands)	$	1,966	$	2,301	$	2,023

Additional disclosure of Tredegar stock options is included in Note 12.

Financial Instruments. We use derivative financial instruments for the purpose of hedging aluminum price volatility and currency exchange rate exposures that exist as part of ongoing business operations. Our derivative financial instruments are designated as and qualify as cash flow hedges and are recognized in the accompanying balance sheet at fair value. A change in the fair value of the derivative that is highly effective as and that is designated and qualifies as a cash flow hedge is recorded in other comprehensive income. 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, and the cash flows related to financial instruments are classified in the consolidated statements of cash flows in a manner consistent with those of the transactions being hedged. 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 and losses recognized for hedge ineffectiveness were not material in 2011, 2010 and 2009.

Our policy requires that we formally document all relationships between hedging instruments and hedged items, as well as our risk management objective and strategy for undertaking various hedge transactions. We also formally assess (both at the hedge's inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the fair value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative is not (or has ceased to be) highly effective as a hedge, we discontinue hedge accounting prospectively.

As a policy, we do not engage in speculative or leveraged transactions, nor do we hold or issue financial instruments for trading purposes. Additional disclosure of our utilization of derivative hedging instruments is included in Note 8.

Comprehensive Income (Loss). Comprehensive income (loss), which is included in the consolidated statement of shareholders' equity, is defined as net income or loss and other comprehensive income or loss. Other comprehensive income (loss) includes changes in foreign currency translation adjustments, unrealized gains and losses on derivative financial instruments, prior service costs and net gains or losses from pension and other postretirement benefit plans arising during the period and amortization of these prior service costs and net gains or losses adjustments, all recorded net of deferred income taxes directly in shareholders' equity.

The foreign currency translation adjustment included in the consolidated statement of shareholders' equity is comprised of the following components:


(In Thousands)		2011			2010			2009
Foreign currency translation adjustment:
Unrealized foreign currency translation adjustment
arising during period, net of tax	$	(9,004	)	$	(2,678	)	$	2,807
Reclassification adjustment of foreign currency
translation gain included in income (related
to sale of film products business in Italy - see
Note 17), net of tax		(2,781	)		-			-
Foreign currency translation adjustment, net of tax	$	(11,785	)	$	(2,678	)	$	2,807

Recently Issued Accounting Standards. 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. There were some changes to U.S. GAAP, such as the change in the valuation premise and the application of premiums and discounts as well as new disclosure requirements. 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 intend to comply with the new reporting requirements beginning with the first quarter of 2012, and the new requirements are not expected to materially expand our current financial statement footnote 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. In December 2011, the FASB issued a final standard to defer the new requirement to present components of reclassifications of other comprehensive income on the face of the income statement. Companies will still be required to adopt the other requirements contained in the new standard on comprehensive income. 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.

In September 2011, the FASB issued guidance that changes the goodwill impairment guidance in order to reduce the cost and complexity of the annual impairment test. The changes will provide entities an option to perform a "qualitative" assessment to determine whether further impairment testing is necessary. If an entity believes, as a result of its qualitative assessment, that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test will be required. Otherwise, no further testing will be required. The revised guidance will be effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. We intend to comply with the new reporting requirements in 2012 and do not anticipate that this new guidance will have a material effect on future goodwill impairment testing.

Acquisitions

12 Months Ended

Dec. 31, 2011

Acquisitions [Abstract]

Acquisitions

2 ACQUISITIONS

On October 14, 2011, TAC Holdings, LLC (the "Buyer") and Tredegar Film Products Corporation, which are indirect and direct, respectively, wholly-owned subsidiaries of Tredegar, entered into a Membership Interest Purchase Agreement (the "Purchase Agreement") with Gaucho Holdings, B.V. (the "Seller") an indirect, wholly-owned subsidiary of Vision Capital Partners VII LP ("Vision Capital"). On October 24, under the terms of the Purchase Agreement, the Buyer acquired from the Seller 100% of the outstanding equity interests of Terphane.

Terphane is headquartered in São Paulo, Brazil and operates manufacturing facilities in Cabo de Santo Agostinho, Brazil and Bloomfield, New York. It is a market leading producer of thin polyester films in Latin America with a growing presence in strategic niches in the U.S. Polyester films have specialized properties, such as heat resistance and barrier protection, that make them uniquely suited for the fast-growing flexible packaging market. We expect that the acquisition of Terphane will allow us to extend our product offerings into adjacent specialty films markets and to expand in Latin America.

After certain post-closing adjustments (primarily related to working capital transferred), the total purchase price (net of cash acquired) was $181.0 million. The purchase price was funded using available cash (net of cash received) of approximately $56 million and financing of $125 million secured from Tredegar's existing $300 million revolving credit facility. Based upon management's preliminary valuation of the fair value of tangible and intangible assets acquired (net of cash acquired) and liabilities assumed, the preliminary estimated purchase price allocation is as follows:


(In Thousands)
Accounts receivable	$	14,321
Inventories		23,437
Property, plant & equipment		86,963
Identifiable intangible assets:
Customer relationships		32,600
Proprietary technology		14,700
Trade names		9,400
Noncompete agreements		2,300
Other assets (current & noncurrent)		3,680
Trade payables		(17,471	)
Other liabilities (current & noncurrent)		(12,216	)
Deferred taxes		(38,167	)
Total identifiable net assets	$	119,547
Purchase price, net of cash received		180,975
Goodwill	$	61,428

None of the goodwill or other intangible assets will be deductible for tax purposes. Intangible assets acquired in the purchase of Terphane are being amortized over the following periods:


Identifiable Intangible Asset	Useful Life (Yrs)
Customer relationships	12
Proprietary technology	10
Trade names	Indefinite
Noncompete agreements	2

We continue to assess the allocation of taxable income between the subsidiaries of Terphane, which could impact the valuation and allocation of intangible assets provided above, and to negotiate adjustments to the purchase price under the Purchase Agreement. If information becomes available which would indicate adjustments are required to the purchase price or the purchase price allocation prior to the end of the measurement period for finalizing the purchase price allocation, such adjustments will be included in the purchase price allocation retrospectively.

The financial position and results of operations for Terphane have been consolidated with Tredegar subsequent to October 24, 2011. For the year ended December 31, 2011, the consolidated results of operations included sales of $29.2 million and net income of $2.0 million related to Terphane.

The following unaudited supplemental pro forma data presents our consolidated revenues and earnings as if the acquisition of Terphane had been consummated on January 1, 2010. The pro forma results are not necessarily indicative of our consolidated revenues and earnings if the acquisition and related borrowing had been consummated on January 1, 2010. Supplemental unaudited pro forma results for the years ended December 31, 2011 and 2010 are as follows:


(In Thousands, Except Per Share Data)		2011		2010
Sales	$	927,972	$	873,505
Income (loss) from continuing operations		42,516		24,819
Earnings (loss) per share from continuing operations:
Basic	$	1.33	$	0.77
Diluted		1.32		0.76

The above supplemental unaudited pro forma amounts reflect the application of the following adjustments in order to present the consolidated results as if the acquisition and related borrowing had occurred on January 1, 2010:

Adjustment for additional depreciation and amortization expense associated with the adjustments to property, plant and equipment, and intangible assets associated with purchase accounting;
Additional interest expense and financing fees associated with borrowing arrangements used to fund the acquisition of Terphane and the elimination of historical interest expense associated with historical borrowings of Terphane that were not assumed by Tredegar;
Adjustments to eliminate transactions-related expenses associated with the October 2011 purchase of Terphane by Tredegar and the September 2010 purchase of Terphane by Vision Capital;
Adjustments related to the elimination of foreign currency remeasurement gains associated with long-term borrowings that were not assumed by Tredegar; and
Adjustments for the estimated net income tax benefit associated with the previously described adjustments.

On February 3, 2010, we purchased the assets of Bright View Technologies Corporation ("Bright View") for $5.5 million. Bright View is a developer and producer of high-value microstructure-based optical films for the LED (light emitting diode) and fluorescent lighting markets. The primary identifiable intangible assets purchased in the transaction were patented and unpatented technology, which are being amortized over a weighted average period of 12 years.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
-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 Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
-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 Statement of Financial Accounting Standard (FAS)
-Number 141R
-Appendix F
-Paragraph F4
-Subparagraph e

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
-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 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e6927-128479

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1490-128463

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e7008-128479

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1500-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4926-128472

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4922-128472

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e6996-128479

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1524-128463

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1392-128463

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e7000-128479

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4934-128472

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-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
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-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1497-128463

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-Name Accounting Standards Codification
-Topic 805
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-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1486-128463

Reference 19: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1383-128463

+ Details

Investments

12 Months Ended

Dec. 31, 2011

Investments [Abstract]

Investments

3 INVESTMENTS

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. We recognized an unrealized gain of $1.6 million ($1.0 million after taxes) in 2011 attributed to the appreciation of our interest upon changes in the market dynamics and pricing associated with an upcoming product introduction and the addition of projects to the product pipeline. In 2010, we recognized an unrealized loss of $2.2 million ($1.4 million after taxes) for the estimated changes in the fair value of our investment after the investee, which had its new drug application to the Food & Drug Administration ("FDA") accepted for review during the fourth quarter, reassessed its projected timeframe for obtaining final marketing approval from the FDA. We recognized an unrealized gain of $5.1 million ($3.2 million after taxes) in 2009 for the estimated appreciation of our ownership interest upon the investee entering into an exclusive licensing agreement that included an upfront payment, additional potential milestone payments and tiered royalties on sales of any products commercialized under the license. Unrealized gains (losses) associated with this investment are included in "Other income (expense), net" in the consolidated statements of income and separately stated in the segment operating profit table in Note 4.

