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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2015	Jan. 29, 2016	Jun. 30, 2015
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-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		32,682,162
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 560,178,695

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2015

Dec. 31, 2014

Assets

Cash and cash equivalents

^[1]

$ 44,156

$ 50,056

Accounts and other receivables, net of allowance for doubtful accounts and sales returns of $3,746 in 2015 and $2,610 in 2014

94,217

113,341

Income taxes recoverable

360

877

Inventories

65,325

74,308

Deferred income taxes

8,877

Prepaid expenses and other

6,946

8,283

Total current assets

211,004

255,742

Property, plant and equipment, at cost:

Land and land improvements

10,953

11,814

Buildings

120,544

135,015

Machinery and equipment

623,181

643,793

Total property, plant and equipment

754,678

790,622

Less accumulated depreciation

(523,363)

(520,665)

Net property, plant and equipment

231,315

269,957

Goodwill and other intangibles

153,072

215,129

Other assets and deferred charges

27,869

47,798

Total assets

^[1]

623,260

788,626

Current liabilities:

Accounts payable

84,148

94,131

Accrued expenses

33,653

32,049

Total current liabilities

117,801

126,180

Long-term debt

104,000

137,250

Deferred income taxes

18,656

39,255

Other noncurrent liabilities

110,055

113,912

Total liabilities

350,512

416,597

Commitments and contingencies

Shareholders’ equity:

Issued and outstanding—32,682,162 shares in 2015 and 32,422,082 in 2014 (including restricted stock)

29,467

24,364

Common stock held in trust for savings restoration plan (67,726 shares in 2015 and 66,255 in 2014)

(1,467)

(1,440)

Accumulated other comprehensive income (loss):

Foreign currency translation adjustment

(112,807)

(47,270)

Gain (loss) on derivative financial instruments

(373)

656

Pension and other postretirement benefit adjustments

(95,539)

(103,581)

Retained earnings

453,467

499,300

Total shareholders’ equity

272,748

372,029

Total liabilities and shareholders’ equity

$ 623,260

$ 788,626

[1]

Information on exports and foreign operations are provided on the previous page. Cash and cash equivalents includes funds held in locations outside the U.S. of $27.7 million and $40.5 million at December 31, 2015 and 2014, respectively. Export sales relate almost entirely to PE Films. Operations outside the U.S. in The Netherlands, Hungary, China and India also relate to PE Films. Operations in Brazil are primarily related to Flexible Packaging Films, but also include PE Films operations. Sales from locations in The Netherlands and Hungary are primarily to customers located in Europe. Sales from locations in China (Guangzhou and Shanghai) are primarily to customers located in China, but also include other customers in Asia.

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Accounts and other receivables, allowance for doubtful accounts and sales returns	$ 3,746	$ 2,610
Common stock, no par value (shares)
Common stock, shares authorized (shares)	150,000,000	150,000,000
Common stock, shares, issued (shares)	32,682,162	32,422,082
Common stock, shares, outstanding (shares)	32,682,162	32,422,082
Common stock held in trust for savings restoration plan (shares)	67,726	66,255

Consolidated Statements Of Income - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Revenues and other:

Sales

$ 896,177

$ 951,826

$ 959,346

Other income (expense), net

(20,113)

(6,697)

1,776

Total revenues, net of other expenses

876,064

945,129

961,122

Costs and expenses:

Cost of goods sold

725,459

778,113

784,675

Freight

29,838

28,793

28,625

Selling, general and administrative

71,911

69,526

71,195

Research and development

16,173

12,147

12,669

Amortization of intangibles

4,073

5,395

6,744

Interest expense

3,502

2,713

2,870

Asset impairments and costs associated with exit and disposal activities

3,850

3,026

1,412

Goodwill, Impairment Loss

44,465

Total

899,271

899,713

908,190

Income (loss) from continuing operations before income taxes

(23,207)

45,416

52,932

Income taxes

^[1]

8,928

9,387

16,995

Income (loss) from continuing operations

(32,135)

36,029

35,937

Income (loss) from discontinued operations, net of tax

^[1]

850

(13,990)

Net income (loss)

$ (32,135)

$ 36,879

$ 21,947

Basic:

Continuing operations (in usd per share)

$ (0.99)

$ 1.12

Discontinued operations (in usd per share)

0.00

0.02

(0.44)

Net income (in usd per share)

(0.99)

1.14

0.68

Diluted:

Continuing operations (in usd per share)

(0.99)

1.11

1.10

Discontinued operations (in usd per share)

0.00

0.02

(0.43)

Net income (in usd per share)

$ (0.99)

$ 1.13

$ 0.67

[1]	See Notes 1, 3, 4 and 18 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items.

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (32,135)	$ 36,879	$ 21,947
Foreign currency translation adjustment:
Unrealized foreign currency translation adjustment (net of tax benefit of $890 in 2015, tax benefit of $2,396 in 2014 and tax of $233 in 2013)	(65,537)	(28,065)	(19,336)
Derivative financial instruments adjustment	(1,029)	(109)	(228)
Pension & other post-retirement benefit adjustments
Net gains (losses) and prior service costs (net of tax benefit of $226 in 2015, tax benefit of $22,445 in 2014 and net of tax of $13,231 in 2013)	(2,176)	(38,730)	22,203
Amortization of prior service costs and net gains or losses (net of tax of $5,823 in 2015, tax of $3,582 in 2014 and tax of $5,398 in 2013)	10,218	6,997	9,420
Other comprehensive income (loss)	(58,524)	(59,907)	12,059
Comprehensive income (loss)	$ (90,659)	$ (23,028)	$ 34,006

Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	$ (890)	$ (2,396)	$ 233
Derivative financial instruments adjustment, tax (benefit)	(550)	(112)	(133)
Net gains or losses and prior service costs, tax (benefit)	(226)	(22,445)	13,231
Amortization of prior service costs and net gains or losses, tax	$ 5,823	$ 3,582	$ 5,398

Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Cash flows from operating activities:

Net income (loss)

$ (32,135)

$ 36,879

$ 21,947

Adjustments for noncash items:

Depreciation

30,909

35,423

37,911

Amortization of intangibles

4,073

5,395

6,744

Goodwill, Impairment Loss

44,465

Deferred income taxes

(10,523)

(11,489)

(5,268)

Accrued pension and postretirement benefits

12,521

6,974

13,911

(Gain) loss on an investment accounted for under the fair value method

20,500

(2,000)

(3,400)

Loss on asset impairments

403

993

1,639

(Gain) loss on sale of assets

(11)

(1,031)

Changes in assets and liabilities, net of effects of acquisitions and divestitures:

Accounts and notes receivables

9,180

(18,696)

(1,763)

Inventories

1,137

(8,803)

1,727

Income taxes recoverable/payable

(1,849)

(906)

3,063

Prepaid expenses and other

(1,256)

496

(651)

Accounts payable and accrued expenses

(2,455)

5,554

3,043

Other, net

(703)

2,446

(2,188)

Net cash provided by operating activities

74,256

51,235

76,715

Cash flows from investing activities:

Capital expenditures

(32,831)

(44,898)

(79,661)

Acquisitions, net of cash acquired

561

Proceeds from Divestiture of Businesses

4,500

306

Proceeds from the sale of assets and other

1,416

2,125

1,190

Net cash used in investing activities

(31,415)

(38,273)

(77,604)

Cash flows from financing activities:

Borrowings

107,000

116,000

87,000

Debt principal payments and financing costs

(140,328)

(117,779)

(76,000)

Dividends paid

(13,725)

(11,007)

(9,040)

Proceeds from exercise of stock options and other

2,858

410

3,317

Net cash provided by (used in) financing activities

(44,195)

(12,376)

5,277

Effect of exchange rate changes on cash

(4,546)

(3,147)

(593)

Increase (decrease) in cash and cash equivalents

(5,900)

(2,561)

3,795

Cash and cash equivalents at beginning of period

50,056

^[1]

52,617

48,822

Cash and cash equivalents at end of period

44,156

^[1]

50,056

^[1]

52,617

Supplemental cash flow information:

Interest payments

3,508

3,320

2,583

Income tax payments (refunds), net

$ 20,118

$ 20,890

$ 19,480

[1]

Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Retained Earnings	Trust For Savings Restoration Plan	Foreign Currency Translation	Gain (Loss) On Derivative Financial Instruments	Pension and other post-retirement benefit adjustments
Balance at Dec. 31, 2012	$ 372,252	$ 15,195	$ 460,805	$ (1,401)	$ 131	$ 993	$ (103,471)
Balance, shares at Dec. 31, 2012		32,069,370
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	21,947		21,947
Foreign currency translation adjustment	(19,336)				(19,336)
Derivative financial instruments adjustment	(228)					(228)
Net actuarial gains (losses) and prior service costs	22,203						22,203
Amortization of prior service costs and net gains or losses	9,420						9,420
Cash dividends declared	(9,040)		(9,040)
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures		72,125
Share Based Compensation Expense, Value	2,572	$ 2,572
Issued upon exercise of stock options & other	2,874	$ 2,874
Issued upon exercise of stock options (including related income tax benefits) & other, shares		163,650
Tredegar common stock purchased by trust for savings restoration plan	0		17	(17)
Balance at Dec. 31, 2013	402,664	$ 20,641	473,729	(1,418)	(19,205)	765	(71,848)
Balance, shares at Dec. 31, 2013		32,305,145
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	36,879		36,879
Foreign currency translation adjustment	(28,065)				(28,065)
Derivative financial instruments adjustment	(109)					(109)
Net actuarial gains (losses) and prior service costs	(38,730)						(38,730)
Amortization of prior service costs and net gains or losses	6,997						6,997
Cash dividends declared	(11,007)		(11,007)
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures		85,129
Share Based Compensation Expense, Value	3,224	$ 3,224
Issued upon exercise of stock options & other	499	$ 499
Issued upon exercise of stock options (including related income tax benefits) & other, shares		31,808
Shareholder Rights Redemption Payment	(323)		(323)
Tredegar common stock purchased by trust for savings restoration plan	0		22	(22)
Balance at Dec. 31, 2014	372,029	$ 24,364	499,300	(1,440)	(47,270)	656	(103,581)
Balance, shares at Dec. 31, 2014		32,422,082
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(32,135)		(32,135)
Foreign currency translation adjustment	(65,537)				(65,537)
Derivative financial instruments adjustment	(1,029)					(1,029)
Net actuarial gains (losses) and prior service costs	(2,176)						(2,176)
Amortization of prior service costs and net gains or losses	10,218						10,218
Cash dividends declared	(13,725)		(13,725)
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures		118,440
Share Based Compensation Expense, Value	3,435	$ 3,435
Issued upon exercise of stock options & other	1,668	$ 1,668
Issued upon exercise of stock options (including related income tax benefits) & other, shares		141,640
Tredegar common stock purchased by trust for savings restoration plan	0		27	(27)
Balance at Dec. 31, 2015	$ 272,748	$ 29,467	$ 453,467	$ (1,467)	$ (112,807)	$ (373)	$ (95,539)
Balance, shares at Dec. 31, 2015		32,682,162

