Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2017	Oct. 26, 2017
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	Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		33,026,931

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 31,850	$ 29,511
Accounts and other receivables, net of allowance for doubtful accounts and sales returns of $3,124 in 2017 and $3,102 in 2016	126,964	97,388
Income Taxes Receivable, Current	8,260	7,518
Inventories	82,426	66,069
Prepaid expenses and other	8,354	7,738
Total current assets	257,854	208,224
Property, plant and equipment, at cost	881,139	797,630
Less accumulated depreciation	(571,062)	(536,905)
Net property, plant and equipment	310,077	260,725
Intangible Assets, Net (Including Goodwill)	188,334	151,423
Other assets and deferred charges	55,683	30,790
Total assets	811,948	651,162
Current liabilities:
Accounts payable	95,684	81,342
Accrued expenses	41,776	38,647
Total current liabilities	137,460	119,989
Long-term debt	177,000	95,000
Deferred income taxes	25,767	21,110
Other noncurrent liabilities	97,807	104,280
Total liabilities	438,034	340,379
Commitments and contingencies (Notes 1 and 12)
Shareholders’ equity:
Common stock, no par value (issued and outstanding - 33,026,931 at September 30, 2017 and 32,933,807 at December 31, 2016)	34,027	32,007
Common stock held in trust for savings restoration plan (70,884 shares at September 30, 2017 and 69,622 shares at December 31, 2016)	(1,520)	(1,497)
Foreign currency translation adjustment	(84,153)	(93,970)
Gain on derivative financial instruments	1,151	863
Pension and other post-retirement benefit adjustments	(84,373)	(90,127)
Retained earnings	508,782	463,507
Total shareholders’ equity	373,914	310,783
Total liabilities and shareholders’ equity	$ 811,948	$ 651,162

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Accounts and other receivables, allowance for doubtful accounts and sales returns	$ 3,124	$ 3,102
Common stock, no par value
Common stock, shares issued	33,026,931	32,933,807
Common stock, shares outstanding	33,026,931	32,933,807
Common Stock, Shares Held in Employee Trust, Shares	70,884	69,622

Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues and other items:
Sales	$ 247,121	$ 207,702	$ 715,494	$ 623,569
Other income (expense), net	34	388	38,055	1,481
Total revenues, net of other expenses	247,155	208,090	753,549	625,050
Costs and expenses:
Cost of goods sold	196,393	166,622	575,614	499,504
Freight	8,621	7,153	24,840	21,221
Selling, general and administrative	21,214	17,383	63,438	57,027
Research and development	4,455	4,519	14,028	14,458
Amortization of intangibles	1,658	1,019	4,550	2,965
Interest expense	1,757	886	4,579	2,918
Asset impairments and costs associated with exit and disposal activities, net of adjustments	361	1,129	653	2,355
Total	234,459	198,711	687,702	600,448
Income before income taxes	12,696	9,379	65,847	24,602
Income taxes from continuing operations	4,422	(2,669)	9,667	1,864
Net income	$ 8,274	$ 12,048	$ 56,180	$ 22,738
Basic
Basic	$ 0.25	$ 0.37	$ 1.71	$ 0.69
Diluted
Diluted	$ 0.25	$ 0.37	$ 1.70	$ 0.69
Shares used to compute earnings per share:
Basic	32,954	32,818	32,945	32,730
Diluted	32,954	32,828	32,952	32,733
Dividends per share	$ 0.11	$ 0.11	$ 0.33	$ 0.33

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	$ 251	$ (77)	$ 481	$ (307)
Net income	8,274	12,048	56,180	22,738
Other comprehensive income (loss):
Foreign currency translation adjustment	7,143	(719)	9,817	22,929
Derivative financial instruments adjustment	326	(54)	288	963
Amortization of prior service costs and net gains or losses	1,854	1,966	5,754	6,573
Other comprehensive income (loss)	9,323	1,193	15,859	30,465
Comprehensive income (loss)	17,597	13,241	72,039	53,203
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	186	(31)	162	567
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax	$ 1,057	$ 1,120	$ 3,279	$ 3,186

Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax (benefit)	$ 251	$ (77)	$ 481	$ (307)
Derivative financial instruments adjustment, tax (benefit)	186	(31)	162	567
Amortization of prior service costs and net gains or losses, tax	$ 1,057	$ 1,120	$ 3,279	$ 3,186

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income	$ 56,180	$ 22,738
Adjustments for noncash items:
Depreciation	25,072	21,004
Amortization of intangibles	4,550	2,965
Payment for Pension and Other Postretirement Benefits	(4,642)	(7,143)
Deferred income taxes	(104)	(5,122)
Accrued pension and post-retirement benefits	7,645	8,168
(Gain)/loss on investment accounted for under the fair value method	(24,800)	200
(Gain)/loss on asset impairments and divestitures	50	412
Gain (Loss) on Disposition of Assets	(412)	0
Insurance Recoveries	0	1,634
Changes in assets and liabilities, net of effects of acquisitions and divestitures:
Accounts and other receivables	(16,925)	(4,919)
Inventories	(4,220)	(5,188)
Income taxes recoverable/payable	(603)	(4,095)
Prepaid expenses and other	129	(514)
Accounts payable and accrued expenses	8,674	4,857
Other, net	2,093	2,818
Net cash provided by operating activities	53,511	34,547
Cash flows from investing activities:
Capital expenditures	(37,245)	(30,912)
Acquisition, net of cash acquired	(87,110)	0
Proceeds from the sale of assets and other	121	1,399
Net cash used in investing activities	(124,234)	(29,513)
Cash flows from financing activities:
Borrowings	173,250	61,000
Debt principal payments	(91,250)	(73,250)
Dividends paid	(10,901)	(10,834)
Payments of Debt Issuance Costs	0	(2,509)
Proceeds from exercise of stock options and other	695	1,948
Net cash provided by (used in) financing activities	71,794	(23,645)
Effect of exchange rate changes on cash	1,268	2,811
Increase (decrease) in cash and cash equivalents	2,339	(15,800)
Cash and cash equivalents at beginning of period	29,511	44,156
Cash and cash equivalents at end of period	$ 31,850	$ 28,356

Consolidated Statements Of Shareholders' Equity - 9 months ended Sep. 30, 2017 - 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.
Beginning Balance at Dec. 31, 2016	$ 310,783	$ 32,007	$ 463,507	$ (1,497)	$ (93,970)	$ 863	$ (90,127)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	56,180		56,180
Foreign currency translation adjustment (net of tax of $481)	9,817				9,817
Derivative financial instruments adjustment (net of tax of $162)	288					288
Amortization of prior service costs and net gains or losses (net of tax of $3,279)	5,754						5,754
Cash dividends declared ($0.33 per share)	(10,901)		(10,901)
Stock-based compensation expense	1,298	1,298
Issued upon exercise of stock options & other	695	695
Cumulative effect adjustment for adoption of stock-based comp accounting guidance - APIC Adjustment		27
Cumulative effect adjustment for adoption of stock-based comp accounting guidance - RE Adjustment			(27)
Tredegar common stock purchased by trust for savings restoration plan			23	(23)
Ending Balance at Sep. 30, 2017	$ 373,914	$ 34,027	$ 508,782	$ (1,520)	$ (84,153)	$ 1,151	$ (84,373)

Consolidated Statements Of Shareholders' Equity (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2017 USD ($) $ / shares
Statement of Stockholders' Equity [Abstract]
Foreign currency translation adjustment, tax (benefit)	$ 481
Derivative financial instruments adjustment, tax (benefit)	162
Amortization of prior service costs and net gains or losses, tax	$ 3,279
Cash dividends declared, per share \| $ / shares	$ 0.33

Basis Of Presentation	9 Months Ended
Basis Of Presentation	Sep. 30, 2017
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, 2017, the consolidated results of operations for the three and nine months ended September 30, 2017 and 2016, the consolidated cash flows for the nine months ended September 30, 2017 and 2016, and the consolidated changes in shareholders’ equity for the nine months ended September 30, 2017. 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 Company operates on a calendar fiscal year except for the Aluminum Extrusions segment, which operates on a 52/53-week fiscal year basis. As such, the fiscal third quarter for 2017 and 2016 for this segment references 13-week periods ended September 24, 2017 and September 25, 2016, respectively. The Company does not believe the impact of reporting the results of this segment as stated above is material to the consolidated financial results. The financial position data as of December 31, 2016 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, 2016 (“2016 Form 10-K”) but does not include all disclosures required by United States generally accepted accounting principles (“GAAP”). These financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s 2016 Form 10-K. The results of operations for the three and nine months ended September 30, 2017, are not necessarily indicative of the results to be expected for the full year. Certain prior year balances have been reclassified to conform with current year presentation (see Note 13 for additional detail).