At December 31, 2011 and 2010, the estimated fair value of our investment (included in "Other assets and deferred charges" in the consolidated balance sheets) was $17.6 million and $16.0 million, respectively. Subsequent to our most recent investment (December 15, 2008), and until the next round of financing, we believe fair value estimates drop to Level 3 inputs since there is no secondary market for our ownership interest. In addition, the specialty pharmaceutical company currently has no product sales. Accordingly, until the next round of financing or any other significant financial transaction, value estimates will primarily be based on assumptions relating to meeting product development and commercialization milestones, cash flow projections (projections of development and commercialization milestone payments, sales, costs, expenses, capital expenditures and working capital investment) and discounting of these factors for the high degree of risk. As a result, any future changes in the estimated fair value of our ownership interest will likely be attributed to a new round of financing, a merger or initial public offering or adjustments to the timing or magnitude of cash flows associated with development and commercialization milestones. If the company does not meet its development and commercialization milestones and there are indications that the amount or timing of its projected cash flows or related risks are unfavorable versus our most recent valuation, or a new round of financing or other significant financial transaction indicates a lower enterprise value, then our estimate of the fair value of our ownership interest in the company is likely to decline. Adjustments to the estimated fair value of our investment will be made in the period upon which such 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. The condensed balance sheets for the specialty pharmaceutical company at December 31, 2011 and 2010 and related condensed statements of income for the last three years ended December 31, 2011, that were reported to us by the investee, are provided below:


		December 31,									December 31,
(In Thousands)		2011		2010							2011			2010
Assets:								Liabilities & Equity:
								Current portion of deferred revenues $			-		$	8,839
								Other current liabilities			1,185			1,488
Cash & cash equivalents	$	9,625		$	18,819			Non-current liabilities			738			599
Other current assets		4,894			5,304			Equity:
Other tangible assets		691			796			Redeemable preferred stock			20,017			19,041
Identifiable intangibles assets		1,868			1,650			Other			(4,862	)		(3,398	)
Total assets	$	17,078		$	26,569			Total liabilities & equity		$	17,078		$	26,569

		2011			2010			2009
Revenues & Expenses:
Revenues	$	8,839		$	29,099		$	2,062
Expenses and other, net		(10,474	)	(10,426		)		(6,732	)
Income tax (expense) benefit		927			(6,584	)		2,309
Net income (loss)	$	(708	)	$	12,089		$	(2,361	)

On April 2, 2007, we invested $10.0 million in Harbinger Capital Partners Special Situations Fund, L.P. ("Harbinger"), a private investment fund that is subject to limitations on withdrawal. There is no secondary market for interests in the fund. Our investment in Harbinger, which represents less than 2% of its total partnership capital, is accounted for under the cost method. We recorded an unrealized loss of $0.6 million ($0.4 million after taxes) on our investment in Harbinger in 2011 as a result of a reduction in the estimated fair value of our investment that is not expected to be temporary. The December 31, 2011 and 2010 carrying value in the consolidated balance sheets (included in "Other assets and deferred charges") was $5.2 million and $6.4 million, respectively. The carrying value at December 31, 2011 reflected Tredegar's cost basis in its investment in the Harbinger Fund, net of total withdrawal proceeds received and unrealized losses. The timing and amount of future installments of withdrawal proceeds, which commenced in August 2010, was not known as of December 31, 2011. There were no realized gains or losses associated with our investment in Harbinger in 2011 and 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 if management believes it is probable that future withdrawal proceeds will not exceed the remaining carrying value.

Business Segments

12 Months Ended

Dec. 31, 2011

Business Segments [Abstract]

Business Segments

4 BUSINESS SEGMENTS

Our primary business segments are Film Products and Aluminum Extrusions. In February 2010, we added a fourth segment, Other, comprised of the start-up operations of Bright View and Falling Springs, LLC ("Falling Springs"). Effective January 1, 2012, the operations and results of Bright View were incorporated into Film Products in order to better leverage efforts to produce films for new market segments.

Information by business segment and geographic area for the last three years is provided below. For periods prior to 2010, net sales and income (loss) from ongoing operations for Falling Springs (which were immaterial) have been included in "Corporate expense, net" and identifiable assets for this business (which were immaterial) have been included in "General corporate" in order to reflect the strategic view and structure of operations during this time period. 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 $280.3 million in 2011, $273.1 million in 2010 and $253.5 million in 2009. 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)		2011			2010			2009
Film Products	$	535,193		$	520,445		$	455,007
Aluminum Extrusions		240,392			199,639			177,521
Other		3,524			2,579			-
Total net sales		779,109			722,663			632,528
Add back freight		18,488			17,812			16,085
Sales as shown in consolidated
statements of income	$	797,597		$	740,475		$	648,613

		*Operating Profit*
(In Thousands)		2011			2010			2009
Film Products:
Ongoing operations	$	63,420		$	71,184		$	64,379
Plant shutdowns, asset impairments,
restructurings and other (a)		(6,807	)		(505	)		(1,846	)
Aluminum Extrusions:
Ongoing operations		3,457			(4,154	)		(6,494	)
Plant shutdowns, asset impairments,
restructurings and other (a)		58			493			(639	)
Goodwill impairment charge (a)		-			-			(30,559	)
AFBS (formerly Therics):
Gain on sale of investments in Theken
Spine and T herics, LLC		-			-			1,968
Other:
Ongoing operations		(2,835	)		(4,173	)		-
Plant shutdowns, asset impairments,
restructurings and other (a)		-			(253	)		-
Total		57,293			62,592			26,809
Interest income		1,023			709			806
Interest expense		1,926			1,136			783
Gain on sale of corporate assets (a)		-			-			404
Gain (loss) on investment accounted for
under the fair value method (a)		1,600			(2,200	)		5,100
Stock option-based compensation expense		1,940			2,064			1,692
Corporate expenses, net (a)		16,158			17,118			13,334
Income from continuing operations
before income taxes		39,892			40,783			17,310
Income taxes (a)		10,648			13,756			18,663
Income (loss) from continuing operations		29,244			27,027			(1,353	)
Income (loss) from discontinued operations (a)		(4,389	)		-			-
Net income (loss)	$	24,855		$	27,027		$	(1,353	)

(a)	See Notes 1, 3, 7 and 17 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 $57.8 million, $8.3 million and $6.0 million in "Other noncurrent liabilities" as of December 31, 2011, 2010 and 2009. See Note 13 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 $18.5 million in 2011, $17.8 million in 2010 and $16.1 million in 2009.
(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 $42.3 million $35.7 million and $34.2 million at December 31, 2011, 2010 and 2009, respectively. Export sales relate almost entirely to Film Products. Operations outside the U.S. in T he Netherlands, Hungary, China, Italy (sold in 2011), Brazil and India also relate to Film Products. Sales from our locations in T he 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 were not significant in 2011.


	*Identifiable Assets*
(In Thousands)		2011		2010		2009
Film Products	$	567,664	$	363,312	$	371,639
Aluminum Extrusions		78,661		81,731		82,429
AFBS (formerly Therics)		-		583		1,147
Other		22,406		19,701		-
Subtotal		668,731		465,327		455,215
General corporate (b)		40,919		41,824		50,401
Cash and cash equivalents (d)		68,939		73,191		90,663
Total	$	778,589	$	580,342	$	596,279

*Depreciation and Amortization*								*Capital Expenditures*
(In Thousands)		2011		2010		2009		2011		2010		2009
Film Products	$	35,590	$	33,765	$	32,360	$	12,895	$	15,664	$	11,487
Aluminum Extrusions		8,333		9,054		7,566		2,697		4,339		22,530
Other		737		695		-		212		179		-
Subtotal		44,660		43,514		39,926		15,804		20,182		34,017
General corporate		75		74		71		76		236		125
Continuing operations		44,735		43,588		39,997		15,880		20,418		34,142
Discontinued aluminum extrusions
business in Canada (a)		-		-		-		-		-		-
Total	$	44,735	$	43,588	$	39,997	$	15,880	$	20,418	$	34,142

*Net Sales by Geographic Area (d)*
(In Thousands)		2011		2010		2009
United States	$	465,656	$	416,892	$	363,570
Exports from the United States to:
Canada		49,428		50,534		39,300
Latin America		4,413		2,684		2,238
Europe		6,171		8,572		7,261
Asia		56,050		68,818		43,948
Operations outside the United States:
The Netherlands		80,509		81,945		88,563
Hungary		33,824		23,645		20,300
China		32,740		35,999		36,438
Italy		6,790		9,272		10,497
Brazil		43,528		24,302		20,413
Total (c)	$	779,109	$	722,663	$	632,528

	*Identifiable Assets*							*Property, Plant & Equipment,*
*by Geographic Area (d)*								*Net by Geographic Area (d)*
(In Thousands)		2011		2010		2009		2011		2010		2009
United States (b)	$	384,672	$	341,970	$	326,120	$	119,673	$	135,840	$	152,189
Operations outside the United States:
The Netherlands		40,973		47,574		56,761		24,850		31,979		40,832
Hungary		16,480		13,535		12,265		7,326		7,515		7,978
China		28,469		31,587		34,176		18,931		21,385		23,605
Italy		-		13,639		15,492		-		2,137		2,546
Brazil		191,695		11,660		10,401		80,992		3,107		3,212
India		6,442		5,362		-		4,705		4,241		-
General corporate (b)		40,919		41,824		50,401		797		633		514
Cash and cash equivalents (d)		68,939		73,191		90,663		n/a		n/a		n/a
Continuing operations		778,589		580,342		596,279		257,274		206,837		230,876
Discontinued aluminum extrusions
business in Canada (a)		-		-		-		-		-		-
Total	$	778,589	$	580,342	$	596,279	$	257,274	$	206,837	$	230,876