Consolidated Statements Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Stockholders' Equity [Abstract]
Foreign currency translation adjustment, tax (benefit)	$ (890)	$ (2,396)	$ 233
Derivative financial instruments adjustment, tax (benefit)	(550)	(112)	(133)
Net gains or losses and prior service costs, tax (benefit)	(226)	(22,445)	13,231
Amortization of prior service costs and net gains or losses, tax	$ 5,823	$ 3,582	$ 5,398
Cash dividends declared (in usd per share)	$ 0.42	$ 0.34	$ 0.28
Issued upon exercise of stock options, income tax (benefit)	$ 302	$ (3)	$ (188)

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization and Nature of Operations. Tredegar Corporation and subsidiaries (collectively “Tredegar,” “the Company,” “we,” “us” or “our”) are primarily engaged in the manufacture of polyethylene films, polyester films and aluminum extrusions. See Notes 10 and 18 regarding restructurings and Note 3 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, Tredegar sold its aluminum extrusions business in Canada. All historical results for this business have been reflected as discontinued operations in these financial statements; however, cash flows for discontinued operations have not been separately disclosed in the consolidated statements of cash flows. See Note 3 regarding discontinued operations.

The preparation of financial statements in conformity with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) requires Tredegar 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.

Tredegar has historically reported two business segments: Film Products and Aluminum Extrusions. In the third quarter of 2015, the Company divided Film Products into two separate operating segments: PE Films and Flexible Packaging Films. All historical results for PE Films and Flexible Packaging Films have been separately presented to conform with the new presentation of segments. See Note 5 regarding business segments.

Certain amounts for the prior years have been reclassified to conform to current year presentation.

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. There are no operating 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 losses of $4.0 million, $1.5 million and $0.4 million in 2015, 2014 and 2013, respectively. These amounts do not include the effects between reporting periods that exchange rate changes have on income of the 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, 2015 and 2014, Tredegar had cash and cash equivalents of $44.2 million and $50.1 million, respectively, including funds held in locations outside the U.S. of $27.7 million and $40.5 million, respectively.

The Company’s 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 an 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. Finished goods, work in process, raw materials and supplies, stores and other inventory are reviewed to determine if inventory quantities are in excess of forecasted usage or if they have become obsolete.

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 was $0.4 million, $1.1 million and $0.9 million in 2015, 2014 and 2013, respectively.

Depreciation is computed primarily by the straight-line method based on the estimated useful lives of the assets that, except for isolated exceptions, range from 5 to 40 years for buildings and land improvements and 2 to 20 years for machinery and equipment.

Investments in Private Entities with Less Than or Equal to 50% Voting Ownership Interest. The Company accounts for its investments in private entities where its voting ownership is less than or equal to 50% based on the facts and circumstances surrounding the investment. Investments are required to be accounted for under the consolidation method in situations where Tredegar is 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. The Company is deemed to have a controlling financial interest if it has (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 the Company is not deemed to be the primary beneficiary in an investment in a variable interest entity then it selects either: (i) the fair value method or (ii) either (a) the cost method if it does not have significant influence over operating and financial policies of the investee or (b) the equity method if it does have significant influence.

For those investments measured at fair value, 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. The Company assesses 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 of each year). The Company recorded a goodwill impairment charge of $44.5 million ($44.5 million after taxes) to write off the goodwill associated with Flexible Packaging Films in the third quarter of 2015. See Note 8 for additional details.

The Company estimates the fair value of its reporting units using discounted cash flow analysis and comparative enterprise value-to-EBITDA (earnings before interest, taxes, depreciation and amortization) multiples. The remaining goodwill were tested for impairment at the annual testing date, with the estimated fair value of these reporting units substantially exceeding the carrying value of its net assets.

Indefinite-lived intangible assets are assessed for impairment when events or circumstances indicate that the carrying value may not be recoverable, or, at a minimum, on an annual basis (December 1st of each year). The Company estimates the fair value of its trade names using a relief-from-royalty method that relies upon a corresponding discounted cash flow analysis. The indefinite-lived intangible assets were tested for impairment at the annual testing date, with the estimated fair value substantially exceeding the carrying value of the net assets.

Impairment of Long-Lived Assets. The Company reviews long-lived assets for possible impairment when events indicate that an impairment may exist. For assets that are held and used in operations, if events indicate that an asset may be impaired, the Company estimates 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 the 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. The Company recognizes the funded status of its pension and other postretirement plans in the accompanying consolidated balance sheets. Tredegar’s policy is to fund its pension plans at amounts not less than the minimum requirements of the Employee Retirement Income Security Act (“ERISA”) 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 17). Deferred U.S. federal income taxes have not been recorded for the undistributed earnings for Terphane Holdings, LLC (“Terphane”) because of the Company’s intent to permanently reinvest these earnings. Because of the accumulation of significant losses related to foreign currency translations at Terphane as of December 31, 2015, there were no unrecorded deferred tax liabilities associated with the U.S. federal income taxes and foreign withholding taxes on undistributed earnings indefinitely invested outside the U.S. The Company accrues U.S. federal income taxes to the extent required under U.S. GAAP on unremitted earnings of all other foreign subsidiaries.

