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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2014	Oct. 31, 2014
Document And Entity Information [Abstract]
Entity Registrant Name	TREDEGAR CORP
Entity Central Index Key	0000850429
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		32,388,541

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 51,930	$ 52,617
Accounts and other receivables, net of allowance for doubtful accounts and sales returns of $3,076 in 2014 and $3,327 in 2013	119,281	99,246
Income Taxes Receivable, Current	1,749	0
Inventories	69,779	70,663
Deferred income taxes	5,677	5,628
Prepaid expenses and other	10,290	6,353
Total current assets	258,706	234,507
Property, plant and equipment, at cost	801,141	798,839
Less accumulated depreciation	522,127	516,279
Net property, plant and equipment	279,014	282,560
Goodwill and other intangibles, net	219,913	226,300
Other assets and deferred charges	49,021	49,641
Total assets	806,654	793,008
Current liabilities:
Accounts payable	97,595	82,795
Accrued expenses	34,769	42,158
Income taxes payable	0	114
Total current liabilities	132,364	125,067
Long-term debt	138,750	139,000
Deferred income taxes	66,582	70,795
Other noncurrent liabilities	53,919	55,482
Total liabilities	391,615	390,344
Commitments and contingencies (Notes 1, 3 and 14)
Shareholders’ equity:
Common stock, no par value (issued and outstanding - 32,392,869 at September 30, 2014 and 32,305,145 at December 31, 2013)	23,077	20,641
Common stock held in trust for savings restoration plan	(1,434)	(1,418)
Foreign currency translation adjustment	(29,845)	(19,205)
Gain (loss) on derivative financial instruments	982	765
Pension and other post-retirement benefit adjustments	(66,899)	(71,848)
Retained earnings	489,158	473,729
Total shareholders’ equity	415,039	402,664
Total liabilities and shareholders’ equity	$ 806,654	$ 793,008

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Accounts and other receivables, allowance for doubtful accounts and sales returns	$ 3,076	$ 3,327
Common stock, no par value
Common stock, shares issued	32,392,869	32,305,145
Common stock, shares outstanding	32,392,869	32,305,145

Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues and other items:
Sales	$ 240,429	$ 243,194	$ 712,607	$ 728,250
Other income (expense), net	3,912	(3,229)	(6,318)	(1,559)
Total revenues, net of other expenses	244,341	239,965	706,289	726,691
Costs and expenses:
Cost of goods sold	198,121	198,433	580,899	594,502
Freight	7,726	7,508	20,897	22,119
Selling, general and administrative	16,902	17,842	51,733	53,541
Research and development	3,012	3,189	9,003	9,605
Amortization of intangibles	1,415	1,700	4,237	5,233
Interest expense	590	727	1,751	2,132
Asset impairments and costs associated with exit and disposal activities	461	201	2,652	839
Total	228,227	229,600	671,172	687,971
Income from continuing operations before income taxes	16,114	10,365	35,117	38,720
Income taxes from continuing operations	5,369	2,937	12,141	12,185
Income from continuing operations	10,745	7,428	22,976	26,535
Income (loss) from discontinued operations, net of tax	850	(450)	850	(13,990)
Net income	$ 11,595	$ 6,978	$ 23,826	$ 12,545
Basic
Continuing operations	$ 0.33	$ 0.23	$ 0.71	$ 0.83
Discontinued operations	0.03	(0.01)	0.03	(0.44)
Net income	0.36	0.22	0.74	0.39
Diluted
Continuing operations	0.33	0.23	0.70	0.81
Discontinued operations	0.03	(0.02)	0.03	(0.43)
Net income	$ 0.36	$ 0.21	$ 0.73	$ 0.38
Shares used to compute earnings per share:
Basic	32,319	32,201	32,291	32,155
Diluted	32,507	32,658	32,589	32,591
Dividends per share	$ 0.090	$ 0.07	$ 0.25	$ 0.21

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Statement of Comprehensive Income [Abstract]
Net income	$ 11,595	$ 6,978	$ 23,826	$ 12,545
Other comprehensive income (loss):
Foreign currency translation adjustment	(19,880)	337	(10,640)	(12,543)
Derivative financial instruments adjustment	(56)	236	217	(304)
Amortization of prior service costs and net gains or losses	1,469	2,441	4,949	7,066
Other comprehensive income	(18,467)	3,014	(5,474)	(5,781)
Comprehensive income	$ (6,872)	$ 9,992	$ 18,352	$ 6,764

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, (benefit) tax	$ (2,560)	$ 608	$ (2,310)	$ 16
Derivative financial instruments adjustment, tax (benefit)	(31)	140	136	(174)
Amortization of prior service costs and net gains or losses, tax	$ 842	$ 1,410	$ 2,836	$ 4,083

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:
Net income	$ 23,826	$ 12,545
Adjustments for noncash items:
Depreciation	26,571	28,608
Amortization of intangibles	4,237	5,233
Deferred income taxes	(4,063)	(4,259)
Accrued pension and post-retirement benefits	5,265	10,464
Gain on investment accounted for under the fair value method	(2,900)	(100)
Loss on asset impairments and divestitures	993	1,254
Gain (Loss) on Disposition of Assets	919	0
Changes in assets and liabilities, net of effects of acquisitions and divestitures:
Accounts and other receivables	(22,274)	(13,258)
Inventories	(1,885)	(3,722)
Income taxes recoverable/payable	(1,993)	2,728
Prepaid expenses and other	535	(171)
Accounts payable and accrued expenses	7,940	9,905
Other, net	1,898	(4,346)
Net cash provided by operating activities	37,231	44,881
Cash flows from investing activities:
Capital expenditures (net of accounts payable of $2,687 in 2014)	(32,587)	(54,734)
Acquisition, net of cash acquired	0	561
Proceeds from the sale of business	0	306
Proceeds from the sale of assets and other	5,053	742
Net cash used in investing activities	(27,534)	(53,125)
Cash flows from financing activities:
Borrowings	67,250	55,000
Debt principal payments and financing costs	(67,528)	(49,000)
Dividends paid	(8,090)	(6,780)
Proceeds from exercise of stock options and other	(106)	2,838
Net cash provided by (used in) financing activities	(8,474)	2,058
Effect of exchange rate changes on cash	(1,910)	(32)
Increase (decrease) in cash and cash equivalents	(687)	(6,218)
Cash and cash equivalents at beginning of period	52,617	48,822
Cash and cash equivalents at end of period	$ 51,930	$ 42,604