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

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-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 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

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+ Details

Accounts And Other Receivables

12 Months Ended

Dec. 31, 2011

Accounts And Other Receivables [Abstract]

Accounts And Other Receivables

5 ACCOUNTS AND OTHER RECEIVABLES

Accounts and other receivable consist of the following:


(In Thousands)		2011		2010
Trade, less allowance for doubtful accounts and sales returns of $3,539 in 2011 and $5,286 in 2010	$	95,712	$	78,768
Other		2,315		5,308
Total	$	98,027	$	84,076

A reconciliation of the beginning and ending balances of the allowance for doubtful accounts and sales returns for the last three years in the period ended December 31, 2011 is as follows:


(In Thousands)	2011			2010			2009
Balance, beginning of year	$	5,286		$	5,299		$	3,949
Charges to expense		1,525			1,779			4,034
Recoveries		(1,489	)		(1,633	)		(1,522	)
Write-offs		(2,508	)		(25	)		(1,411	)
Foreign exchange and other		725			(134	)		249
Balance, end of year	$	3,539		$	5,286		$	5,299

- Definition

The entire disclosure for claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 3, 4
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 7
-Article 9

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-Publisher AICPA
-Name Statement of Position (SOP)
-Number 01-6
-Paragraph 13
-Subparagraph d
-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 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

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-Paragraph 1
-Subparagraph (SX 210.5-02.3,4)
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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+ Details

Inventories

12 Months Ended

Dec. 31, 2011

Inventories [Abstract]

Inventories

6 INVENTORIES

Inventories consist of the following:


(In Thousands)	2011		2010
Finished goods	$	11,103	$	7,373
Work-in-process		6,874		3,669
Raw materials		24,148		15,327
Stores, supplies and other		19,165		16,689
Total	$	61,290	$	43,058

Inventories stated on the LIFO basis amounted to $12.1 million at December 31, 2011 and $18.4 million at December 31, 2010, which are below replacement costs by approximately $20.2 million at December 31, 2011 and $20.6 million at December 31, 2010. During 2011, 2010 and 2009, certain inventories accounted for on a LIFO basis declined, which resulted in cost of goods sold being stated at below current replacement costs, by approximately $1.1 million in Film Products, $2.6 million in 2010 ($0.9 million in Film Products and $1.7 million in Aluminum Extrusions) and $1.1 million in 2009 in Film Products.

Goodwill And Other Intangible Assets

12 Months Ended

Dec. 31, 2011

Goodwill And Other Intangible Assets [Abstract]

Goodwill And Other Intangible Assets

7 GOODWILL AND OTHER INTANGIBLE ASSETS

The components of goodwill and other intangibles at December 31, 2011 and 2010, and related amortization periods for continuing operations are as follows:


	(In Thousands)		2011		2010	Amortization Periods
	Goodwill	$	163,680	$	103,639	Not amortized
	Other identifiable intangibles
	Customer relationships (cost basis of $32,600 in 2011)		30,850		-	12 years
	Proprietary technology (cost basis of $18,116 in 2011 and
$	3,416 in 2010)		16,042		2,341	Not more than 15 years
	Tradenames (cost basis of $9,400 in 2011)		9,049		-	Indefinite life
Non	-compete agreements (cost basis of $2,702 in 2011 and
$	402 in 2010)		2,119		137	2 years
	Total carrying value of other intangibles		58,060		2,478
	Total carrying value of goodwill and other intangibles	$	221,740	$	106,117

A reconciliation of the beginning and ending balance of goodwill for each of the three years in the period ended December 31, 2011 is as follows:


(In Thousands)		2011			2010			2009
Net carrying value of goodwill, beginning of year	$	103,639		$	104,290		$	134,703
Acquisition		61,428			-			-
Goodwill impairment charge		-			-			(30,559	)
Increase (decrease) due to foreign currency translation		(1,387	)		(651	)		146
Net carrying value of goodwill, end of year	$	163,680		$	103,639		$	104,290

Based on the severity of the economic downturn and its impact on the sales volumes of our aluminum extrusions business (a 36.8% decline in sales volume in the first quarter of 2009 compared with the first quarter of 2008), the resulting operating loss in the first quarter of 2009, possible future losses and the uncertainty in the amount and timing of an economic recovery, we determined that impairment indicators existed in the first quarter of 2009. Upon completing the impairment analysis as of March 31, 2009, a goodwill impairment charge of $30.6 million ($30.6 million after tax) was recognized in Aluminum Extrusions. This impairment charge represented the entire amount of goodwill associated with the Aluminum Extrusions reporting unit, and it represents the only goodwill impairment recorded by Tredegar. All remaining goodwill balances are associated with the Film Products segment.

Amortization expense for continuing operations over the next five years are expected to be as follows:


Amount
	Year		(In Thousands)
	2012	$	5,354
	2013		5,252
	2014		4,293
	2015		4,168
	2016		4,157

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Financial Instruments

12 Months Ended

Dec. 31, 2011

Financial Instruments [Abstract]

Financial Instruments

FINANCIAL INSTRUMENTS

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 as part of ongoing business operations (primarily in Film Products). Our derivative financial instruments are designated as and qualify as cash flow hedges and are recognized in the consolidated balance sheet at fair value. The fair value of derivative instruments

recorded on the consolidated balance sheets are based upon Level 2 inputs. 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 $10.8 million (11.0 million pounds of aluminum) at December 31, 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 December 31, 2011 and 2010:


	December 31, 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
Aluminum futures contracts	Accrued expenses	$	21	and other	$	490
Liability derivatives:				Prepaid expenses
Aluminum futures contracts	Accrued expenses	$	677	and other	$	36
Derivatives Not Designated as Hedging Instruments
Asset derivatives:				Prepaid expenses
Aluminum futures contracts	Accrued expenses	$	18	and other	$	-
Liability derivatives:				Prepaid expenses
Aluminum futures contracts	Accrued expenses	$	18	and other	$	-

In the event that a counterparty to an aluminum fixed-price forward sales contract chooses not to 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. The offsetting asset and liability positions for derivatives not designated as hedging instruments included in the table above are associated with the unwinding of aluminum futures contracts that relate to such cancellations.

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

We receive Euro-based royalty payments relating to our operations in Europe. From time to time we use 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 were no outstanding notional amounts on these collars at December 31, 2011 and 2010 as there were no derivatives outstanding related to the hedging of royalty payments with currency options.

Our derivative contracts involve elements of credit and market risk, 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 best and most credit-worthy customers. The counterparties to our foreign currency futures and zero-cost collar contracts are major financial institutions.

The pretax effect on net income (loss) and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for years ended December 31, 2011, 2010, and 2009 is summarized in the tables below:


(In Thousands)							Cash Flow Derivative Hedges
		Aluminum Futures Contracts									Foreign Currency Forwards and Options
Years Ended December 31,		2011			2010			2009			2011		2010			2009
Amount of pre-tax gain (loss) recognized in
other comprehensive income	$	(802	)	$	(102	)	$	1,762		$	-	$	(284	)	$	(336	)
Location of gain (loss) reclassified from													Selling,			Selling,
accumulated other comprehensive income		Cost of			Cost of			Cost of					general and			general and
into net income (effective portion)		sales			sales			sales				admin. exp.				admin. exp.

Amount of pre-tax gain (loss) reclassified
from accumulated other comprehensive
income to net income (effective portion)	$	308		$	641		$	(10,248	)	$	-	$	(271	)	$	(315	)

Gains and losses on the ineffective portion of derivative instruments or derivative instruments that were not designated as hedging instruments were not significant in 2011, 2010 and 2009. For the years ended December 31, 2011, 2010 and 2009, unrealized net losses from hedges that were discontinued were not significant. As of December 31, 2011, we expect $0.4 million of unrealized after-tax losses on derivative instruments reported in accumulated other comprehensive income to be reclassified to earnings within the next twelve months.

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-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 Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44
-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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-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41635-113959

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708773-113959

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

+ Details

Accrued Expenses

12 Months Ended

Dec. 31, 2011

Accrued Expenses [Abstract]

Accrued Expenses

9	ACCRUED EXPENSES

	Accrued expenses consist of the following:


	(In Thousands)		2011		2010
	Vacation	$	6,891	$	5,995
	Contractual indemnification claims (see note 19)		4,740		460
	Payrolls, related taxes and medical and other benefits		4,700		5,286
	Taxes other than federal income and payroll		3,350		1,356
	Incentive compensation		3,003		6,436
	Workers' compensation and disabilities		2,599		2,468
	Hedging contracts		656		223
	Plant shutdowns and divestitures		198		1,830
	Other		13,745		9,175
	Total	$	39,882	$	33,229

A reconciliation of the beginning and ending balances of accrued expenses associated with asset impairments and costs associated with exit and disposal activities for each of the three years in the period ended December 31, 2011 is as follows:


						Long-Lived
						Asset
(In Thousands)			Severance			Impairments			Other (a)			Total
Balance at January 1, 2009		$	431		$	-		$	4,491		$	4,922
2009	:
Charges			2,094			1,005			-			3,099
Cash spent			(1,702	)		-			(1,333	)		(3,035	)
Charged against assets			-			(1,005	)		-			(1,005	)
Balance at December 31, 2009			823			-			3,158			3,981
2010	:
Charges			165			608			-			773
Cash spent			(751	)		-			(1,565	)		(2,316	)
Charged against assets			-			(608	)		-			(608	)
Balance at December 31, 2010			237			-			1,593			1,830
2011	:
Charges			541			1,367			-			1,908
Cash spent			(581	)					(1,593	)		(2,174	)
Charged against assets			-			(1,367	)		-			(1,367	)
Balance at December 31, 2011		$	197		$	-		$	-		$	197

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

See Note 17 for more information on plant shutdowns, asset impairments and restructurings of continuing operations.