A valuation allowance is recorded in the period when the Company determines that it is more likely than not that all or a portion of deferred tax assets may not be realized. The establishment and removal of a valuation allowance requires the Company to consider all positive and negative evidence and make a judgmental decision regarding the amount of valuation allowance required as of a reporting date. The benefit of an uncertain tax position is included in the accompanying financial statements when the Company determines 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:



	2015	2014	2013
Weighted average shares outstanding used to compute basic earnings per share	32,578,116	32,302,108	32,171,751
Incremental shares attributable to stock options and restricted stock	—	251,746	427,528
Shares used to compute diluted earnings per share	32,578,116	32,553,854	32,599,279

Incremental shares attributable to stock options and restricted stock are computed using the average market price during the related period. The Company had a net loss from continuing operations in 2015, so there is no dilutive impact for such shares. If the Company had reported net income from continuing operations in 2015, average out-of-the-money options to purchase shares that would have been excluded from the calculation of incremental shares attributable to stock options and restricted stock were 881,513. 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 were 320,849 in 2014 and 31,167 in 2013.

Stock-Based Employee Compensation Plans. Compensation expense is recorded on all share-based awards based upon its calculated fair value over the requisite service period using the graded-vesting method. 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 the closing stock price on that date.

The assumptions used in this model for valuing Tredegar stock options granted in 2014 and 2013 (no grants in 2015) are as follows:



	2014			2013
Dividend yield	1.3		%	1.1		%
Weighted average volatility percentage	43.5		%	48.3		%
Weighted average risk-free interest rate	2.0		%	1.1		%
Holding period (years):
Officers	6.0			6.0
Management	5.0			5.0
Weighted average exercise price at date of grant (also weighted average market price at date of grant):
Officers	$	22.49		$	24.84
Management	$	22.33		$	25.10

The dividend yield is the actual dividend yield on Tredegar’s common stock at the date of grant, which the Company believes is a reasonable estimate of the expected yield during the holding period. The expected volatility is based on the historical volatility of Tredegar’s common stock using a sequential period of historical data equal to the expected holding period of the option. The Company has 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 2014 and 2013 (no grants in 2015), and related estimated fair value at the date of grant, are as follows:



	2014		2013
Stock options granted (number of shares):
Officers	87,820		94,400
Management	93,656		90,300
Total	181,476		184,700
Estimated weighted average fair value of options per share at date of grant:
Officers	$	9.21	$	10.37
Management	$	7.60	$	9.65
Total estimated fair value of stock options granted (in thousands)	$	1,521	$	1,850

Additional disclosure of Tredegar stock options is included in Note 13.

Financial Instruments. Tredegar uses derivative financial instruments for the purpose of hedging aluminum price volatility and currency exchange rate exposures that exist as part of transactions associated with ongoing business operations. The Company’s 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 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 2015, 2014 and 2013.

The Company’s policy requires that it formally document all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. The Company also formally assesses (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, the Company discontinues hedge accounting prospectively.

As a policy, Tredegar does not engage in speculative or leveraged transactions, nor does it hold or issue financial instruments for trading purposes. Additional disclosure of the utilization of derivative hedging instruments is included in Note 9.

Comprehensive Income (Loss). Comprehensive income (loss) is defined as net income or loss as adjusted by other comprehensive income or loss items. 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 gain or loss adjustments, all recorded net of deferred income taxes.

The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the year ended December 31, 2015:



(In Thousands)	Foreign currency translation adjustment			Gain (loss) on derivative financial instruments			Pension and other post-retirement benefit adjustments			Total
Beginning balance, January 1, 2015	$	(47,270	)	$	656		$	(103,581	)	$	(150,195	)
Other comprehensive income (loss) before reclassifications	(65,537		)	(3,221		)	(2,176		)	(70,934		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			2,192			10,218			12,410
Net other comprehensive income (loss) - current period	(65,537		)	(1,029		)	8,042			(58,524		)
Ending balance, December 31, 2015	$	(112,807	)	$	(373	)	$	(95,539	)	$	(208,719	)

The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the year ended December 31, 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	(28,065		)	294			(38,730		)	(66,501		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			(403		)	6,997			6,594
Net other comprehensive income (loss) - current period	(28,065		)	(109		)	(31,733		)	(59,907		)
Ending balance, December 31, 2014	$	(47,270	)	$	656		$	(103,581	)	$	(150,195	)

Reclassifications of balances out of accumulated other comprehensive income (loss) into net income during 2015 are summarized as follows:



(In Thousands)	Amount reclassified from other comprehensive income (loss)			Location of gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (loss)
Gain (loss) on derivative financial instruments:
Aluminum future contracts, before taxes	$	(3,538	)	Cost of sales
Foreign currency forward contracts, before taxes	62			Cost of sales
Total, before taxes	(3,476		)
Income tax expense (benefit)	(1,284		)	Income taxes
Total, net of tax	$	(2,192	)
Amortization of pension and other post-retirement benefits:
Actuarial gain (loss) and prior service costs, before taxes	$	(16,041	)	(a)
Income tax expense (benefit)	(5,823		)	Income taxes
Total, net of tax	$	(10,218	)

(a) This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 14 for additional detail).

Reclassifications of balances out of accumulated other comprehensive income (loss) into net income during 2014 are summarized as follows:



(In Thousands)	Amount reclassified from other comprehensive income (loss)			Location of gain (loss) reclassified from accumulated other comprehensive income (loss) to net income
Gain (loss) on derivative financial instruments:
Aluminum future contracts, before taxes	$	631		Cost of sales
Foreign currency forward contracts, before taxes	16			Cost of sales
Total, before taxes	647
Income tax expense (benefit)	244			Income taxes
Total, net of tax	$	403
Amortization of pension and other post-retirement benefits:
Actuarial gain (loss) and prior service costs, before taxes	$	(10,579	)	(a)
Income tax expense (benefit)	(3,582		)	Income taxes
Total, net of tax	$	(6,997	)

(a) This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 14 for additional detail).