Consolidated Statements Of Shareholders' Equity - 9 months ended Sep. 30, 2014 - USD ($) $ in Thousands	Total	Common Stock	Retained Earnings	Trust for Savings Restoration Plan	Foreign Currency Translation	Gain (Loss) on Derivative Financial Instruments	Pension & Other Post-retirement Benefit Adjust.
Balance December 31, 2013 at Dec. 31, 2013	$ 402,664	$ 20,641	$ 473,729	$ (1,418)	$ (19,205)	$ 765	$ (71,848)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	23,826		23,826
Foreign currency translation adjustment (net of tax benefit of $2,310)	(10,640)				(10,640)
Derivative financial instruments adjustment (net of tax of $136)	217					217
Amortization of prior service costs and net gains or losses (net of tax of $2,836)	4,949						4,949
Cash dividends declared ($0.25 per share)	(8,090)		(8,090)
Stock-based compensation expense	2,452	2,452
Shareholder Rights Plan redemption	(323)		(323)
Issued upon exercise of stock options & other	(16)	(16)
Tredegar common stock purchased by trust for savings restoration plan			16	(16)
Balance September 30, 2014 at Sep. 30, 2014	$ 415,039	$ 23,077	$ 489,158	$ (1,434)	$ (29,845)	$ 982	$ (66,899)

Consolidated Statements Of Shareholders' Equity (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2014 USD ($) $ / shares
Statement of Stockholders' Equity [Abstract]
Foreign currency translation adjustment, tax (benefit)	$ (2,310)
Derivative financial instruments adjustment, tax (benefit)	136
Amortization of prior service costs and net gains or losses, tax	$ 2,836
Cash dividends declared, per share \| $ / shares	$ 0.25

Basis Of Presentation	9 Months Ended
Basis Of Presentation	Sep. 30, 2014
Basis Of Presentation [Abstract]
Basis Of Presentation	In the opinion of management, the accompanying consolidated financial statements of Tredegar Corporation and its subsidiaries (“Tredegar,” “the Company,” “we,” “us” or “our”) contain all adjustments necessary to state fairly, in all material respects, Tredegar’s consolidated financial position as of September 30, 2014, the consolidated results of operations for the three and nine months ended September 30, 2014 and 2013, the consolidated cash flows for the nine months ended September 30, 2014 and 2013, and the consolidated changes in shareholders’ equity for the nine months ended September 30, 2014. All such adjustments, unless otherwise detailed in the notes to the consolidated interim financial statements, are deemed to be of a normal, recurring nature. The financial position data as of December 31, 2013 that is included herein was derived from the audited consolidated financial statements provided in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 (“2013 Form 10-K”) but does not include all disclosures required by United States generally accepted accounting principles (“U.S. GAAP”). These financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2013 Form 10-K. The results of operations for the three and nine months ended September 30, 2014, are not necessarily indicative of the results to be expected for the full year.

Acquisitions

9 Months Ended

Sep. 30, 2014

Business Combinations [Abstract]

Acquisitions

On October 1, 2012, The William L. Bonnell Company, Inc. acquired 100% ownership of AACOA, Inc. (“AACOA”). AACOA operates production facilities in Elkhart, Indiana and Niles, Michigan. Its primary markets include consumer durables, machinery and equipment and transportation. The acquisition added fabrication capabilities to Aluminum Extrusions’ current array of products and services, and provided AACOA with large press capabilities and enhanced geographic sales coverage in a variety of end-use markets.

In the second quarter of 2013, all post-closing adjustments to the purchase price were resolved. Adjustments to the purchase price were made retrospectively as if the accounting had been completed on the acquisition date. Upon completing these post-closing adjustments, which were primarily related to the resolution of contractual obligations related to income taxes, the total purchase price (net of cash acquired) was $54.1 million, which includes $0.6 million that was received from the seller during the third quarter of 2013. The purchase price was funded using financing secured from the Company’s existing $350 million revolving credit facility. Based upon management’s valuation of the fair value of tangible and intangible assets (net of cash) acquired and liabilities assumed, the purchase price allocation was as follows:



(In Thousands)
Accounts receivable	$	12,477
Inventories	4,708
Property, plant & equipment	15,116
Identifiable intangible assets:
Customer relationships	4,800
Trade names	4,800
Proprietary technology	3,400
Noncompete agreements	1,600
Other assets (current & noncurrent)	42
Trade payables & accrued expenses	(6,574		)
Total identifiable net assets	40,369
Purchase price, net of cash received	54,065
Goodwill	$	13,696

The goodwill and other intangible asset balances associated with this acquisition are expected to be deductible for tax purposes. Intangible assets acquired in the purchase of AACOA are being amortized over the following periods:



Identifiable Intangible Asset	Useful Life (Yrs)
Customer relationships	10
Proprietary technology	6-10
Trade names	Indefinite
Noncompete agreements	2

- 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).

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+ Details

Discontinued Operations	9 Months Ended
Discontinued Operations	Sep. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	On February 12, 2008, Tredegar sold its 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. Accruals for indemnifications under the purchase agreement related to environmental matters were adjusted in the third quarter and first nine months of 2014, resulting in income from discontinued operations of $0.9 million ($0.9 million after taxes) for both periods. Accruals of $0.5 million ($0.5 million after taxes) and $14.0 million ($14.0 million after taxes) were made for indemnifications under the purchase agreement related to environmental matters in the third quarter and the first nine months of 2013, respectively.

- 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).

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Plants Shutdowns, Asset Impairments, Restructurings And Other

9 Months Ended

Sep. 30, 2014

Restructuring Charges [Abstract]

Plant Shutdowns, Asset Impairments, Restructurings And Other

Plant shutdowns, asset impairments, restructurings and other charges are shown in the net sales and operating profit by segment table in Note 11, and unless otherwise noted below, are also included in “Asset impairments and costs associated with exit and disposal activities” in the consolidated statements of income.

Plant shutdowns, asset impairments, restructurings and other charges in the third quarter of 2014 include:


•	Pretax charges of $0.4 million associated with severance and other employee-related costs associated with restructurings in Film Products ($0.4 million) and Aluminum Extrusions ($31,000);


•	Pretax charges of $75,000 related to expected future environmental costs at the Company’s aluminum extrusions manufacturing facility in Newnan, Georgia (included in “Cost of goods sold” in the consolidated statements of income);


•	Pretax charges of $37,000 associated with the shutdown of the film products manufacturing facility in Red Springs, North Carolina; and


•	Pretax charges of $20,000 associated with the shutdown of the aluminum extrusions manufacturing facility in Kentland, Indiana.