Debt And Credit Agreements

12 Months Ended

Dec. 31, 2011

Debt And Credit Agreements [Abstract]

Debt And Credit Agreements

10 DEBT AND CREDIT AGREEMENTS

On June 21, 2010, we entered into a $300 million four-year, unsecured revolving credit facility (the "Credit Agreement"), with an option to increase that amount by an additional $75 million. The Credit Agreement replaces our previous five-year, unsecured revolving credit facility that was due to expire on December 15, 2010. There were no outstanding borrowings under the previous revolving credit facility when it was replaced.

Borrowings under the Credit Agreement bear an interest rate of LIBOR plus a credit spread and commitment fees charged on the unused amount under the Credit Agreement at various indebtedness-to-adjusted-EBITDA levels as follows:

Pricing Under Revolving Credit Agreement (Basis Points)


	Indebtedness-to-Adjusted		Credit Spread	Commitment
	EBITDA Ratio		Over LIBOR	Fee
>	2.0x but <= 3.0x		250	40
>	1.0x but <=2.0x		225	35
<=	1.0	x	200	30

At December 31, 2011, the interest cost on debt borrowed under the Credit Agreement was priced at one-month LIBOR plus the applicable credit spread of 225 basis points.

The most restrictive covenants in the Credit Agreement include:

Maximum aggregate dividends over the term of the Credit Agreement of $100 million plus, beginning with the fiscal quarter ending March 31, 2010, 50% of net income;
Minimum shareholders' equity at any point during the term of the Credit Agreement of at least $300 million increased on a cumulative basis at the end of each fiscal quarter, beginning with the fiscal quarter ending March 31, 2010, by an amount equal to 50% of net income (to the extent positive);
Maximum indebtedness-to-adjusted EBITDA of 3.0x; and
Minimum adjusted EBIT-to-interest expense of 2.5x.

At December 31, 2011, based upon the most restrictive covenants within the Credit Agreement, available credit under the Credit Agreement was approximately $162 million. Total debt due and outstanding at December 31, 2011 is summarized below:

Debt Due and Outstanding at December 31, 2011
(In Thousands)


Year		Credit				Total Debt
Due		Agreement		Other		Due
2012	$	-	$	-	$	-
2013		-		-		-
2014		125,000		-		125,000
2015		-		-		-
2016		-		-		-
Total	$	125,000	$	-	$	125,000

We believe we were in compliance with all of our debt covenants as of December 31, 2011. Noncompliance with any of the debt covenants may have a material adverse effect on financial condition or liquidity in the event such noncompliance cannot be cured or should we be unable to obtain a waiver from the lenders. Renegotiation of the covenant through an amendment to the Credit Agreement may effectively cure the noncompliance, but may have an effect on financial condition or liquidity depending upon how the covenant is renegotiated.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

Shareholder Rights Agreement	12 Months Ended
Shareholder Rights Agreement	Dec. 31, 2011
Shareholder Rights Agreement [Abstract]
Shareholder Rights Agreement	11 SHAREHOLDER RIGHTS AGREEMENT Pursuant to an Amended and Restated Rights Agreement, dated as of June 30, 2009, with Computershare Investor Services, as Rights Agent (essentially renewing and extending our Rights Agreement, dated as of June 30, 1999), as amended, one right is attendant to each share of our common stock ("Right"). All Rights outstanding under the previous Rights Plan remain outstanding under the Amended and Restated Rights Agreement. Each Right entitles the registered holder to purchase from Tredegar one one-hundredth of a share of Participating Cumulative Preferred Stock, Series A (the "Preferred Stock"), at an exercise price of $150 (the "Purchase Price"). The Rights will become exercisable, if not earlier redeemed, only if a person or group acquires 10% or more of the outstanding shares of our common stock (thereby becoming an "Acquiring Person") or announces a tender offer that would result in ownership by a person or group of 10% or more of our common stock. Any action by a person or group whose beneficial ownership was reported on Amendment No. 4 to the Schedule 13D filed with respect to Tredegar on March 20, 1997, cannot cause such person or group to become an Acquiring Person and thereby cause the Rights to become exercisable. Each holder of a Right, upon the occurrence of certain events, will become entitled to receive, upon exercise and payment of the Purchase Price, Preferred Stock (or in certain circumstances, cash, property or other securities of Tredegar or a potential acquirer) having a value equal to twice the amount of the Purchase Price. The Rights are scheduled to expire on June 30, 2019.

Stock Option And Stock Award Plans

12 Months Ended

Dec. 31, 2011

Stock Option And Stock Award Plans [Abstract]

Stock Option And Stock Award Plans

12 STOCK OPTION AND STOCK AWARD PLANS

We have one stock option plan under which stock options may be granted to purchase a specified number of shares of common stock at a price no lower than the fair market value on the date of grant and for a term not to exceed 10 years. In addition, we have one other stock option plan under which there are options that remain outstanding, but no future grants can be made. Employee options ordinarily vest two years from the date of grant. The option plans

also permit the grant of stock appreciation rights ("SARs"), stock, restricted stock, stock unit awards and incentive awards. Restricted stock grants ordinarily vest three years from the date of grant based upon continued employment and/or the achievement of certain performance targets. No SARs have been granted since 1992 and none are currently outstanding.

A summary of our stock options outstanding at December 31, 2011, 2010 and 2009, and changes during those years, is presented below:


				Option Exercise Price/Share
	Number of								Weighted
	Options				Range				Average
Outstanding at December 31, 2008	694,350		$	13.95	to	$	19.52	$	15.92
Granted	283,400			14.72	to		18.12		17.92
Forfeited and Expired	(171,875	)		13.95	to		19.52		17.59
Exercised	(9,700	)		13.95	to		15.11		14.37
Outstanding at December 31, 2009	796,175			13.95	to		19.52		16.29
Granted	316,000			16.66	to		17.54		17.15
Forfeited and Expired	(29,325	)		13.95	to		18.12		16.37
Exercised	(65,575	)		13.95	to		15.80		15.04
Outstanding at December 31, 2010	1,017,275			13.95	to		19.52		16.64
Granted	235,800			16.87	to		19.84		19.79
Forfeited and Expired	(51,800	)		13.95	to		19.84		16.78
Exercised	(79,775	)		13.95	to		18.12		15.11
Outstanding at December 31, 2011	1,121,500		$	14.06	to	$	19.84	$	17.40

The following table summarizes additional information about stock options outstanding and exercisable at December 31, 2011:


							Options Outstanding at					Options Exercisable at
							December 31, 2011					December 31, 2011
							Weighted Average				Aggregate				Aggregate
							Remaining				Intrinsic		Weighted		Intrinsic
							Contract-				Value		Average			Value
		Range of					ual Life	Exercise			(In		Exercise			(In
	Exercise Prices					Shares	(Years)		Price		Thousands)	Shares		Price	Thousands)
$	-	to		$	15.00	41,500	4.0	$	14.27	$	330	41,500	$	14.27	$	330
	15.01		to		17.00	318,300	3.7		15.74		2,063	310,000		15.71		2,018
	17.01		to		20.00	761,700	5.1		18.27		3,009	248,900		18.14		1,016
	Total					1,121,500	4.7	$	17.40	$	5,402	600,400	$	16.62	$	3,364

The following table summarizes additional information about non-vested restricted stock outstanding at December 31, 2011:


								Maximum Non-vested Restricted
								Stock Units Issuable Upon Satis-
	Non-vested Restricted Stock							faction of Certain Performance Criteria
			Wgtd. Ave.		Grant Date					Wgtd. Ave.		Grant Date
	Number		Grant Date		Fair Value (In			Number		Grant Date		Fair Value (In
	of Shares		Fair Value/Sh. Thousands)					of Shares		Fair Value/Sh. Thousands)
Outstanding at December 31, 2008	53,500		$	13.94	$	746		207,781		$	16.89	$	3,510
Granted	50,637			17.52		887		76,175			17.93		1,366
Vested	(58,387	)		14.10		(823	)	(66,731	)		20.02		(1,336	)
Forfeited	-			-		-		(145,050	)		15.63		(2,267	)
Outstanding at December 31, 2009	45,750			17.70		810		72,175			17.64		1,273
Granted	56,717			17.23		977		82,750			16.83		1,393
Vested	(8,284	)		17.84		(148	)	-			-		-
Forfeited	(333	)		18.12		(6	)	(4,000	)		17.10		(68	)
Outstanding at December 31, 2010	93,850			17.40		1,633		150,925			17.21		2,598
Granted	51,360			19.42		997		88,900			19.32		1,718
Vested	(18,060	)		17.20		(311	)	(66,925	)		17.68		(1,183	)
Forfeited	(1,000	)		17.13		(17	)	(87,900	)		16.93		(1,488	)
Outstanding at December 31, 2011	126,150		$	18.25	$	2,302		85,000		$	19.35	$	1,645

The total intrinsic value of stock options exercised was $0.4 million in 2011, $0.2 million in 2010 and $14,000 in 2009. The grant-date fair value of stock option-based awards vested was $1.9 million in 2011 and $1.9 million in 2010 (none in 2009). As of December 31, 2011, there was unrecognized compensation cost of $1.2 million related to stock option-based awards and $0.9 million related to non-vested restricted stock and other stock-based awards. This cost is expected to be recognized over the remaining weighted average period of 0.6 years for stock option-based awards and 1.4 years for non-vested restricted stock and other stock-based awards.