Acquisitions

9 Months Ended

Sep. 30, 2017

Business Combinations [Abstract]

Acquisitions

On February 15, 2017, Bonnell Aluminum acquired 100% of the stock of Futura Industries Corporation (“Futura”) on a net debt-free basis for approximately $92 million (the “Initial Purchase Price”). The amount actually funded in cash at the transaction date was approximately $87.0 million (the “Initial Cash Funding”), which was the Initial Purchase Price net of preliminary closing adjustments for working capital and seller transaction-related obligations assumed and subsequently paid by Bonnell Aluminum. The acquisition, which was funded using Tredegar’s existing revolving credit facility, was treated as an asset purchase for U.S. federal income tax purposes.

Futura, headquartered in Clearfield, Utah, with a national sales presence and particular strength in the western U.S., designs and manufactures a wide range of extruded aluminum products, including branded flooring trims and TSLOTS^TM, as well as OEM (original equipment manufacturer) components for truck grills, solar panels, fitness equipment and other applications. As a result of this transaction, Futura is now a wholly-owned subsidiary of the William L. Bonnell Company, Inc. (which is a wholly-owned subsidiary of Tredegar) and operates as a division of Bonnell Aluminum, and its results of operations are included in Tredegar’s consolidated financial statements from the date of acquisition.

Under the terms of the transaction, $5 million of the Initial Cash Funding was placed in escrow (the “Earnout Escrow”) and will be returned to Bonnell Aluminum if Futura does not achieve a targeted EBITDA level (as defined in the Stock Purchase Agreement) for the last eleven months of the fiscal year ending December 2017. At the acquisition date, the Company performed a probability weighted assessment in order to determine the fair value of this contingent asset. The assessment estimated a fair value of $4.3 million, which would be returned to Bonnell Aluminum in early 2018, and accordingly, a receivable of $4.3 million (“Initial Earnout Receivable”) was recorded by Bonnell Aluminum. In the second quarter of 2017, the Company updated its valuation of this contingent asset, which resulted in a fair value of $5.0 million. The receivable was increased to $5.0 million, and $0.7 million was recognized as income in Other income (expense), net in the Consolidated Statements of Income.

The net purchase price for financial reporting purposes was set at approximately $82.9 million (the “Adjusted Net Purchase Price”), which was the Initial Cash Funding less the Initial Earnout Receivable and the net settlement of certain post-closing adjustments of $0.1 million paid to the seller during the second quarter of 2017. Adjustments to the purchase price were made retrospectively as if the accounting had been completed on the acquisition date. Based upon management’s valuation of the fair value of tangible and intangible assets acquired (net of cash acquired) and liabilities assumed, the allocation of the Adjusted Net Purchase Price is as follows:



(in Thousands)
Accounts receivable	$	6,680
Inventories	10,342
Prepaid expenses and other current assets	240
Property, plant & equipment	32,662
Identifiable intangible assets:
Customer relationships	24,000
Trade names	6,700
Trade payables & accrued expenses	(8,135		)
Total identifiable net assets	72,489
Adjusted Net Purchase Price	82,860
Goodwill	$	10,371

The goodwill and other intangible asset balances associated with this acquisition will be deductible for tax purposes on a straight-line basis over a period of approximately 15 years. For financial reporting purposes, customer relationships are being amortized over 12 years and trade names are being amortized over 13 years. Goodwill is not subject to amortization for financial reporting purposes. Customer relationships were valued using the excess earnings approach. Trade names were valued using a relief-from-royalty approach. The Company does not anticipate marketing Futura’s products under a different brand in light of its strong name recognition and competitive advantage in its target markets.