Plant shutdowns, asset impairments, restructurings and other charges in the first nine months of 2014 include:


•	Pretax charge of $10.0 million (included in “Other income (expense), net” in the consolidated statements of income) associated with a one-time, lump sum license payment to the 3M Company (“3M”) after the Company settled all litigation issues associated with a patent infringement complaint (see Note 14 for additional detail on this legal matter);


•	Pretax charges of $1.8 million associated with severance and other employee-related costs associated with restructurings in Film Products ($1.8 million) and Aluminum Extrusions ($31,000);


•	Pretax charges of $0.8 million associated with the shutdown of the film products manufacturing facility in Red Springs, North Carolina, which includes severance and other employee-related costs of $0.5 million and asset impairment and other shutdown-related charges of $0.3 million;


•	Pretax charges of $0.2 million related to expected future environmental costs at the Company’s aluminum extrusions manufacturing facility in Newnan, Georgia (included in “Cost of goods sold” in the consolidated statements of income); and


•	Pretax charges of $43,000 associated with the shutdown of the aluminum extrusions manufacturing facility in Kentland, Indiana.

Results in the third quarter and first nine months of 2014 include an unrealized gain (included in “Other income (expense), net” in the consolidated statements of income) on the Company’s investment in kaleo, Inc. (“kaléo”), which is accounted for under the fair value method, of $4.0 million ($2.5 million after taxes) and $2.9 million ($1.8 million after taxes), respectively. Unrealized losses (included in “Other income (expense), net” in the consolidated statements of income and “Corporate expenses, net” in the statement of net sales and operating profit by segment) on the Company’s investment in Harbinger Capital Partners Special Situations Fund, L.P. (“Harbinger Fund”) of $0.2 million ($0.1 million after taxes) and $0.8 million ($0.5 million after taxes) were recorded in the third quarter and first nine months of 2014, respectively, as a result of a reduction in the value of the investment that is not expected to be temporary. The Company realized a gain (included in “Other income (expense), net” in the consolidated statements of income) of $1.2 million ($0.8 million after taxes) in the first nine months of 2014 on the sale of a portion of its investment property in Alleghany and Bath Counties, Virginia. See Note 8 for additional information on investments.

Plant shutdowns, asset impairments, restructurings and other charges in the third quarter of 2013 include:


•	Pretax charges of $0.2 million associated with severance and other employee-related costs associated with restructurings in Film Products;


•	Pretax charge of $0.1 million 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); and


•	Net pretax charges of $45,000 associated with the shutdown of the aluminum extrusions manufacturing facility in Kentland, Indiana.

Plant shutdowns, asset impairments, restructurings and other items in the first nine months of 2013 include:


•	Net pretax charge of $0.6 million associated with the shutdown of the aluminum extrusions manufacturing facility in Kentland, Indiana;


•	Pretax charges of $0.3 million associated with severance and other employee-related costs associated with restructurings in Film Products;


•	Pretax charges of $0.2 million for integration-related expenses and other non-recurring transactions (included in “Selling, general and administrative expenses” in the consolidated statements of income) associated with the acquisition of AACOA by Aluminum Extrusions;


•	Pretax charge of $0.2 million 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); and


•	Pretax loss of $0.1 million related to the sale of previously impaired machinery and equipment at our film products manufacturing facility in Shanghai, China (included in “Other income (expense), net” in the consolidated statements of income).

Results in the third quarter and first nine months of 2013 include an unrealized loss of $3.1 million ($1.9 million after taxes) and a net unrealized gain of $0.1 million ($0.1 million after taxes), respectively, (included in “Other income (expense), net” in the consolidated statements of income) on the Company’s investment in kaléo, which is accounted for under the fair value method. Unrealized losses (included in “Other income (expense), net” in the consolidated statements of income and “Corporate expenses, net” in the statement of net sales and operating profit by segment) on the Company’s investment in the Harbinger Fund of $0.2 million ($0.1 million after taxes) were recorded in both the third quarter and first nine months of 2013 as a result of a reduction in the value of the investment that is not expected to be temporary. An unrealized loss associated with the Company’s investment property in Alleghany and Bath Counties, Virginia (included in “Other income (expense), net” in the consolidated statements of income) of $1.0 million ($0.6 million after taxes) was recorded in first nine months of 2013 as a result of a reduction in the estimated fair value of our investment that is not expected to be temporary. See Note 8 for additional information on investments.

A reconciliation of the beginning and ending balances of accrued expenses associated with asset impairments and exit and disposal activities for the nine months ended September 30, 2014 is as follows:



(In Thousands)	Severance			Asset Impairments			Other (a)			Total
Balance at December 31, 2013	$	331		$	—		$	356		$	687
Changes in 2014:
Charges	2,304			227			121			2,652
Cash spent	(1,673		)	—			(276		)	(1,949		)
Charges against assets	—			(227		)	—			(227		)
Balance at September 30, 2014	$	962		$	—		$	201		$	1,163


(a)	Other includes other shutdown-related costs associated with the shutdown of the Company’s aluminum extrusions manufacturing facility in Kentland, Indiana.

Inventories

9 Months Ended

Sep. 30, 2014

Inventory, Net [Abstract]

Inventories

The components of inventories are as follows:



	September 30,		December 31,
(In Thousands)	2014		2013
Finished goods	$	16,301	$	14,953
Work-in-process	6,321		7,750
Raw materials	24,309		24,477
Stores, supplies and other	22,848		23,483
Total	$	69,779	$	70,663

Earnings Per Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share

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



	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(In Thousands)	2014	2013	2014	2013
Weighted average shares outstanding used to compute basic earnings per share	32,319	32,201	32,291	32,155
Incremental dilutive shares attributable to stock options and restricted stock	188	457	298	436
Shares used to compute diluted earnings per share	32,507	32,658	32,589	32,591

Incremental shares attributable to stock options and restricted stock are computed using the average market price during the related period. For the three and nine months ended September 30, 2014, average out-of-the-money options to purchase shares were excluded from the calculation of incremental shares attributable to stock options and restricted stock were 343,656 and 228,533, respectively. For the three and nine months ended September 30, 2013, average out-of-the-money options to purchase shares were excluded from the calculation of incremental shares attributable to stock options and restricted stock were 60,100 and 40,056, respectively.