Stock options exercisable totaled 600,400 at December 31, 2011 and 443,375 shares at December 31, 2010. Stock options available for grant totaled 2,884,658 shares at December 31, 2011.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-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 Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-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 SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

+ Details

Retirement Plans And Other Postretirement Benefits

12 Months Ended

Dec. 31, 2011

Retirement Plans And Other Postretirement Benefits [Abstract]

Retirement Plans And Other Postretirement Benefits

13 RETIREMENT PLANS AND OTHER POSTRETIREMENT BENEFITS

We have noncontributory defined benefit (pension) plans covering most employees. The plans for salaried and hourly employees currently in effect are based on a formula using the participant's years of service and compensation or using the participant's years of service and a dollar amount.

In addition to providing pension benefits, we provide postretirement life insurance and health care benefits for certain groups of employees. Tredegar and retirees share in the cost of postretirement health care benefits, with employees hired on or before January 1, 1993, receiving a fixed subsidy to cover a portion of their health care premiums. We eliminated prescription drug coverage for Medicare-eligible retirees as of January 1, 2006. Consequently, we are not eligible for any federal subsidies.

Assumptions used for financial reporting purposes to compute net benefit income or cost and benefit obligations for continuing operations, and the components of net periodic benefit income or cost for continuing operations, are as follows:


								Other Post-
		Pension Benefits						Retirement Benefits
(In Thousands)		2011			2010			2011			2010
Change in benefit obligation:
Benefit obligation, beginning of year	$	247,969		$	235,015		$	7,350		$	8,687
Service cost		3,361			3,315			54			76
Interest cost		13,024			13,071			395			467
Effect of actuarial (gains) losses related
to the following:
Discount rate change		16,986			8,587			414			307
Retirement rate assumptions and
mortality table adjustments		6,314			1,175			(52	)		25
Retiree medical participation rate change		-			-			449			(1,424	)
Other		(3,399	)		(1,853	)		122			(477	)
Benefits paid		(11,819	)		(11,341	)		(310	)		(311	)
Benefit obligation, end of year	$	272,436		$	247,969		$	8,422		$	7,350
Change in plan assets:
Plan assets at fair value,
beginning of year	$	239,706		$	228,984		$	-		$	-
Actual return on plan assets		(13,413	)		21,896			-			-
Employer contributions		173			167			310			311
Benefits paid		(11,819	)		(11,341	)		(310	)		(311	)
Plan assets at fair value, end of year	$	214,647		$	239,706		$	-		$	-
Funded status of the plans	$	(57,789	)	$	(8,263	)	$	(8,422	)	$	(7,350	)
Amounts recognized in the consolidated
balance sheets:
Prepaid benefit cost	$	-		$	-		$	-		$	-
Accrued benefit liability		(57,789	)		(8,263	)		(8,422	)		(7,350	)
Net amount recognized	$	(57,789	)	$	(8,263	)	$	(8,422	)	$	(7,350	)

The following tables reconcile the changes in benefit obligations and plan assets in 2011 and 2010, and reconcile the funded status to prepaid or accrued cost at December 31, 2011 and 2010:


											Other Post-
		Pension Benefits									Retirement Benefits
(In Thousands, Except Percentages)		2011			2010			2009			2011			2010			2009
Weighted-average assumptions used
to determine benefit obligations:
Discount rate		4.95	%		5.45	%		5.70	%		4.90	%		5.35	%		5.75	%
Rate of compensation increases		n/a			n/a			n/a			4.00	%		4.00	%		4.00	%
Weighted-average assumptions used
to determine net periodic benefit
cost:
Discount rate		5.45	%		5.70	%		6.50	%		5.35	%		5.75	%		6.50	%
Rate of compensation increases		n/a			n/a			n/a			4.00	%		4.00	%		4.00	%
Expected long-term return on
plan assets, during the year		8.00	%		8.25	%		8.25	%		n/a			n/a			n/a
Components of net periodic benefit
cost:
Service cost	$	(3,361	)	$	(3,315	)	$	(3,077	)	$	(54	)	$	(76	)	$	(70	)
Interest cost		(13,024	)		(13,071	)		(13,287	)		(395	)		(467	)		(495	)
Expected return on plan assets		20,448			20,530			20,680			-			-			-
Amortization of prior service
costs and gains or losses		(6,359	)		(4,806	)		(1,224	)		264			79			127
Net periodic benefit income (cost)	$	(2,296	)	$	(662	)	$	3,092		$	(185	)	$	(464	)	$	(438	)

Net benefit income or cost is determined using assumptions at the beginning of each year. Funded status is determined using assumptions at the end of each year. Pension and other postretirement liabilities for continuing operations of $66.2 million and $15.6 million are included in "Other noncurrent liabilities" in the consolidated balance sheets at December 31, 2011 and 2010, respectively. The amount of our accumulated benefit obligation is the same as our projected benefit obligation.

At December 31, 2011, the effect of a 1% change in the health care cost trend rate assumptions would be immaterial.

Expected benefit payments for continuing operations over the next five years and in the aggregate for 2017-2021 are as follows:


				Other
			Post	-
		Pension Retirement
(In Thousands)		Benefits		Benefits
2012	$	13,291	$	482
2013		13,982		508
2014		14,655		522
2015		15,348		536
2016		15,869		548
2017 - 2021		87,166		2,821

Amounts recognized in 2011, 2010 and 2009 before related deferred income taxes in accumulated other comprehensive income consist of:


											Other Post-
					Pension								Retirement
(In Thousands)		2011			2010			2009			2011			2010			2009
Prior service cost (benefit)	$	(1,890	)	$	(2,966	)	$	(4,035	)	$	-		$	-		$	-
Net actuarial (gain) loss		148,364			102,037			101,368			(1,401	)		(2,598	)		(1,107	)

The amounts before related deferred income taxes in accumulated other comprehensive income that are expected to be recognized as components of net periodic benefit or cost during 2012 are as follows:


					Other Post-
(In Thousands)		Pension			Retirement
Prior service cost (benefit)	$	(1,077	)	$	-
Net actuarial (gain) loss		11,583			(212	)

The percentage composition of assets held by pension plans for continuing operations at December 31, 2011, 2010 and 2009 are as follows:


	% Composition of Plan Assets
	at December 31,
	2011		2010		2009
Pension plans related to continuing operations:
Low-risk fixed income securities	9.7	%	1.9	%	3.5	%
Large capitalization equity securities	15.9		22.3		21.7
Small-capitalization equity securities	6.2		6.7		5.8
International and emerging market equity securities	14.3		21.6		21.4
Total equity securities	36.4		50.6		48.9
Hedge and private equity funds	41.8		42.7		42.9
Other assets	12.1		4.8		4.7
Total for continuing operations	100.0	%	100.0	%	100.0	%

Our targeted allocation percentage for pension plan assets and the expected long-term rate of return on assets is as follows:


	Target %		Expected
	Composition of		Long-term
	Plan Assets *		Return %
Pension plans related to continuing operations:
Low-risk fixed income securities	32.0	%	5.8	%
Large capitalization equity securities	6.0		8.7
Mid-capitalization equity securities	4.0		10.5
Small-capitalization equity securities	4.0		10.7
International and emerging market equity securities	13.0		10.9
Total equity securities	27.0		10.4
Hedge and private equity funds	41.0		8.3
Other assets	-		-
Total for continuing operations	100.0	%	8.0	%

*	Target percentages for the composition of plan assets represents a neutral position within the approved range of allocations for such assets.

Expected long-term returns are estimated by asset class and generally are based on inflation-adjusted historical returns, volatilities, risk premiums and managed asset premiums. The portfolio of fixed income securities is structured with maturities that generally match estimated benefit payments over the next 1-2 years. Other assets are primarily comprised of cash and contracts with insurance companies. Our primary investment objective is to maximize total return with a strong emphasis on the preservation of capital. We believe that over the long term a diversified portfolio of equity securities, hedge funds and private equity funds has a better risk-return profile than fixed income securities. The average remaining duration of benefit payments for our pension plans is about 12 years. We expect our required contributions to be approximately $5.3 million in 2012.