Reclassifications of balances out of accumulated other comprehensive income (loss) into net income during 2013 are summarized as follows:



(In Thousands)	Amount reclassified from other comprehensive income (loss)			Location of gain (loss) reclassified from accumulated other comprehensive income (loss) to net income
Gain (loss) on derivative financial instruments:
Aluminum future contracts, before taxes	$	(583	)	Cost of sales
Foreign currency forward contracts, before taxes	—
Total, before taxes	(583		)
Income tax expense (benefit)	(221		)	Income taxes
Total, net of tax	$	(362	)
Amortization of pension and other post-retirement benefits:
Actuarial gain (loss) and prior service costs, before taxes	$	(14,818	)	(a)
Income tax expense (benefit)	(5,398		)	Income taxes
Total, net of tax	$	(9,420	)

(a) This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 14 for additional detail).

Recently Issued Accounting Standards. In May 2014, the Financial Accounting Standards Board (“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. In July 2015, the FASB delayed the effective date of this revised standard to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is permitted as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that annual reporting period. The converged standard can be adopted either retrospectively or through the use of a practical expedient. The Company is assessing the impact of this new guidance.

In April 2015, the FASB issued new guidance requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that corresponding debt liability, consistent with debt discounts, rather than as a deferred charge (e.g., an asset). The new guidance did not address the presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. In August 2015, the FASB issued updated guidance that stated in the absence of authoritative guidance, debt issuance costs associated with line-of-credit arrangements could continue to be deferred and presented as an asset over the corresponding amortization period. The new guidance will be effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. The guidance requires that all prior period balance sheets be adjusted retrospectively, and early adoption is permitted. The Company expects to adopt the guidance by the first quarter of 2016. Deferred debt issuance costs associated with the Company’s Credit Agreement were $0.7 million and $1.1 million (included in “Other assets and deferred charges” in the consolidated balance sheet) at December 31, 2015 and December 31, 2014, respectively. The Company does not anticipate that this guidance will impact its consolidated balance sheet as its current debt issuance costs are associated with a revolving credit facility.

In May 2015, the FASB issued new guidance for investments measured at net asset value (“NAV”). Under the new guidance, investments measured at NAV, as a practical expedient for fair value, are excluded from the fair value hierarchy. Removing investments measured using the practical expedient from the fair value hierarchy is intended to eliminate diversity in practice that currently exists with respect to the categorization of these investments. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 for public business entities. Early adoption is permitted, including for financial statement periods that have not yet been issued. Early adoption is permitted for all entities, and the Company has chosen to early adopt this guidance on a retrospective basis. See Note 14 for additional detail.

In July 2015, the FASB issued new guidance for the measurement of inventories. Inventories within the scope of the revised guidance should be measured at the lower of cost or net realizable value. The previous guidance dictated that inventory should be measured at the lower of cost or market, with market being either replacement cost, net realizable value or net realizable value less an approximation of normal profit margin. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Subsequent measurement is unchanged for inventories measured using LIFO or the retail inventory method. The amended guidance is effective for fiscal years beginning after December 31, 2016, including the interim periods within those fiscal years. The amendments should be applied prospectively, with early adoption permitted. The Company is assessing the impact of this revised guidance.

In September 2015, the FASB issued new guidance associated with accounting for adjustments to provisional amounts recognized in a business combination. To simplify the accounting for adjustments made to provisional amounts, the updated standard requires that the acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amount is determined. The acquirer is required to also record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. An entity is also required to present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The revised guidance is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, with early adoption permitted. The amendments should be applied prospectively to adjustments to provisional amounts that occur after adoption. The Company will apply this guidance in accounting for future business combinations.

In November 2015, the FASB issued new guidance associated with the classification of deferred income tax assets and liabilities in a classified statement of financial position. Current guidance requires an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of financial position. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. Deferred tax liabilities and assets that are not related to an asset or liability for financial reporting are classified according to the expected reversal date of the temporary difference. To simplify the presentation of deferred income taxes, the amended guidance requires that deferred income tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amended guidance is effective for financial statement periods beginning after December 15, 2016, and interim periods within those periods. Early application is permitted for all entities, and the Company has chosen to early adopt this guidance on a prospective basis. See Note 17 for additional detail.

Acquisitions	12 Months Ended
Acquisitions	Dec. 31, 2015
Business Combinations [Abstract]
Acquisitions	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’ array of products and services while providing AACOA with large press capabilities and enhanced geographic sales coverage in a variety of end-use markets. All post-closing adjustments related to the purchase price for AACOA were resolved in 2013. Adjustments to the purchase price were made retrospectively as if the accounting had been completed on the acquisition date. After certain post-closing adjustments (primarily related to working capital transferred), the purchase price, net of cash acquired, was $54.1 million, which includes $0.6 million that was received from the seller in 2013. The purchase price was funded using financing secured from the Company’s existing $350 million revolving credit facility.

- 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	12 Months Ended
Discontinued Operations	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	DISCONTINUED OPERATIONS On February 12, 2008, the Company sold its aluminum extrusions business in Canada for $25.0 million. In 2014, accruals for indemnifications under the purchase agreement related to environmental matters were adjusted, resulting in income from discontinued operations of $0.9 million ($0.9 million net of tax). In 2013, an accrual of $14.0 million ($14.0 million net of tax) was made for indemnifications under the purchase agreement related to environmental matters. The historical results for this business, including any subsequent adjustments for contractual indemnifications, have been reflected as discontinued operations; however, cash flows for discontinued operations have not been separately disclosed in the consolidated statements of cash flows.