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2014

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the nine months ended September 30, 2014:



(In Thousands)	Foreign currency translation adjustment			Gain (loss) on derivative financial instruments			Pension and other post-retirement benefit adjustments			Total
Beginning balance, January 1, 2014	$	(19,205	)	$	765		$	(71,848	)	$	(90,288	)
Other comprehensive income (loss) before reclassifications	(10,640		)	433			—			(10,207		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			(216		)	4,949			4,733
Net other comprehensive income (loss) - current period	(10,640		)	217			4,949			(5,474		)
Ending balance, September 30, 2014	$	(29,845	)	$	982		$	(66,899	)	$	(95,762	)

The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the nine months ended September 30, 2013:



(In Thousands)	Foreign currency translation adjustment			Gain (loss) on derivative financial instruments			Pension and other post-retirement benefit adjustments			Total
Beginning balance, January 1, 2013	$	131		$	993		$	(103,471	)	$	(102,347	)
Other comprehensive income (loss) before reclassifications	(12,543		)	(564		)	—			(13,107		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			260			7,066			7,326
Net other comprehensive income (loss) - current period	(12,543		)	(304		)	7,066			(5,781		)
Ending balance, September 30, 2013	$	(12,412	)	$	689		$	(96,405	)	$	(108,128	)

Reclassifications of balances out of accumulated other comprehensive income (loss) into net income for the three months ended September 30, 2014 are summarized as follows:



(In Thousands)	Amount reclassified from other comprehensive income			Location of gain (loss) reclassified from accumulated other comprehensive income to net income
Gain (loss) on derivative financial instruments:
Aluminum future contracts, before taxes	$	300		Cost of sales
Foreign currency forward contracts, before taxes	—
Total, before taxes	300
Income tax expense (benefit)	113			Income taxes
Total, net of tax	$	187
Amortization of pension and other post-retirement benefits:
Actuarial gain (loss) and prior service costs, before taxes	$	(2,311	)	(a)
Income tax expense (benefit)	(842		)	Income taxes
Total, net of tax	$	(1,469	)


(a)	This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 10 for additional detail).

Reclassifications of balances out of accumulated other comprehensive income (loss) into net income for the nine months ended September 30, 2014 are summarized as follows



(In Thousands)	Amount reclassified from other comprehensive income			Location of gain (loss) reclassified from accumulated other comprehensive income to net income
Gain (loss) on derivative financial instruments:
Aluminum future contracts, before taxes	$	346		Cost of sales
Foreign currency forward contracts, before taxes	—
Total, before taxes	346
Income tax expense (benefit)	130			Income taxes
Total, net of tax	$	216
Amortization of pension and other post-retirement benefits:
Actuarial gain (loss) and prior service costs, before taxes	$	(7,785	)	(a)
Income tax expense (benefit)	(2,836		)	Income taxes
Total, net of tax	$	(4,949	)


(a)	This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 10 for additional detail).

Reclassifications of balances out of accumulated other comprehensive income (loss) into net income for the three months ended September 30, 2013 are summarized as follows:



(In Thousands)	Amount reclassified from other comprehensive income			Location of gain (loss) reclassified from accumulated other comprehensive income to net income
Gain (loss) on derivative financial instruments:
Aluminum future contracts, before taxes	$	(268	)	Cost of sales
Foreign currency forward contracts, before taxes	—
Total, before taxes	(268		)
Income tax expense (benefit)	(101		)	Income taxes
Total, net of tax	$	(167	)
Amortization of pension and other post-retirement benefits:
Actuarial gain (loss) and prior service costs, before taxes	$	(3,851	)	(a)
Income tax expense (benefit)	(1,410		)	Income taxes
Total, net of tax	$	(2,441	)


(a)	This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 10 for additional detail).

Reclassifications of balances out of accumulated other comprehensive income (loss) into net income for the nine months ended September 30, 2013 are summarized as follows:



(In Thousands)	Amount reclassified from other comprehensive income			Location of gain (loss) reclassified from accumulated other comprehensive income to net income
Gain (loss) on derivative financial instruments:
Aluminum future contracts, before taxes	$	(417	)	Cost of sales
Foreign currency forward contracts, before taxes	—
Total, before taxes	(417		)
Income tax expense (benefit)	(157		)	Income taxes
Total, net of tax	$	(260	)
Amortization of pension and other post-retirement benefits:
Actuarial gain (loss) and prior service costs, before taxes	$	(11,149	)	(a)
Income tax expense (benefit)	(4,083		)	Income taxes
Total, net of tax	$	(7,066	)


(a)	This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 10 for additional detail).

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e689-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

+ Details

Investments

9 Months Ended

Sep. 30, 2014

Equity Method Investments and Joint Ventures [Abstract]

Investments

In August 2007 and December 2008, the Company made an aggregate investment of $7.5 million in kaléo, a privately held specialty pharmaceutical company. The mission of kaléo is to set a new standard in life-saving personal medical products designed to enable superior treatment outcomes, improved cost effectiveness and intuitive patient administration. Tredegar’s ownership interest on a fully diluted basis is approximately 20%, and the investment is accounted for under the fair value method. At the time of the initial investment, the Company elected the fair value option over the equity method of accounting since its investment objectives were similar to those of venture capitalists, which typically do not have controlling financial interests.

At September 30, 2014 and December 31, 2013, the estimated fair value of the investment in kaléo (also the carrying value, which is included in “Other assets and deferred charges” in the consolidated balance sheet) was $40.0 million and $37.1 million, respectively. The fair value estimates are based upon significant unobservable (Level 3) inputs since there is no secondary market for our ownership interest. Accordingly, until the next round of financing or other significant financial transaction, value estimates will primarily be based on assumptions relating to meeting product development and commercialization milestones, corresponding cash flow projections (projections of sales, costs, expenses, capital expenditures and working capital investment) and discounting of these factors for the high degree of risk. Adjustments to the estimated fair value of the Company’s investment in kaléo will be made in the period during which changes can be quantified.