Estimates of the fair value of assets held by our pension plans are provided by third parties not affiliated with Tredegar. At December 31, 2011, the pension plan assets are categorized by level within the fair value measurement hierarchy as follows:


(In Thousands)				Quoted Prices		Signficant
				in Active		Other		Significant
				Markets for		Observable		Unobservable
				Identical Assets		Inputs		Inputs
December 31, 2011		Total		(Level 1)		(Level 2)		(Level 3)
Large capitalization equity securities	$	34,095	$	31,490	$	2,605	$	-
Small-capitalization equity securities		13,281		13,281		-		-
International and emerging market
equity securities		30,611		30,611		-		-
Hedge and private equity funds		89,620		-		82,628		6,992
Low-risk fixed income securities		20,895		10,960		9,935		-
Other assets		16,899		11,899		5,000		-
Total plan assets at fair value	$	205,401	$	98,241	$	100,168	$	6,992

Contracts with insurance companies		9,246
Total plan assets, December 31, 2011	$	214,647
December 31, 2010
Large capitalization equity securities	$	53,543	$	39,827	$	13,716	$	-
Small-capitalization equity securities		16,170		16,170		-		-
International and emerging market
equity securities		51,840		51,840		-		-
Hedge and private equity funds		102,309		-		94,267		8,042
Low-risk fixed income securities		4,469		1,613		2,856		-
Other assets		2,290		2,290		-		-
Total plan assets at fair value	$	230,621	$	111,740	$	110,839	$	8,042
Contracts with insurance companies		9,085
Total plan assets, December 31, 2010	$	239,706

For fair value measurements of plan assets using significant unobservable inputs (Level 3), a reconciliation of the balances from January 1, 2010 to December 31, 2011 are as follows:


		Hedge and private
(In Thousands)		equity funds
Balance at January 1, 2010	$	11,637
Purchases		-
Sales		(2,218	)
Distributions		(709	)
Actual return on plan assets still held
at year end		(668	)
Transfers in and/or out of Level 3		-
Balance at December 31, 2010	$	8,042
Purchases		2,554
Sales		(663	)
Distributions		(2,673	)
Actual return on plan assets still held
at year end		(268	)
Transfers in and/or out of Level 3		-
Balance at December 31, 2011	$	6,992

We also have a non-qualified supplemental pension plan covering certain employees. Effective December 31, 2005, further participation in this plan was terminated and benefit accruals for existing participants were frozen. The plan was designed to restore all or a part of the pension benefits that would have been payable to designated participants from our principal pension plans if it were not for limitations imposed by income tax regulations. The projected benefit obligation relating to this unfunded plan was $2.6 million at December 31, 2011 and $2.5 million at December 31, 2010. Pension expense recognized for this plan was $0.1 million in 2011, $0.2 million in 2010 and $0.2 million in 2009. This information has been included in the preceding pension benefit tables.

Approximately 111 employees at our films manufacturing facility in Kerkrade, The Netherlands are covered by a collective bargaining agreement that includes participation in a multi-employer pension plan. Pension expense recognized for participation in this plan, which is equal to required contributions, was $0.6 million in 2011, $0.6 million in 2010 and $0.8 million in 2009. This information has been excluded from the preceding pension benefit tables.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a
-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 Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph b
-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 Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-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 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph q
-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 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 8
-Subparagraph m
-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 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-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 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-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 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-2
-Paragraph 8
-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 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 30
-Paragraph 26
-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 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS106-2
-Paragraph 20, 21, 22
-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 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7, 21, 22
-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 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5, 6, 7, 8
-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 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Implementation Guide (Q and A)
-Number FAS88
-Paragraph 63
-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 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

+ Details

Savings Plan	12 Months Ended
Savings Plan	Dec. 31, 2011
Savings Plan [Abstract]
Savings Plan	14 SAVINGS PLAN We have a savings plan that allows eligible employees to voluntarily contribute a percentage of their compensation up to Internal Revenue Service ("IRS") limitations. Effective January 1, 2007, and in conjunction with certain pension plan changes (see Note 13), the provisions of the savings plan provided the following benefits for salaried and certain hourly employees: The company makes matching contributions to the savings plan of $1 for every $1 of employee contribution. The maximum matching contribution is 6% of base pay for 2007-2009 and 5% of base pay thereafter. The savings plan includes immediate vesting for active employees of past matching contributions as well as future matching contributions when made (compared with the previous 5-year graded vesting) and automatic enrollment at 3% of base pay unless the employee opts out or elects a different percentage. We also have a non-qualified plan that restores matching benefits for employees suspended from the savings plan due to certain limitations imposed by income tax regulations. Charges recognized for these plans were $2.5 million in 2011, $2.6 million in 2010 and $2.5 million in 2009. Our liability under the restoration plan was $1.6 million at December 31, 2011 (consisting of 70,588 phantom shares of common stock) and $1.3 million at December 31, 2010 (consisting of 67,313 phantom shares of common stock) and valued at the closing market price on those dates. The Tredegar Corporation Benefits Plan Trust (the "Trust") purchased 7,200 shares of our common stock in 1998 for $0.2 million and 46,671 shares of our common stock in 1997 for $1.0 million, as a partial hedge against the phantom shares held in the restoration plan. There have been no shares purchased since 1997 except for re-invested dividends. The cost of the shares held by the Trust is shown as a reduction to shareholders' equity in the consolidated balance sheets.

Rental Expense And Contractual Commitments

12 Months Ended

Dec. 31, 2011

Rental Expense And Contractual Commitments [Abstract]

Rental Expense And Contractual Commitments

15 RENTAL EXPENSE AND CONTRACTUAL COMMITMENTS

Rental expense for continuing operations was $3.2 million in 2011, $2.9 million in 2010 and $2.9 million in 2009. Rental commitments under all non-cancelable operating leases for continuing operations as of December 31, 2011, are as follows:


		Amount
Year		(In Thousands)
2012	$	2,031
2013		1,819
2014		1,677
2015		1,148
2016		1,054
Remainder		2,169
Total	$	9,898

Contractual obligations for plant construction and purchases of real property and equipment amounted to $1.4 million at December 31, 2011. In February 2012, Film Products signed contracts associated with our multi-year capacity expansion project in Cabo de Santo Agostinho, Brazil that resulted in future contractual commitments of approximately $19 million in 2012 and $13 million in 2013.

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References + Details

Income Taxes

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

Income Taxes

16 INCOME TAXES

Income from continuing operations before income taxes and income taxes are as follows:


(In Thousands)		2011			2010			2009
Income from continuing operations
before income taxes:
Domestic	$	30,594		$	30,723		$	2,098
Foreign		9,298			10,060			15,212
Total	$	39,892		$	40,783		$	17,310
Current income taxes:
Federal	$	3,344		$	14,431		$	7,624
State		657			1,414			(335	)
Foreign		4,500			4,308			4,399
Total		8,501			20,153			11,688
Deferred income taxes:
Federal		3,243			(6,225	)		6,088
State		(211	)		(771	)		831
Foreign		(885	)		599			56
Total		2,147			(6,397	)		6,975
Total income taxes	$	10,648		$	13,756		$	18,663

Income from continuing operations before income taxes for domestic operations in 2009 varies from that for 2011 and 2010 primarily due to the 2009 goodwill impairment charge of $30.6 million in Aluminum Extrusions.

The significant differences between the U.S. federal statutory rate and the effective income tax rate for continuing operations are as follows:


	Percent of Income Before Income
	Taxes for Continuing Operations
	2011		2010		2009
Income tax expense at federal statutory rate	35.0		35.0		35.0
Non-deductible acquisition expenses	3.4		-		-
Unremitted earnings from foreign operations	1.7		1.3		8.1
State taxes, net of federal income tax benefit	1.7		.9		2.2
Valuation allowance for foreign operating
loss carry-forwards	1.4		1.3		(1.0	)
Valuation allowance for capital loss
carry-forwards	.8		.5		12.2
Non-deductible expenses	.8		.3		-
Reversal of income tax contingency accruals
and tax settlements	.3		.6		(.9	)
Remitted earnings from foreign operations	-		-		3.0
Write-off of tax receivable from indemnification	-		1.8		-
Goodwill impairment charge	-		-		61.8
Domestic Production Activities Deduction	-		(1.1	)	-
Changes in estimates related to prior year tax provision	(.1	)	(4.1	)	(.6	)
Foreign rate differences	(.7	)	(1.8	)	(6.5	)
Research and development tax credit	(.9	)	(.8	)	(2.1	)
Tax incentive	(1.8	)	-		-
Deduction for divestiture of subsidiary stock	(14.9	)	-		-
Other	-		(.2	)	(3.4	)
Effective income tax rate	26.7		33.7		107.8

The Brazilian federal statutory income tax rate is a composite of 34.0% (25.0% of income tax and 9.0% of social contribution on income). Terphane's manufacturing facility in Brazil is the beneficiary of certain income tax incentives that allow for a reduction in the statutory Brazilian federal income tax rate levied on the operating profit of its products. These incentives produce a current effective tax rate of 15.25% for Terphane Ltda. (6.25% of income tax and 9.0% social contribution on income). The current incentives will expire at the end of 2014, but we anticipate that we will qualify for additional incentives that will extend beyond 2014. The benefit from the tax incentives in 2011 was $0.7 million (2 cents per share).