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Investments

12 Months Ended

Dec. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Investments

INVESTMENTS

In August 2007 and December 2008, Tredegar made an aggregate investment of $7.5 million in kaleo, Inc. (“kaléo”), a privately held specialty pharmaceutical company dedicated to building innovative solutions for serious and life-threatening medical conditions. The mission of kaléo is to provide products that empower patients to confidently take control of their medical conditions. The Company’s ownership interest on a fully diluted basis is approximately 19%, 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 December 31, 2015 and 2014, the estimated fair value of the Company’s investment (included in “Other assets and deferred charges” in the consolidated balance sheets) was $18.6 million and $39.1 million, respectively. In 2009, kaléo licensed exclusive rights to sanofi-aventis U.S. LLC (“Sanofi”) to commercialize an epinephrine auto-injector in the U.S. and Canada. Sanofi began manufacturing and distributing the epinephrine auto-injector, under the names Auvi-Q® in the U.S. and Allerject® in Canada, in 2013. On October 28, 2015, Sanofi announced a voluntary recall of all Auvi-Q and Allerject epinephrine injectors that were currently on the market. The Company recognized an unrealized loss on its investment in kaléo of $20.5 million ($15.7 million after taxes) in 2015 that was primarily related to the adverse impact of this product recall.

The Company recognized a net unrealized gain of $2.0 million ($1.0 million after taxes) in 2014 that primarily related to favorable 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 45% for their high degree of risk and the impact of reducing the weighted average cost of capital used to discount cash flow projections after kaléo commercialized a second product, partially offset by unfavorable adjustments in the fair value due to a reassessment of the amount and timing of estimated cash flows associated with kaléo’s commercialized products.

The Company recognized an unrealized gain of $3.4 million ($2.2 million after taxes) in 2013 related to favorable 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, partially offset by unfavorable adjustments in the fair value due to a reassessment of the amount and timing of projected receipt of royalty and milestone payments from commercial sales of kaléo’s licensed product, which launched in early 2013, and unfavorable adjustments for higher development and commercialization expenses related to its product pipeline.

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 5. Subsequent to its most recent investment (December 15, 2008), and until the next round of financing, the Company believes fair value estimates are based upon Level 3 inputs since there is no secondary market for its ownership interest. 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 their high degree of risk. If kaléo does not meet its development and commercialization milestones or there are indications that the amount or timing of its projected cash flows or related risks are unfavorable versus the most recent valuation, or a new round of financing or other significant financial transaction indicates a lower enterprise value, then the Company’s estimate of the fair value of its ownership interest in kaléo is likely to decline. Adjustments to the estimated fair value of this investment will be made in the period upon which such changes can be quantified.

In addition to the impact on valuation of the possible changes in assumptions, Level 3 inputs and projections from changes in business conditions, the fair market valuation of Tredegar’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 the Company’s interest in kaléo was 45% at both December 31, 2015 and 2014. In 2015, the weighted average cost of capital used to discount cash flow projections reflected the product risk associated with Sanofi’s voluntary recall of Auvi-Q® and Allerject® in North America. 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 December 31, 2015, the effect of a 500 basis point decrease in the weighted average cost of capital assumption would have further increased the fair value of Tredegar’s interest in kaléo by approximately $4 million, and a 500 basis point increase in the weighted average cost of capital assumption would have decreased the fair value of the Company’s interest by approximately $4 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 December 31, 2015 and 2014 and related condensed statements of operations for the last three years ended December 31, 2015, that were reported by kaléo, are provided below:



	December 31,					December 31,
(In Thousands)	2015		2014			2015			2014
Assets:					Liabilities & Equity:
Cash & short-term investments	$	91,844	$	117,589
Restricted cash	8,182		14,498		Other current liabilities	$	10,261		$	8,123
Other current assets	9,070		17,916		Other noncurrent liabilities	552			1,247
Property & equipment	8,453		10,824		Long-term debt, net (a)	142,696			146,629
Patents	2,811		2,702		Redeemable preferred stock	—			22,946
Other long-term assets (a)	92		15		Equity	(33,057		)	(15,401		)
Total assets	$	120,452	$	163,544	Total liabilities & equity	$	120,452		$	163,544



	2015			2014			2013
Revenues & Expenses:
Revenues	$	35,731		$	21,156		$	15,305
Cost of goods sold	(14,147		)	(3,801		)	—
Expenses and other, net (b)	(63,042		)	(48,447		)	(18,631		)
Income tax (expense) benefit	(481		)	8,100			1,586
Net income (loss)	$	(41,939	)	$	(22,992	)	$	(1,740	)
(a) Certain immaterial prior year balances have been reclassified to conform with current year presentation. (b) “Expenses and other, net” includes selling, general and administrative expense, research and development expense, interest expense and other income (expense), net.

The audited financial statements and accompanying footnotes of kaléo as of December 31, 2015 and 2014 and for the years ended December 31, 2015, 2014 and 2013 have been included as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the Securities and Exchange Commission.

On April 2, 2007, Tredegar invested $10.0 million in Harbinger Capital Partners Special Situations Fund, L.P. (the “Harbinger Fund”), a private investment fund that is subject to limitations on withdrawal. There is no secondary market for interests in the fund. The Company’s investment in the Harbinger Fund, which represents less than 1% of its total partnership capital, is accounted for under the cost method. Unrealized losses on the Company’s investment in the Harbinger Fund (included in “Other income (expense), net” in the consolidated statements of income) were $0.8 million ($0.4 million after taxes) and $0.4 million ($0.3 million after taxes) in 2014 and 2013, respectively (none in 2015), as a result of a reduction in the estimated fair value of the investment that is not expected to be temporary. The December 31, 2015 and 2014 carrying value in the consolidated balance sheets (included in “Other assets and deferred charges”) was $1.7 million and $1.8 million, respectively. The carrying value at December 31, 2015 reflected Tredegar’s cost basis in its investment in Harbinger, net of total withdrawal proceeds received and unrealized losses. Withdrawal proceeds were $0.1 million in 2015, $0.2 million in 2014 and $0.4 million in 2013. The timing and amount of future installments of withdrawal proceeds was not known as of December 31, 2015. There were no realized gains or losses associated with the investment in the Harbinger Fund in 2015, 2014 and 2013. Gains on the Company’s investment in the Harbinger Fund, if any, will be recognized when the amounts expected to be collected from 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 if management believes it is probable that future withdrawal proceeds will not exceed the remaining carrying value.