The Company recognized unrealized gains on its investment in kaléo (included in “Other income (expense), net” in the consolidated statements of income) of $4.0 million in the third quarter of 2014 and $2.9 million in first nine months of 2014. The unrealized gain in the third quarter of 2014 can be primarily attributed to favorable adjustments for the passage of time as cash flows associated with achieving product development and commercialization milestones are discounted at 45% for their high degree of risk. In addition to the passage of time for discounted cash flows, the year-to-date change in the fair value of kaléo reflected the impact of a lower weighted average cost of capital used to discount cash flow projections and adjustments to the amount and timing of cash flows associated with achieving product development and commercialization milestones. The Company recognized an unrealized loss on its investment in kaléo (included in “Other income (expense), net” in the consolidated statements of income) of $3.1 million in the third quarter of 2013 and and unrealized gain of $0.1 million in the first nine months of 2013. The unrealized loss in the third quarter of 2013 was primarily related to adjustments in the fair value due to a reassessment of the amount and timing of the projected receipt of royalty and milestone payments from commercial sales of kaléo’s licensed epinephrine auto-injector, which launched in early 2013, and increased development and commercialization expenses related to its pipeline products, partially offset by the impact of the passage of time as anticipated cash flows associated with achieving product development and commercialization milestones were discounted at 55% for their high degree of risk. The net unrealized gain in the first nine months of 2013 was primarily related to adjustments in the fair value for the passage of time as anticipated cash flows associated with achieving product development and commercialization milestones were discounted at 55% for their high degree of risk, offset by adjustments in the fair value due to a reassessment of the amount and timing of projected royalty and milestone payments from commercial sales of kaléo’s licensed epinephrine auto-injector and increased commercialization expenses related to its pipeline products.

The fair market valuation of the Company’s interest in kaléo is sensitive to changes in the weighted average cost of capital used to discount cash flow projections for the high degree of risk associated with meeting development and commercialization milestones as anticipated. The weighted average cost of capital used in the fair market valuation of Tredegar’s interest in kaléo was 45% at September 30, 2014 and 55% at December 31, 2013. In 2014, the weighted average cost of capital used to discount cash flow projections was decreased to reflect lower product risk after the U.S. Food and Drug Administration’s approval of kaléo’s naloxone auto-injector for emergency treatment of known or suspected opioid overdoses and reduced funding risk subsequent to kaléo securing new debt financing, both of which occurred in April 2014. At September 30, 2014, the effect of a 500 basis point decrease in the weighted average cost of capital assumption would have further increased the fair value of the interest in kaléo by approximately $8 million, and a 500 basis point increase in the weighted average cost of capital assumption would have decreased the fair value of the interest by approximately $6 million.

Had the Company not elected to account for its investment under the fair value method, it would have been required to use the equity method of accounting. The condensed balance sheets for kaléo at September 30, 2014 and December 31, 2013 and condensed statement of operations for the three and nine months ended September 30, 2014 and 2013, as reported to the Company by kaléo, are provided below:



(In Thousands)	September 30, 2014		December 31, 2013			September 30, 2014			December 31, 2013
Assets:					Liabilities & Equity:
Cash & cash equivalents	$	110,999	$	33,560	Long-term debt, net of discount, current portion	$	—		$	5,414
Restricted cash	14,498		—		Other current liabilities	8,092			4,845
Other current assets	37,251		5,682		Non-current liabilities	2,951			3,098
Property & equipment	11,407		10,559		Long term debt, net of discount	150,000			9,372
Patents	2,617		2,433		Redeemable preferred stock	22,700			21,970
Other long-term assets	3,035		445		Equity	(3,936		)	7,980
Total assets	$	179,807	$	52,679	Total liabilities & equity	$	179,807		$	52,679



	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Revenues & Expenses:
Sales & royalty revenues	$	11,560		$	7,904		$	18,528		$	12,420
Cost of goods sold	576			—			576			—
Expenses and other, net	13,832			5,604			36,806			12,515
Income tax benefit (expense)	1,074			(912		)	7,205			322
Net income (loss)	$	(1,774	)	$	1,388		$	(11,649	)	$	227

The Company’s investment in the Harbinger Fund had a carrying value (included in “Other assets and deferred charges”) of $1.8 million at September 30, 2014, compared with $2.8 million at December 31, 2013. The carrying value at September 30, 2014 reflected Tredegar’s cost basis in its investment in the Harbinger Fund, net of total withdrawal proceeds received and unrealized losses. The Company recorded unrealized losses of $0.2 million and $0.8 million in the third quarter and first nine months of 2014, respectively, on its investment in the Harbinger Fund (included in “Other income (expense), net” in the consolidated statements of income) as a result of a reduction in the value of the investment that is not expected to be temporary. The Company recorded an unrealized loss of $0.2 million in the third quarter and first nine months of 2013, respectively, on its investment in the Harbinger Fund (included in “Other income (expense), net” in the consolidated statements of income) as a result of a reduction in the value of the investment that is not expected to be temporary. Withdrawal proceeds were $0.2 million in the first nine months of 2014 and 2013, respectively. The timing and amount of future installments of withdrawal proceeds, which commenced in August 2010, were not known as of September 30, 2014. Gains on the Company’s investment in the Harbinger Fund will be recognized when the amounts expected to be collected from any withdrawal from the investment are known, which will likely be when cash in excess of the remaining carrying value is received. Losses will be recognized when management believes it is probable that future withdrawal proceeds will not exceed the remaining carrying value.

Tredegar has investment property in Alleghany and Bath Counties, Virginia. The Company realized a gain (included in “Other income (expense), net” in the consolidated statements of income) of $1.2 million ($0.8 million after taxes) on the sale of a portion of this investment property in the second quarter of 2014. An unrealized loss associated with the Company’s investment property in Alleghany and Bath Counties, Virginia (included in “Other income (expense), net” in the consolidated statements of income) of $1.0 million ($0.6 million after taxes) was recorded in the second quarter of 2013 as a result of a reduction in the estimated fair value of our investment that is not expected to be temporary. The carrying value in this investment property (included in “Other assets and deferred charges” on the consolidated balance sheets) was $2.6 million at September 30, 2014 and $5.9 million at December 31, 2013.

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2014

Summary of Derivative Instruments [Abstract]

Derivative Financial Instruments

The Company uses derivative financial instruments for the purpose of hedging margin exposure from fixed-price forward sales contracts in Aluminum Extrusions and currency exchange rate exposures that exist due to specified transactions. When possible, derivative financial instruments utilized by Tredegar are designated as and qualify as cash flow hedges and are recognized in the balance sheet at fair value. A change in the fair value of derivatives that are highly effective and that are designated and qualify as cash flow hedges is recorded in other comprehensive income (loss). Gains and losses reported in other comprehensive income (loss) are reclassified to earnings in the periods in which earnings are affected by the variability of cash flows of the hedged transaction. Such gains and losses are reported on the same line as the underlying hedged item. Any hedge ineffectiveness (which represents the amount by which the changes in the fair value of the derivative exceed the variability in the cash flows of the forecasted transaction) is recorded in current period earnings. The amount of gains and losses recognized for hedge ineffectiveness was not material to the three and nine month periods ended September 30, 2014 and 2013.