Deferred tax liabilities and deferred tax assets at December 31, 2011 and 2010, are as follows:


(In Thousands)		2011		2010
Deferred tax liabilities:
Amortization of goodwill	$	48,407	$	26,151
Depreciation		40,739		26,238
Foreign currency translation gain adjustment		8,638		10,068
Derivative financial instruments		-		174
Other		-		362
Total deferred tax liabilities		97,784		62,993
Deferred tax assets:
Pensions		21,169		3,014
Employee benefits		9,899		10,428
Excess capital losses and book/tax basis differences
on investments		5,514		4,405
Asset write-offs, divestitures and environmental accruals		3,177		4,512
Inventory		2,439		1,973
Tax benefit on state and foreign NOL and credit
carryforwards		1,898		4,112
Allowance for doubtful accounts and sales returns		919		1,298
Timing adjustment for unrecognized tax benefits on
uncertain tax positions, including portion relating to
interest and penalties		360		279
Derivative financial instruments		249
Other		968		-
Deferred tax assets before valuation allowance		46,592		30,021
Less: Valuation allowance		12,427		11,983
Total deferred tax assets		34,165		18,038
Net deferred tax liability	$	63,619	$	44,955
Included in the balance sheet:
Noncurrent deferred tax liabilities in excess of assets	$	70,754	$	51,879
Current deferred tax assets in excess of liabilities		7,135		6,924
Net deferred tax liability	$	63,619	$	44,955

Except as noted below, we believe that it is more likely than not that future taxable income will exceed future tax deductible amounts thereby resulting in the realization of deferred tax assets. A valuation allowance of $1.3 million and $3.0 million at December 31, 2011 and 2010, respectively, is provided against the tax benefit on state and foreign net operating loss carryforwards for possible future tax benefits on domestic state and foreign operating losses generated by certain foreign and domestic subsidiaries that may not be recoverable in the carry-forward period. In addition, the valuation allowance for excess capital losses from investments and other related items was increased from $7.4 million at December 31, 2010 to $9.3 million at December 31, 2011 due to changes in the relative amounts of capital gains and losses generated during the year. The amount of the deferred tax asset considered realizable, however, could be adjusted in the near term if estimates of the fair value of certain investments during the carryforward period change. The valuation allowance for asset impairments in foreign jurisdictions where we believe it is more likely than not that the deferred tax asset will not be realized increased from $1.6 million in 2010 to $1.8 million in 2011.

A reconciliation of our unrecognized uncertain tax positions since January 1, 2009, is shown below:


		Years Ended December 31,
(In Thousands)		2011			2010			2009
Balance at beginning of period	$	1,065		$	996		$	2,553
Increase (decrease) due to tax
positions taken in:
Current period		185			184			68
Prior period		10			493			208
Increase (decrease) due to settlements
with taxing authorities		-			(375	)		(1,543	)
Reductions due to lapse of statute
of limitations		(235	)		(233	)		(290	)
Balance at end of period	$	1,025		$	1,065		$	996

Additional information related to our unrecognized uncertain tax positions since January 1, 2009 is summarized below:


					Years Ended December 31,
(In Thousands)		2011			2010			2009
Gross unrecognized tax benefits on uncertain tax
positions (reflected in current income tax and other
noncurrent liability accounts in the balance sheet)	$	1,025		$	1,065		$	996
Deferred income tax assets related to unrecognized
tax benefits on uncertain tax positions (reflected in
deferred income tax accounts in the balance sheet)		(219	)		(234	)		(348	)
Net unrecognized tax benefits on uncertain tax
positions, which would impact the effective tax rate if
recognized		806			831			648
Interest and penalties accrued on deductions taken
relating to uncertain tax positions (approximately $200,
$(400) and $(800)reflected in income tax expense in the
income statement in 2011, 2010 and 2009, respectively,
with the balance shown in current income tax and other
noncurrent liability accounts in the balance sheet)		373			125			537
Related deferred income tax assets recognized on
interest and penalties		(141	)		(46	)		(195	)
Interest and penalties accrued on uncertain tax
positions net of related deferred income tax benefits,
which would impact the effective tax rate if
recognized		232			79			342
Total net unrecognized tax benefits on uncertain tax
positions reflected in the balance sheet, which would
impact the effective tax rate if recognized	$	1,038		$	910		$	990

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 IRS has recently 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.

In the second quarter of 2009, we settled several disputed issues raised by the IRS during its examination of our U.S. income tax returns for 2001-2003, the most significant of which regards the recognition of our captive insurance subsidiary as an insurance company for U.S. income tax purposes. The settlement with the IRS for the disputed issues cost us approximately $1.0 million, which is lower than the previous estimate of $1.3 million and was applied against the balance of unrecognized tax benefits.

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 2008. We believe that it is reasonably possible that approximately $0.1 million of the balance of unrecognized state tax positions may be recognized within the next twelve months as a result of a lapse of the statute of limitations.

- 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.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-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 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

Losses Associated With Plant Shutdowns, Asset Impairments And Restructurings, Unusual Items, Gains From Sale Of Assets And Other Items	12 Months Ended
	Dec. 31, 2011
Losses Associated With Plant Shutdowns, Asset Impairments And Restructurings, Unusual Items, Gains From Sale Of Assets And Other Items [Abstract]
Losses Associated With Plant Shutdowns, Asset Impairments And Restructurings, Unusual Items, Gains From Sale Of Assets And Other Items	17 LOSSES ASSOCIATED WITH PLANT SHUTDOWNS, ASSET IMPAIRMENTS AND RESTRUCTURINGS, UNUSUAL ITEMS, GAINS FROM SALE OF ASSETS AND OTHER ITEMS Losses associated with plant shutdowns, asset impairments, restructurings and other charges for continuing operations in 2011 (as shown in the segment operating profit table in Note 4) totaled $6.8 million ($0.3 million gain after taxes), 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. Results in 2011 included: A fourth quarter charge of $2.5 million ($2.2 million after taxes) and a third quarter charge of $2.3 million ($2.2 million after taxes) for acquisition-related expenses (included in "Selling, general and administrative expenses" in the consolidated statements of income) associated with the Film Products acquisition of Terphane; A fourth quarter charge of $0.6 million ($0.4 million after taxes) and a second quarter charge of $0.8 million ($0.5 million after taxes) for asset impairments in Film Products; A third quarter gain of $1.0 million ($6.6 million after taxes) on the divestiture of our film products business in Roccamontepiano, Italy (included in "Other income (expense), 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; A fourth quarter charge of $0.7 million ($0.5 million after taxes) associated with purchase accounting adjustments made to the value of inventory sold by Film Products after its purchase of Terphane (included in "Cost of goods sold" in the consolidated statements of income, see discussion that follows for additional detail); A fourth quarter charge of $62,000 ($39,000 after taxes), a third quarter charge of $0.2 million ($0.1 million after taxes) and a second quarter charge of $0.3 million ($0.2 million after taxes) for severance and other employee- related costs in connection with restructurings in Film Products; A fourth quarter charge of $0.4 million ($0.3 million after taxes) for integration-related expenses (included in "Selling, general and administrative expenses" in the consolidated statements of income) associated with the Film Products acquisition of Terphane; and A fourth quarter benefit of $39,000 ($24,000 after taxes), a third quarter charge of $43,000 ($27,000 after taxes), a second quarter benefit of $94,000 ($58,000 after taxes), and a first quarter charge of $32,000 ($20,000 after taxes) 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). Business combination accounting principles under U.S. GAAP require that we adjust the inventory acquired in the acquisition of Terphane to fair value at the date of acquisition. In particular, finished goods inventory acquired was adjusted to reflect the cost of manufacturing plus a portion of the expected profit margin. The acquired inventory was sold in the fourth quarter of 2011. We believe that the adjustment included in "Cost of goods sold" in the fourth quarter of 2011 should be removed by investors as a means to determine profit and margins from ongoing operations, which reflect the operating trends of the acquired business. Results in 2011 include an unrealized gain from the write-up of an investment accounted for under the fair value method of $1.6 million ($1.0 million after taxes). An unrealized loss on our investment in Harbinger of $0.6 million ($0.4 million after tax) was recorded in 2011 as a result of a reduction in the fair value of our investment that is not expected to be temporary. See Note 3 for additional information on investments. The estimated fair value of machinery and equipment that was evaluated for impairment was primarily based on our estimates of the proceeds that we would receive if and/or when assets are sold. Our estimates of the remaining fair value for the related machinery and equipment were based on both Level 2 and 3 inputs as defined under 34 U.S. GAAP. In February 2012, we announced that we would be closing our aluminum extrusions manufacturing facility in Kentland, Indiana. The plant, which employs 146 people, is scheduled to close by September 30, 2012. We estimate that charges incurred related to the shutdown will be approximately $8 million, and include accelerated depreciation on property, plant and equipment of approximately $4 million, severance-related charges of approximately $1 million and other shutdown-related costs of approximately $3 million. Other shutdown-related costs are primarily comprised of equipment transfers and plant shutdown charges. Most of these charges, which include cash expenditures of approximately $4 million, are expected to be recognized over the next 18 months. Losses associated with plant shutdowns, asset impairments, restructurings and other charges for continuing operations in 2010 (as shown in the segment operating profit table in Note 4) totaled $0.3 million ($0.3 million after taxes), 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. Results in 2010 included: A fourth quarter benefit of $0.4 million ($0.3 million after taxes), a third quarter benefit of $14,000 ($9,000 after taxes), a second quarter benefit of $23,000 ($14,000 after taxes), and a first quarter benefit of $0.4 million ($0.3 million after taxes) 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); Fourth quarter charges of $0.3 million ($0.2 million after taxes) for asset impairments in the Other segment and a second quarter charge of $0.3 million ($0.3 million after taxes) for an asset impairment in Film Products and; A fourth quarter charge of $0.4 million ($0.2 million after taxes) related to expected future environmental costs at our aluminum extrusions manufacturing facility in Newnan, Georgia (included in "Cost of goods sold" in the consolidated statements of income); A third quarter charge of $0.1 million ($69,000 after taxes) and a first quarter charge of $56,000 ($35,000 after taxes) for severance and other employee-related costs in connection with restructurings in Film Products; A second quarter gain of $0.1 million ($73,000 after taxes) related to 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; and A second quarter loss of $44,000 ($26,000 after taxes) and a first quarter loss of $61,000 ($36,000 after taxes) on the disposal of equipment (included in "Other income (expense), net" in the consolidated statements of income) from a previously shutdown films manufacturing facility in LaGrange, Georgia. Results in 2010 include an unrealized loss from the write-down of an investment accounted for under the fair value method of $2.2 million ($1.4 million after taxes). See Note 3 for additional information on this investment, which is accounted for under the fair value method. The impairment charges in Film Products and the Other segment were recognized to write down the machinery and equipment to the lower of their carrying value or estimated fair value. The estimated fair value of machinery and equipment that was evaluated for impairment was primarily based on our estimates of the proceeds that we would receive if and/or when assets are sold. Our estimates of the remaining fair value for the related machinery and equipment were based on both Level 2 and 3 inputs as defined under U.S generally accepted accounting principles. Losses associated with plant shutdowns, asset impairments, restructurings and other charges for continuing operations in 2009 (as shown in the segment operating profit table in Note 4) totaled $2.9 million ($2.3 million after taxes), 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. Results in 2009 included: A fourth quarter charge of $0.2 million ($0.1 million after taxes) and a first quarter charge of $1.1 million ($0.8 million after taxes) for severance and other employee-related costs in connection with restructurings in Film Products; A fourth quarter charge of $1.0 million ($1.0 million after taxes) for asset impairments in Film Products; A fourth quarter benefit of $0.5 million ($0.3 million after taxes), a third quarter charge of $0.1 million ($0.1 million after taxes), a second quarter charge of $0.8 million ($0.5 million after taxes), and a first quarter charge of $0.6 million ($0.4 million after taxes) 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); A fourth quarter gain of $0.6 million ($0.4 million after taxes) related to the sale of land at our aluminum extrusions manufacturing facility in Newnan, Georgia (included in "Other income (expense), net" in the consolidated statements of income); A fourth quarter charge of $64,000 ($40,000 after taxes) and a first quarter charge of $0.4 million ($0.2 million after taxes) for severance and other employee-related costs in connection with restructurings in Aluminum Extrusions; A fourth quarter charge of $0.2 million ($0.1 million after taxes) and a first quarter charge of $0.2 million ($0.1 million after taxes) for severance and other employee-related costs in connection with restructurings at corporate headquarters (included in "Corporate expenses, net" in the segment operating profit table in Note 3); A first quarter gain of $0.3 million ($0.2 million after taxes) on the sale of equipment (included in "Other income (expense), net" in the consolidated statements of income) from a previously shutdown films manufacturing facility in LaGrange, Georgia; A second quarter gain of $0.2 million ($0.1 million after taxes) on the sale of a previously shutdown aluminum extrusions manufacturing facility in El Campo, Texas (included in "Other income (expense), net" in the consolidated statements of income); A second quarter gain of $0.1 million ($0.1 million after taxes) related to the reversal to income of certain inventory impairment accruals in Film Products; and A fourth quarter charge of $0.3 million ($0.2 million after taxes) and a second quarter benefit of $0.3 million ($0.2 million after taxes) related to adjustments of future environmental costs expected to be incurred by Aluminum Extrusions (included in "Cost of goods sold" in the consolidated statements of income). We recognized a gain of $1.8 million ($1.2 million after taxes) from the receipt of a contractual earn-out payment and a gain of $0.2 million ($0.1 million after taxes) from a post-closing contractual adjustment from the sale of our investments in Theken Spine and Therics, LLC. AFBS Inc. (formerly Therics, Inc.) received these investments in 2005, when substantially all of the assets of AFBS, Inc., a wholly owned subsidiary of Tredegar, were sold or assigned to a newly created limited liability company, Therics, LLC, controlled and managed by an individual not affiliated with Tredegar. Results in 2009 also include unrealized gains from the write-up of an investment accounted for under the fair value method of $5.1 million ($3.2 million after taxes). Gains on the sale of corporate assets in 2009 include realized gains of $0.4 million ($0.3 million after taxes) from the sale of corporate real estate. The pretax amount for each of these items is included in "Other income (expense), net" in the consolidated statements of income. Income taxes for 2009 include the recognition of a valuation allowance of $2.1 million related to expected limitations on the utilization of assumed capital losses on certain investments. The severance in Film Products includes a reduction in workforce in the first and fourth quarters of 2009 (approximately 50 employees) that saved approximately $2.0 million on an annual basis. The impairment charge in Film Products was recognized to write down the machinery and equipment to the lower of their carrying value or estimated fair value. The estimated fair value of machinery and equipment that was evaluated for impairment was primarily based on our estimates of the proceeds that we would receive if and/or when assets are sold. Our estimates of the remaining fair value for the related machinery and equipment were based on both Level 2 and 3 inputs as defined under U.S GAAP.