Tredegar has investment property in Alleghany and Bath County, 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 a sale of a portion of this investment property in 2014. The Company recorded an unrealized loss on its investment property in Alleghany and Bath County, Virginia of $1.0 million ($0.6 million after taxes) in 2013 as a result of a reduction in the estimated fair value of the investment that is not expected to be temporary. The Company’s carrying value in this investment property (included in “Other assets and deferred charges” on the consolidated balance sheets) was $2.6 million at December 31, 2015 and $2.6 million at December 31, 2014.

Business Segments

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

Tredegar has historically reported two business segments: Film Products and Aluminum Extrusions. In 2015, the Company divided Film Products into two separate reportable segments: PE Films and Flexible Packaging Films. PE Films is comprised of the following operating segments: personal care materials, surface protection films, and engineered polymer solutions; and Flexible Packaging Films is comprised of the Company’s polyester films business, Terphane, which was acquired by Film Products in October 2011. As part of its transition to a new executive leadership team, the Company’s management has decided to discontinue its efforts to integrate Terphane with its other film products operations. In separating PE Films and Flexible Packaging Films, the Company’s management believes that it will be able to more effectively manage the distinct opportunities and challenges that each of these businesses face. Therefore, the Company's business segments are now PE Films, Flexible Packaging Films and Aluminum Extrusions. All historical results for PE Films and Flexible Packaging Films have been separately presented to conform with the new presentation of segments.

Information by business segment and geographic area for the last three years is provided below. There were no accounting transactions between segments and no allocations to segments. Net sales (sales less freight) and operating profit from ongoing operations are the measures of sales and operating profit used by the chief operating decision maker (Tredegar’s President and Chief Executive Officer) for purposes of assessing performance. PE Films’ net sales to The Procter & Gamble Company (“P&G”) totaled $163.9 million in 2015, $220.8 million in 2014 and $261.9 million in 2013. 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)	2015		2014		2013
PE Films	$	385,550	$	464,339	$	495,386
Flexible Packaging Films	105,332		114,348		125,853
Aluminum Extrusions	375,457		344,346		309,482
Total net sales	866,339		923,033		930,721
Add back freight	29,838		28,793		28,625
Sales as shown in consolidated statements of income	$	896,177	$	951,826	$	959,346



Operating Profit
(In Thousands)	2015			2014			2013
PE Films:
Ongoing operations	$	48,275		$	60,971		$	61,866
Plant shutdowns, asset impairments, restructurings and other (a)	(4,180		)	(12,236		)	(671		)
Flexible Packaging Films:
Ongoing operations	5,453			(2,917		)	9,100
Plant shutdowns, asset impairments, restructurings and other (a)	(185		)	(591		)	—
Goodwill impairment	(44,465		)	—			—
Aluminum Extrusions:
Ongoing operations	30,432			25,664			18,291
Plant shutdowns, asset impairments, restructurings and other (a)	(708		)	(976		)	(2,748		)
Total	34,622			69,915			85,838
Interest income	294			588			594
Interest expense	3,502			2,713			2,870
Gain (loss) on investment accounted for under the fair value method (a)	(20,500		)	2,000			3,400
Gain on sale of investment property (a)	—			1,208			—
Unrealized loss on investment property (a)	—			—			1,018
Stock option-based compensation expense	483			1,272			1,155
Corporate expenses, net (a)	33,638			24,310			31,857
Income (loss) from continuing operations before income taxes	(23,207		)	45,416			52,932
Income taxes (a)	8,928			9,387			16,995
Income (loss) from continuing operations	(32,135		)	36,029			35,937
Income (loss) from discontinued operations (a)	—			850			(13,990		)
Net income (loss)	$	(32,135	)	$	36,879		$	21,947



Identifiable Assets
(In Thousands)	2015		2014
PE Films	$	270,236	$	283,606
Flexible Packaging Films	146,253		262,604
Aluminum Extrusions	136,935		143,328
Subtotal	553,424		689,538
General corporate (b)	25,680		49,032
Cash and cash equivalents (d)	44,156		50,056
Total	$	623,260	$	788,626



	Depreciation and Amortization						Capital Expenditures
(In Thousands)	2015		2014		2013		2015		2014		2013
PE Films	$	15,480	$	21,399	$	25,656	$	21,218	$	17,000	$	15,615
Flexible Packaging Films	9,697		9,331		9,676		3,489		21,806		49,252
Aluminum Extrusions	9,698		9,974		9,202		8,124		6,092		14,742
Subtotal	34,875		40,704		44,534		32,831		44,898		79,609
General corporate	107		114		121		—		—		52
Total	$	34,982	$	40,818	$	44,655	$	32,831	$	44,898	$	79,661

See footnotes on page 66.