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

In the normal course of business, the Company enters 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 the margin exposure created from the fixing of future sales prices relative to volatile raw material (aluminum) costs, the Company enters 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 $4.9 million (4.7 million pounds of aluminum) at September 30, 2014 and $8.0 million (8.4 million pounds of aluminum) at December 31, 2013.

The table below summarizes the location and gross amounts of aluminum futures contract fair values in the consolidated balance sheets as of September 30, 2014 and December 31, 2013:



	September 30, 2014				December 31, 2013
(In Thousands)	Balance Sheet Account	Fair Value			Balance Sheet Account	Fair Value
Derivatives Designated as Hedging Instruments
Asset derivatives: Aluminum futures contracts	Prepaid expenses and other	$	357		Accrued expenses	$	31
Liability derivatives: Aluminum futures contracts	Prepaid expenses and other	$	(33	)	Accrued expenses	$	(178	)
Net asset (liability)		$	324			$	(147	)

In the event that the counterparty to an aluminum fixed-price forward sales contract chooses to not take delivery of its aluminum extrusions, the customer is contractually obligated to compensate us for any losses on the related aluminum futures and/or forward purchase contracts through the date of cancellation. The offsetting asset and liability positions for derivatives not designated as hedging instruments (none at September 30, 2014 and December 31, 2013) are associated with the unwinding of aluminum futures contracts that relate to such cancellations.

Film Products utilized future fixed Euro-denominated contractual payments for equipment being purchased as part of our multi-year capacity expansion project at our film products manufacturing facility in Cabo de Santo Agostinho, Brazil. The Company is using fixed-rate Euro forward contracts with various settlement dates through December 2014 to hedge exchange rate exposure on these obligations. The Company had fixed-rate forward contracts with outstanding notional amounts of €2.0 million and €2.1 million as of September 30, 2014 and December 31, 2013, respectively.

The table below summarizes the location and gross amounts of foreign currency forward contract fair values in the consolidated balance sheets as of September 30, 2014 and December 31, 2013:



	September 30, 2014				December 31, 2013
(In Thousands)	Balance Sheet Account	Fair Value			Balance Sheet Account	Fair Value
Derivatives Designated as Hedging Instruments
Asset derivatives: Foreign currency forward contracts		$	—		Prepaid expenses and other	$	47

Derivatives Not Designated as Hedging Instruments
Liability derivatives: Foreign currency forward contracts	Accrued expenses	$	(112	)		$	—
Net asset (liability)		$	(112	)		$	47

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

The effect on net income and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for the three and nine month periods ended September 30, 2014 and 2013 is summarized in the table below:



(In Thousands)	Cash Flow Derivative Hedges
	Aluminum Futures Contracts					Foreign Currency Forwards
	Three Months Ended September 30,
	2014		2013			2014			2013
Amount of pre-tax gain (loss) recognized in other comprehensive income	$	320	$	(11	)	$	(112	)	$	122
Location of gain (loss) reclassified from accumulated other comprehensive income into net income (effective portion)	Cost of sales		Cost of sales
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion)	$	300	$	(268	)	$	—		$	—
	Aluminum Futures Contracts					Foreign Currency Forwards
	Nine Months Ended September 30,
	2014		2013			2014			2013
Amount of pre-tax gain (loss) recognized in other comprehensive income	$	817	$	(775	)	$	(117	)	$	(123	)
Location of gain (loss) reclassified from accumulated other comprehensive income into net income (effective portion)	Cost of sales		Cost of sales
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion)	$	346	$	(417	)	$	—		$	—

As of September 30, 2014, the Company expects $0.4 million of unrealized after-tax gains on derivative instruments reported in accumulated other comprehensive income (loss) to be reclassified to earnings within the next twelve months. For the three and nine month periods ended September 30, 2014 and 2013, net gains or losses realized on previously unrealized net gains or losses from hedges that had been discontinued were not significant.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Pension And Other Post-Retirement Benefits

9 Months Ended

Sep. 30, 2014

Compensation and Retirement Disclosure [Abstract]

Pension And Other Post-Retirement Benefits

The Company sponsors 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. The plan is closed to new participants, and based on plan changes announced in 2006, pay for active plan participants was frozen as of December 31, 2007. Beginning in the first quarter of 2014, with the exception of plan participants at two of Tredegar’s U.S. manufacturing facilities, the plan will no longer accrue benefits associated with crediting employees for service, thereby freezing future benefits under the plan.

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



	Pension Benefits						Other Post-Retirement Benefits
	Three Months Ended September 30,						Three Months Ended September 30,
(In Thousands)	2014			2013			2014			2013
Service cost	$	109		$	1,076		$	13		$	18
Interest cost	3,365			3,039			93			89
Expected return on plan assets	(4,610		)	(4,415		)	—			—
Amortization of prior service costs, gains or losses and net transition asset	2,388			3,892			(76		)	(41		)
Net periodic benefit cost	$	1,252		$	3,592		$	30		$	66
	Pension Benefits						Other Post-Retirement Benefits
	Nine Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Service cost	$	758		$	2,816		$	39		$	53
Interest cost	10,048			9,253			279			266
Expected return on plan assets	(13,726		)	(13,073		)	—			—
Amortization of prior service costs, gains or losses and net transition asset	8,016			11,271			(230		)	(122		)
Curtailment charge	81			—			—			—
Net periodic benefit cost	$	5,177		$	10,267		$	88		$	197

Pension and other post-retirement liabilities for continuing operations (included in “Other noncurrent liabilities” in the consolidated balance sheets) are $44.8 million and $50.3 million at September 30, 2014 and December 31, 2013, respectively. The Company’s required contributions are expected to be approximately $0.2 million in 2014. The Company made an additional discretionary contribution of $2.6 million to its underfunded pension plan in September 2014. Tredegar funds its other post-retirement benefits (life insurance and health benefits) on a claims-made basis, which the Company anticipates will be consistent with amounts paid for the year ended December 31, 2013, or $0.3 million .