For the three and nine month periods ended September 30, 2017 (for Futura, the period from the acquisition on February 15, 2017 to September 30, 2017), Tredegar’s consolidated results of operations and its Aluminum Extrusions business segment included the following Futura results: sales of $21.2 million and $52.0 million, respectively, operating profit from ongoing operations of $2.4 million and $6.2 million, respectively, depreciation and amortization of $1.7 million and $3.6 million, respectively, and capital expenditures of $0.5 million and $1.3 million, respectively.

The following unaudited supplemental pro forma data presents Tredegar’s consolidated sales, net income and related earnings per share as if the acquisition of Futura had been consummated at the beginning of 2016, and is not necessarily indicative of the Company’s financial performance if the acquisition had actually been consummated as of that date, or of future performance. The supplemental unaudited pro forma measures for the three and nine months ended September 30, 2017 and 2016 are presented below:



Tredegar Pro Forma Results with Futura Acquisition	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In Thousands, Except Per Share Data)	2017		2016		2017		2016
Sales	$	247,121	$	228,176	$	722,505	$	681,686
Net income	$	8,274	$	13,225	$	55,835	$	25,559
Earnings per share:
Basic	$	0.25	$	0.40	$	1.69	$	0.78
Diluted	$	0.25	$	0.40	$	1.69	$	0.78

Futura’s pre-acquisition results for the period from January 1 to February 14, 2017, and therefore the pro forma information for 2017 presented above, were adversely impacted by significant disruptions to manufacturing operations and sales caused by the renovation of its anodizing line. The actual accretion to Tredegar’s diluted earnings per share from Futura since the acquisition date was four cents per share for the third quarter of 2017 and nine cents per share for the first nine months of 2017.

The Company’s pro forma net income was computed for the periods shown as: (i) the Company’s reported net income, plus (ii) Futura’s historical pre-acquisition period earnings before interest, taxes, depreciation and amortization and excluding one-time purchase accounting and transaction-related expenses, minus (iii) the pro forma pre-acquisition period depreciation and amortization for Futura under purchase accounting for the Company, minus (iv) the pro forma pre-acquisition period interest expense for the Company applied at an annual rate of 3.0% to the $87.0 million Initial Cash Funding, minus (v) the pro forma pre-acquisition period income taxes applied at a rate of 39.1% to the pro forma pre-acquisition earnings before income taxes computed from items (ii) through (iv).

Plants Shutdowns, Asset Impairments, Restructurings And Other

9 Months Ended

Sep. 30, 2017

Restructuring Charges [Abstract]

Plant Shutdowns, Asset Impairments, Restructurings And Other

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

Plant shutdowns, asset impairments, restructurings and other items in the third quarter of 2017 include:


•	Pretax charges of $0.7 million related to estimated excess costs associated with the ramp-up of new product offerings and additional expenses related to strategic capacity expansion projects by PE Films of $0.6 million and by Bonnell of $0.1 million (included in “Cost of goods sold” in the consolidated statements of income);


•	Pretax charges of $0.2 million associated with a business development project (included in “Selling, general and administrative expense” in the consolidated statements of income);


•	Pretax charges of $0.2 million associated with the consolidation of domestic PE Films’ manufacturing facilities (included in “Cost of goods sold” in the consolidated statements of income);


•	Pretax charges of $0.2 million associated with the settlement of customer claims and other costs related to the previously shutdown aluminum extrusions manufacturing facility in Kentland, Indiana; and


•	Pretax charges of $0.1 million for severance and other employee-related costs associated with restructurings in PE Films.