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2011
Contingencies [Abstract]
Contingencies	18 CONTINGENCIES We are involved in various stages of investigation and remediation relating to environmental matters at certain current and former plant locations. Where we have determined the nature and scope of any required environmental remediation activity, estimates of cleanup costs have been obtained and accrued. As we continue efforts to maintain compliance with applicable environmental laws and regulations, additional contingencies may be identified. If additional contingencies are identified, our practice is to determine the nature and scope of those contingencies, obtain and accrue estimates of the cost of remediation, and perform remediation. We do not believe that additional costs that could arise from those activities will have a material adverse effect on our financial position. However, those costs could have a material adverse effect on quarterly or annual operating results at that time. We are involved in various other legal actions arising in the normal course of business. After taking into consideration information we deemed relevant, we believe that we have sufficiently accrued for probable losses and that the actions will not have a material adverse effect on our financial position. However, the resolution of the actions in a future period could have a material adverse effect on quarterly or annual operating results at that time. From time to time, we enter into transactions with third parties in connection with the sale of assets or businesses in which we agree to indemnify the buyers or third parties involved in the transaction, or in which the sellers or third parties involved in the transaction agree to indemnify us, for certain liabilities or risks related to the assets or business. Also, in the ordinary course of our business, we may enter into agreements with third parties for the sale of goods or services that may contain indemnification provisions. In the event that an indemnification claim is asserted, liability for indemnification would be subject to an assessment of the underlying facts and circumstances under the terms of the applicable agreement. Further, any indemnification payments may be limited or barred by a monetary cap, a time limitation, or a deductible or basket. For these reasons, we are unable to estimate the maximum potential amount of the potential future liability under the indemnity provisions of these agreements. We do, however, accrue for losses for any known contingent liability, including those that may arise from indemnification provisions, when future payment is probable and the amount is reasonably estimable. We disclose contingent liabilities if the probability of loss is reasonably possible and material. We have been notified by U.S. Customs that certain film products exported by Terphane to the U.S. since November 6, 2008 are subject to duties associated with an antidumping duty order on imported PET films. We contest the applicability of these antidumping duties to the films exported by Terphane, which we believe are outside the scope of the antidumping order, and we intend to defend our position vigorously. For shipments through December 31, 2011, we have not received final demand from U.S. Customs, but we estimate that antidumping duties related to this matter could be approximately $9.3 million, none of which is recorded in the accompanying consolidated balance sheet. If unsuccessful, there are indemnifications for these liabilities that are specifically provided for under the Purchase Agreement, and we believe that we will recover all antidumping duty payments made to U.S. Customs from the Seller, subject to the terms of the indemnifications within the Purchase Agreement.

- Definition

The entire disclosure for commitments and contingencies.

+ References

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-Number 14
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+ Details

Discontinued Operations	12 Months Ended
Discontinued Operations	Dec. 31, 2011
Discontinued Operations [Abstract]
Discontinued Operations	19 DISCONTINUED OPERATIONS On February 12, 2008, we sold our aluminum extrusions business in Canada for approximately $25.0 million to an affiliate of H.I.G. Capital. All historical results for this business have been reflected as discontinued operations; however, cash flows for discontinued operations have not been separately disclosed in the consolidated statements of cash flows. In 2011, an accrual of $4.4 million ($4.4 million net of tax) was made for indemnifications under the purchase agreement related to environmental matters.

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

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+ Details

Selected Quarterly Financial Data

12 Months Ended

Dec. 31, 2011

Selected Quarterly Financial Data [Abstract]

Selected Quarterly Financial Data


20	SELECTED QUARTERLY FINANCIAL DATA

Tredegar Corporation and Subsidiaries
(In Thousands, Except Per-Share Amounts)
(Unaudited)
			First		Second			Third		Fourth
			Quarter		Quarter			Quarter		Quarter
2011
Sales		$	191,524	$	200,966		$	202,590	$	202,517
Gross profit			29,667		29,099			33,183		32,071
Income (loss) from continuing operations			6,668		6,048			12,736		3,792
Income (loss) from discontinued operations			-		(345	)		-		(4,044	)
Net income		$	6,668	$	5,703		$	12,736	$	(252	)
Earnings per share:
	Basic
	Basic	$	.21	$	.19		$	.40	$	.12
	Discontinued operations		-		(.01	)		-		(.13	)
	Net income (loss)	$	.21	$	.18		$	.40	$	(.01	)
	Diluted
	Diluted	$	.21	$	.19		$	.40	$	.12
	Discontinued operations		-		(.01	)		-		(.13	)
	Net income (loss)	$	.21	$	.18		$	.40	$	(.01	)
Shares used to compute earnings per share:
	Basic		31,854		31,946			31,952		31,975
	Diluted		32,262		32,205			32,060		32,328
2010
Sales		$	174,981	$	185,031		$	197,518	$	182,945
Gross profit			29,664		29,958			33,802		32,909
Net income		$	5,782	$	4,960		$	8,968	$	7,317
Earnings per share:
	Basic	$	.17	$	.15		$	.28	$	.23
	Diluted	$	.17	$	.15		$	.28	$	.23
Shares used to compute earnings per share:
	Basic		33,344		32,260			31,779		31,806
	Diluted		33,515		32,450			31,995		32,348

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References + Details