Net Sales by Geographic Area (d)
(In Thousands)	2015		2014		2013
United States	$	528,881	$	542,395	$	534,346
Exports from the United States to:
Asia	75,383		72,597		82,235
Canada	45,290		47,391		46,481
Europe	9,809		10,874		6,984
Latin America	3,464		3,116		3,505
Operations outside the United States:
Brazil	89,829		97,954		109,415
The Netherlands	53,211		74,329		68,471
Hungary	32,612		39,457		43,482
China	18,919		26,109		28,702
India	8,941		8,811		7,100
Total (c)	$	866,339	$	923,033	$	930,721



	Identifiable Assets by Geographic Area (d)				Property, Plant & Equipment, Net by Geographic Area (d)
(In Thousands)	2015		2014		2015		2014
United States (b)	$	351,115	$	409,272	$	104,380	$	115,189
Operations outside the United States:
Brazil	126,478		212,186		78,845		119,066
China	34,409		23,037		27,563		14,141
The Netherlands	19,372		23,729		6,224		9,117
Hungary	14,798		13,440		8,135		5,829
India	7,252		7,874		5,234		5,575
General corporate (b)	25,680		49,032		934		1,040
Cash and cash equivalents (d)	44,156		50,056		n/a		n/a
Total	$	623,260	$	788,626	$	231,315	$	269,957



Net Sales by Product Group
(In Thousands)	2015		2014		2013
PE Films:
Personal care materials	$	287,768	$	367,451	$	401,451
Surface protection films	90,197		90,129		90,182
Engineered polymer solutions	7,585		6,759		3,753
Subtotal	385,550		464,339		495,386
Flexible Packaging Films	105,332		114,348		125,853
Aluminum Extrusions:
Nonresidential building & construction	221,363		200,707		179,437
Consumer durables	41,835		44,897		39,565
Automotive	30,250		22,272		19,919
Residential building & construction	22,737		21,470		22,055
Electrical	22,511		12,775		13,455
Distribution	18,659		15,318		13,115
Machinery & equipment	18,102		26,907		21,936
Subtotal	375,457		344,346		309,482
Total	$	866,339	$	923,033	$	930,721

See footnotes on page 66 and a reconciliation of net sales to sales as shown in the Consolidated Statements of Income on page 64.


(a)	See Notes 1, 3, 4 and 18 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items.


(b)	The balance sheets include the funded status of each of the Company’s defined benefit pension and other postretirement plans. The funded status of the Company’s defined benefit pension plan was a net liability of $93.2 million and $96.4 million as of December 31, 2015 and 2014, respectively. See Note 14 for more information on the Company’s pension and other postretirement plans.


(c)	The difference between total consolidated sales as reported in the consolidated statements of income and segment, geographic and product group net sales reported in this note is freight of $29.8 million in 2015, $28.8 million in 2014 and $28.6 million in 2013.

(d)

- 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.

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+ Details

Accounts And Other Receivables

12 Months Ended

Dec. 31, 2015

Accounts and Notes Receivable, Net [Abstract]

Accounts And Other Receivables

ACCOUNTS AND OTHER RECEIVABLES

Accounts and other receivables consist of the following:



(In Thousands)	2015		2014
Trade, less allowance for doubtful accounts and sales returns of $3,746 in 2015 and $2,610 in 2014	$	90,028	$	106,093
Other	4,189		7,248
Total	$	94,217	$	113,341

A reconciliation of the beginning and ending balances of the allowance for doubtful accounts and sales returns for the three years ended December 31, 2015 is as follows:



(In Thousands)	2015			2014			2013
Balance, beginning of year	$	2,610		$	3,327		$	3,552
Charges to expense	3,387			1,344			1,874
Recoveries	(7		)	(1,654		)	(1,760		)
Write-offs	(1,970		)	(153		)	(285		)
Foreign exchange and other	(274		)	(254		)	(54		)
Balance, end of year	$	3,746		$	2,610		$	3,327

Inventories

12 Months Ended

Dec. 31, 2015

Inventory, Net [Abstract]

Inventories

INVENTORIES

Inventories consist of the following:



(In Thousands)	2015		2014
Finished goods	$	13,935	$	17,559
Work-in-process	9,249		10,089
Raw materials	22,149		25,227
Stores, supplies and other	19,992		21,433
Total	$	65,325	$	74,308

Inventories stated on the LIFO basis amounted to $13.5 million at December 31, 2015 and $12.2 million at December 31, 2014, which were below replacement costs by $13.4 million at December 31, 2015 and $18.3 million at December 31, 2014. During 2015, 2014 and 2013, certain PE Films inventories accounted for on a LIFO basis declined, which resulted in cost of goods sold being stated at below replacement costs, by $0.4 million, $1.0 million and $0.9 million, respectively.

Goodwill And Other Intangible Assets

12 Months Ended

Dec. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill And Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

The components of goodwill and other intangibles at December 31, 2015 and 2014, and related amortization periods for continuing operations are as follows:



(In Thousands)	2015		2014		Amortization Periods
Goodwill	$	117,839	$	169,687	Not amortized
Other identifiable intangibles (a):
Customer relationships (cost basis of $23,766 in 2015 and $29,117 in 2014)	15,620		21,620		10-12 years
Proprietary technology (cost basis of $16,738 in 2015 and $18,228 in 2014)	9,037		11,824		Not more than 15 years
Trade names	10,576		11,998		Indefinite life
Total carrying value of other intangibles	35,233		45,442
Total carrying value of goodwill and other intangibles	$	153,072	$	215,129

(a) Other identifiable intangibles includes non-compete agreements which have been fully amortized. These identifiable intangible assets,

which have a cost basis of $4.2 million, were previously amortized over 2 years.

A reconciliation of the beginning and ending balance of goodwill for each of the three years in the period ended December 31, 2015 is as follows:



(In Thousands)	PE Films		Flexible Packaging Films		Aluminum Extrusions (1)		Total
Net carrying value of goodwill at January 1, 2014	$	104,161	$	54,931	$	13,696