Segment Reporting

9 Months Ended

Sep. 30, 2014

Segment Reporting [Abstract]

Segment Reporting

The Company's business segments are Film Products and Aluminum Extrusions. Information by business segment is reported below. There are no accounting transactions between segments and no allocations to segments. Net sales (sales less freight) and operating profit from ongoing operations are the measures of sales and operating profit used by the chief operating decision maker for purposes of assessing performance. The following table presents net sales and operating profit by segment for the three and nine month periods ended September 30, 2014 and 2013:



	Three Months Ended September 30,						Nine Months Ended September 30,
(In Thousands)	2014			2013			2014			2013
Net Sales
Film Products	$	143,098		$	157,187		$	438,274		$	469,838
Aluminum Extrusions	89,605			78,499			253,436			236,293
Total net sales	232,703			235,686			691,710			706,131
Add back freight	7,726			7,508			20,897			22,119
Sales as shown in the Consolidated Statements of Income	240,429			243,194			712,607			728,250
Operating Profit
Film Products:
Ongoing operations	13,206			19,617			44,891			55,351
Plant shutdowns, asset impairments, restructurings and other	(410		)	(155		)	(12,578		)	(364		)
Aluminum Extrusions:
Ongoing operations	5,752			3,426			18,563			12,351
Plant shutdowns, asset impairments, restructurings and other	(126		)	(160		)	(300		)	(958		)
Total	18,422			22,728			50,576			66,380
Interest income	117			138			419			307
Interest expense	590			727			1,751			2,132
Gain (loss) on investment accounted for under fair value method	4,000			(3,100		)	2,900			100
Gain on sale of investment property	—			—			1,208			—
Unrealized loss on investment property	—			—			—			(1,018		)
Stock option-based compensation costs	358			260			944			859
Corporate expenses, net	5,477			8,414			17,291			24,058
Income from continuing operations before income taxes	16,114			10,365			35,117			38,720
Income taxes from continuing operations	5,369			2,937			12,141			12,185
Income from continuing operations	10,745			7,428			22,976			26,535
Income (loss) from discontinued operations, net of tax	850			(450		)	850			(13,990		)
Net income	$	11,595		$	6,978		$	23,826		$	12,545

The following table presents identifiable assets by segment at September 30, 2014 and December 31, 2013:



(In Thousands)	September 30, 2014		December 31, 2013
Film Products	$	561,403	$	556,873
Aluminum Extrusions	145,304		134,928
Subtotal	706,707		691,801
General corporate	48,017		48,590
Cash and cash equivalents	51,930		52,617
Total	$	806,654	$	793,008

- 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 Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

Income Taxes

9 Months Ended

Sep. 30, 2014

Income Tax Disclosure [Abstract]

Income Taxes

The effective tax rate for income from continuing operations in the first nine months of 2014 was 34.6% compared to 31.5% in the first nine months of 2013. The significant differences between the U.S. federal statutory rate and the effective income tax rate for continuing operations for the nine months ended September 30, 2014 and 2013 are as follows:



	Percent of Income Before Income Taxes
Nine Months Ended September 30,	2014		2013
Income tax expense at federal statutory rate	35.0		35.0
Income tax contingency accruals and tax settlements	1.8		0.9
State taxes, net of federal income tax benefit	1.6		2.2
Unremitted earnings from foreign operations	1.2		1.1
Non-deductible expenses	0.2		0.8
Research and development tax credit	—		(1.4	)
Foreign tax incentives	(0.1	)	(4.8	)
Valuation allowance for capital loss carry-forwards	(0.2	)	1.1
Changes in estimates related to prior year tax provision	(0.4	)	(0.3	)
Valuation allowance for foreign operating loss carry-forwards	(1.1	)	0.9
Foreign rate differences	(1.2	)	(2.3	)
Domestic production activities deduction	(2.1	)	(1.5	)
Other	(0.1	)	(0.2	)
Effective income tax rate for income from continuing operations	34.6		31.5

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 Holdings, LLC’s (“Terphane”) 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 the Company anticipates that it will qualify for additional incentives that will extend beyond 2014. The benefit from tax incentives was $42,000 (0 cents per share) and $1.9 million (6 cents per share) in the first nine months of 2014 and 2013, respectively.

In connection with its capacity expansion project in Brazil, the Company has paid certain social taxes associated with the purchase of machinery and equipment and construction of buildings and other long-term assets. Payments of these taxes in Brazil have been included in “Net cash used in investing activities” given the nature of the underlying use of cash (e.g. the purchase of property, plant and equipment). The Company can recover tax credits associated with the purchase of machinery and equipment at different points over period up to 24 months. Tax credits will be applied against various other taxes due in Brazil, with their recovery being reflected as cash received from investing activities, consistent with the classification of the original payment.

The Company has a valuation allowance for excess capital losses from investments and other related items of $16 million at September 30, 2014. Tredegar continues to evaluate opportunities to utilize these loss carryforwards prior to their expiration at various dates in the future. As events and circumstances warrant, allowances will be reversed when it is more likely than not that future taxable income will exceed deductible amounts, thereby resulting in the realization of deferred tax assets.

Tredegar and its subsidiaries file income tax returns in the U.S., various states and jurisdictions outside the U.S. 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 2010.

Shareholder Rights Agreement Shareholder Rights Agreement	9 Months Ended
	Sep. 30, 2014
Warrants and Rights Note Disclosure [Abstract]
Shareholder Rights Agreement	Pursuant to the Second Amended and Restated Rights Agreement (the “Rights Agreement”), dated as of November 18, 2013, with Computershare Trust Company, N.A., as Rights Agent, one purchase right (a “Right”) was attached to each outstanding share of the Company’s Common Stock. All Rights previously issued under the original Rights Agreement, dated as of June 30, 1999, and the Amended and Restated Rights Agreement, dated as of June 30, 2009, that were appurtenant to shares of Common Stock outstanding at the effective time of the Rights Agreement remained outstanding. Each Right entitled the registered holder to purchase from Tredegar one one-hundredth of a share of our Series A Participating Cumulative Preferred Stock (the “Preferred Stock”) at an exercise price of $150, subject to adjustment (the “Purchase Price”). The Rights will become exercisable, if not earlier redeemed, only if a person or group (i) acquires beneficial ownership of 20% or more of the outstanding shares of our Common Stock or (ii) commences, or publicly discloses an intention to commence, a tender offer or exchange offer that would result in beneficial ownership by a person or group of 20% or more of the outstanding shares of our Common Stock (in each case thereby becoming an “Acquiring Person”). Any person or group that beneficially owned 20% or more of the outstanding shares of the Company’s Common Stock as of the first date of public announcement of the adoption of the Rights Agreement will not become an Acquiring Person unless and until such person or group acquires beneficial ownership of additional shares of Common Stock (other than beneficial ownership of any Common Stock which is acquired, whether in the form of options, restricted stock or other equity-linked securities, as compensation for services as an officer or director of the Company) representing 1% or more of the Common Stock then outstanding. The Rights Agreement provided that if any person or group becomes an Acquiring Person, each holder of a Right (other than Rights held by an Acquiring Person) will become entitled to receive, upon exercise and payment of the Purchase Price, Preferred Stock or, at the option of Tredegar, Common Stock (or, in certain circumstances, cash, property or other securities of the Company) having a value equal to twice the amount of the Purchase Price. In addition, in the event that, at any time following the date that a person or group acquires beneficial ownership of 20% or more of the outstanding shares of the Company’s Common Stock, (i) Tredegar is acquired in a merger, statutory share exchange, or other business combination in which Tredegar is not the surviving corporation, or (ii) 50% or more of our assets or earning power is sold or transferred, each holder of a Right (other than Rights held by an Acquiring Person) shall thereafter have the right to receive, upon exercise and payment of the Purchase Price, common stock of the acquiring company (or comparable equity securities of an acquiring entity that is not a corporation) having a value equal to twice the Purchase Price. The Rights were scheduled to expire on June 30, 2019. On February 19, 2014, the Company’s Board of Directors authorized the termination of the Rights Agreement and the redemption of all of the outstanding Rights, at a redemption price of $.01 per Right to be paid in cash to shareholders of record as of the close of business on March 3, 2014. The corresponding redemption payment of $0.3 million was made in the first quarter of 2014.

Contingencies	9 Months Ended
Contingencies	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
Contingencies	In 2011, Tredegar was notified by U.S. Customs and Border Protection (“U.S. Customs”) that certain film products exported by Terphane Holdings, LLC (“Terphane”) to the U.S. since November 6, 2008 could be subject to duties associated with an antidumping duty order on imported PET films from Brazil. The Company contested the applicability of these antidumping duties to the films exported by Terphane, and it filed a request with the U.S. Department of Commerce (“Commerce”) for clarification about whether the film products at issue are within the scope of the antidumping duty order. On January 8, 2013, Commerce issued a scope ruling confirming that the films are not subject to the order, provided that Terphane can establish to the satisfaction of U.S. Customs that the performance enhancing layer on those films is greater than 0.00001 inches thick. The films at issue are manufactured to specifications that exceed that threshold. On February 6, 2013, certain U.S. producers of PET film filed a summons with the U.S. Court of International Trade to appeal the scope ruling from Commerce. If U.S. Customs ultimately were to require the collection of antidumping duties because Commerce’s scope ruling was overturned on appeal, or otherwise, indemnifications for related liabilities are specifically provided for under the Terphane purchase agreement.

New Accounting Pronouncements	9 Months Ended
New Accounting Pronouncements	Sep. 30, 2014
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	In April 2014, the Financial Accounting Standards Board (“FASB”) issued a revised standard that changes current guidance for discontinued operations. Under the revised standard, to be a discontinued operation, a component or group of components must represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. Failure to eliminate significant continuing cash flows of or involvement with a disposed component from an entity’s ongoing operations after a disposal no longer precludes presentation as a discontinued operation. Expanded disclosures for discontinued operations under the revised standard will also include more details about earnings and balance sheet accounts, total operating and investing cash flows and cash flows resulting from continuing involvement. New disclosures are also required for disposals of individually significant components that do not qualify as discontinued operations. The new guidance is to be applied prospectively to all new disposals of components and new classifications as held for sale for annual reporting periods beginning after December 15, 2014, with early adoption permitted. The Company will implement this revised standard as transactions and events warrant. In May 2014, the FASB and International Accounting Standards Board (“IASB”) issued their converged standard on revenue recognition. The revised revenue standard contains principles that an entity will apply to direct the measurement of revenue and timing of when it is recognized. The core principle of the guidance is that the recognition of revenue should depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods and services. To achieve that core principle, an entity will utilize a principle-based five-step approach model. The converged standard also includes more robust disclosure requirements which will require entities to provide sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The amendments in this revised standard are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The converged standard can be adopted either retrospectively or through the use of a practical expedient. The Company is still assessing the impact of this new guidance. In June 2014, the FASB issued a new standard to eliminate the concept of development stage entities and all specified presentation and reporting requirement under U.S. GAAP. In addition, the amended standard eliminated the scope exception for development stage entities when evaluating the sufficiency of equity at risk for a variable interest entity (“VIE”), thereby changing consolidation conclusions in some situations. Except for the elimination of the scope exception for development stage entities when evaluating the sufficiency of equity at risk for a VIE, the revised guidance is effective for annual reporting periods beginning after December 15, 2014, including interim periods within that reporting period. The amendments to the consolidation guidance are effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. The new standard is not expected to impact the Company. In June 2014, the FASB amended the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating grant-date value of the award, and compensation expense should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The amended standard is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. Early adoption is permitted. The new standard is not expected to impact the Company.

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2014

Business Combinations [Abstract]

Schedule Of Purchase Price Allocation

Based upon management’s valuation of the fair value of tangible and intangible assets (net of cash) acquired and liabilities assumed, the purchase price allocation was as follows:



(In Thousands)
Accounts receivable	$	12,477
Inventories	4,708
Property, plant & equipment	15,116
Identifiable intangible assets:
Customer relationships	4,800
Trade names	4,800
Proprietary technology	3,400
Noncompete agreements	1,600
Other assets (current & noncurrent)	42
Trade payables & accrued expenses	(6,574		)
Total identifiable net assets	40,369
Purchase price, net of cash received	54,065
Goodwill	$	13,696

Schedule Of Amortization Periods For Acquired Intangible Assets

Intangible assets acquired in the purchase of AACOA are being amortized over the following periods:



Identifiable Intangible Asset	Useful Life (Yrs)
Customer relationships	10
Proprietary technology	6-10
Trade names	Indefinite
Noncompete agreements	2

Plants Shutdowns, Asset Impairments, Restructurings And Other (Tables)

9 Months Ended

Sep. 30, 2014

Restructuring Charges [Abstract]

Schedule Of Accrued Expenses Associated With Asset Impairments And Exit And Disposal Activities



(In Thousands)	Severance			Asset Impairments			Other (a)			Total
Balance at December 31, 2013	$	331		$	—		$	356		$	687
Changes in 2014:
Charges	2,304			227			121			2,652
Cash spent	(1,673		)	—			(276		)	(1,949		)
Charges against assets	—			(227		)	—			(227		)
Balance at September 30, 2014	$	962		$	—		$	201		$	1,163


(a)	Other includes other shutdown-related costs associated with the shu