Plant shutdowns, asset impairments, restructurings and other items in the first nine months of 2017 include:

•

Pretax income of $11.9 million related to the settlement of an escrow arrangement established upon the acquisition of Terphane Holdings, LLC in 2011 (included in “Other income (expense), net” in the consolidated statements of income). In settling the escrow arrangement, the Company assumed the risk of the claims (and associated legal fees) against which the escrow previously secured the Company. While the ultimate amount of such claims is unknown, the Company believes that it is reasonably possible that it could be liable for some portion of these claims, and currently estimates the amount of such future claims at approximately $3.5 million;

•

Pretax charges of $3.3 million related to the acquisition of Futura, i) associated with accounting adjustments of $1.7 million made to the value of inventory sold by Aluminum Extrusions after its acquisition of Futura (included in “Cost of goods sold” in the consolidated statements of income), ii) acquisition costs of $1.5 million and, iii) integration costs of $0.1 million (included in “Selling, general and administrative expenses” in the consolidated statements of income), offset by pretax income of $0.7 million related to the fair valuation of an earnout provision (included in “Other income (expense), net” in the consolidated statements of income);


•	Pretax charges of $3.5 million related to estimated excess costs associated with the ramp-up of new product offerings and additional expenses related to strategic capacity expansion projects by PE Films of $3.0 million and by Aluminum Extrusions of $0.5 million (included in “Cost of goods sold” in the consolidated statements of income);

•

Pretax income of $0.5 million related to the explosion that occurred in the second quarter of 2016 at the aluminum extrusions manufacturing facility in Newnan, Georgia, which includes the expected recovery of excess production costs of $0.6 million incurred in 2016 for which recovery from insurance carriers was not previously considered to be reasonably assured (included in “Cost of goods sold” in the consolidated statements of income), partially offset by legal and consulting fees of $0.1 million (included in “Selling, general and administrative expenses” in the consolidated statements of income).

•

Pretax charges of $0.8 million associated with the consolidation of domestic PE Films’ manufacturing facilities, which consists of asset impairments of $0.1 million, accelerated depreciation of $0.2 million (included in “Cost of goods sold” in the consolidated statements of income) and other facility consolidation-related expenses of $0.5 million (included in “Cost of goods sold” in the consolidated statements of income), offset by pretax income of $0.1 million related to a reduction of severance and other employee-related accrued costs;


•	Pretax charges of $0.4 million related to expected future environmental costs at the aluminum extrusions manufacturing facility in Carthage, Tennessee (included in “Cost of goods sold” in the consolidated statements of income);


•	Pretax charges of $1.1 million associated with a business development project (included in “Selling, general and administrative expense” in the consolidated statements of income);


•	Pretax charges of $0.2 million associated with the settlement of customer claims and other costs related to the previously shutdown aluminum extrusions manufacturing facility in Kentland, Indiana; and


•	Pretax charges of $0.4 million for severance and other employee-related costs associated with restructurings in PE Films ($0.1 million) and Corporate ($0.3 million) (included in “Corporate expenses, net” in the net sales and operating profit by segment table).

Plant shutdowns, asset impairments, restructurings and other charges in the third quarter of 2016 include:

•

Pretax charges of $1.1 million associated with the consolidation of domestic PE Films’ manufacturing facilities, which includes severance and other employee-related costs of $0.3 million, asset impairments of $0.1 million, accelerated depreciation of $0.1 million (included in “Cost of goods sold” in the consolidated statements of income) and other facility consolidation-related expenses of $0.6 million ($0.4 million is included in “Cost of goods sold” in the consolidated statements of income);

•

Pretax income of $1.7 million related to an explosion that occurred in the second quarter of 2016 at the aluminum extrusions manufacturing facility in Newnan, Georgia, which includes the recognition of a gain of $1.9 million for a portion of the insurance recoveries approved by the insurer to begin the replacement of capital equipment, offset by the impairment of equipment damaged by the explosion of $0.3 million (net amount included in “Other income (expense), net” in the consolidated statements of income), and the reversal of an accrual for costs related to the explosion of $50,000 (included in “Selling, general and administrative expenses” in the consolidated statements of income);


•	Pretax charges of $0.3 million for severance and other employee-related costs associated with restructurings in PE Films ($0.1 million) and Corporate ($0.2 million) (included in “Corporate expenses, net” in the statement of net sales and operating profit by segment); and


•	Pretax charges of $0.3 million 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 2016 include:

•

Pretax charges of $3.6 million associated with the consolidation of domestic PE Films’ manufacturing facilities, which includes severance and other employee-related costs of $0.9 million, asset impairments of $0.4 million, accelerated depreciation of $0.4 million (included in “Cost of goods sold” in the consolidated statements of income) and other facility consolidation-related expenses of $1.9 million ($1.4 million is included in “Cost of goods sold” in the consolidated statements of income);

•

Pretax income of $1.1 million related to an explosion that occurred in the second quarter of 2016 at the aluminum extrusions manufacturing facility in Newnan, Georgia, which includes the recognition of a gain of $1.9 million for a portion of the insurance recoveries approved by the insurer to begin the replacement of capital equipment, offset by the impairment of equipment damaged by the explosion of $0.3 million (net amount included in “Other income (expense), net” in the consolidated statements of income) and other costs related to the explosion not recoverable from insurance of $0.5 million (included in “Selling, general and administrative expenses” in the consolidated statements of income);


•	Pretax charges of $0.4 million associated with a business development project (included in “Selling, general and administrative expense” in the consolidated statements of income);


•	Pretax charges of $0.3 million for severance and other employee-related costs associated with restructurings in PE Films ($0.1 million) and Corporate ($0.2 million) (included in “Corporate expenses, net” in the statements of net sales and operating profit by segment); and


•	Pretax charges of $0.3 million associated with the shutdown of the aluminum extrusions manufacturing facility in Kentland, Indiana.

Results in the first nine months of 2017 include an unrealized gain of $24.8 million ($18.2 million after taxes) compared to unrealized losses of $1.3 million ($1.0 million after taxes) and $0.2 million ($0.2 million after taxes), in the third quarter and first nine months of 2016, respectively, on the Company’s investment in kaleo, Inc. (“kaléo”), which is accounted for under the fair value method (included in “Other income (expense), net” in the consolidated statements of income). There was no change in the estimated fair value from June 30, 2017 to September 30, 2017, as appreciation in value from the discount rate for one quarter was offset by a change in the present value of projected cash flows versus prior projections. The change in the first nine months of 2017 in the estimated fair value of the Company’s holding in kaléo was based primarily on changes in projected future cash flows that are discounted at 45% for their high degree of risk. See Note 7 for additional information on investments.

A reconciliation of the beginning and ending balances of accrued expenses associated with exit and disposal activities and charges associated with asset impairments and reported as “Asset impairments and costs associated with exit and disposal activities, net of adjustments” in the consolidated statements of income for the nine months ended September 30, 2017 is as follows:



(In Thousands)	Severance (a)			Asset Impairments			Other (b)			Total
Balance at January 1, 2017	$	1,854		$	—		$	554		$	2,408
Changes in 2017:
Charges	300			50			303			653
Cash spent	(1,068		)	—			(307		)	(1,375		)
Charges against assets	—			(50		)	—			(50		)
Balance at September 30, 2017	$	1,086		$	—		$	550		$	1,636
(a) Severance primarily includes severance payments associated with the consolidation of North American PE Films manufacturing facilities. (b) Other primarily includes other shutdown-related costs associated with the shutdown and sale of the Company’s aluminum extrusions manufacturing facility in Kentland, Indiana.

In July 2015, the Company began a consolidation of its domestic production for PE Films by restructuring the operations in its manufacturing facility in Lake Zurich, Illinois. This restructuring was completed in the third quarter of 2017. Total expenses associated with the restructuring were $0.8 million in the first nine months of 2017 (included in “Cost of goods sold” in the consolidated statements of income) and the total expenses for the project since inception were $7.3 million. Cash expenditures for the restructuring were $1.4 million in the first nine months of 2017, which includes capital expenditures of $0.1 million. Total cash expenditures for the project since inception were $15.5 million, which includes $11.2 million for capital expenditures. Additional cash payments for remaining accrued costs of approximately $1 million are expected to be paid within the next 12 months.

Inventories

9 Months Ended

Sep. 30, 2017

Inventory, Net [Abstract]

Inventories

The components of inventories are as follows:



	September 30,		December 31,
(In Thousands)	2017		2016
Finished goods	$	21,442	$	16,215
Work-in-process	10,695		8,590
Raw materials	32,061		23,733
Stores, supplies and other	18,228		17,531
Total	$	82,426	$	66,069

Earnings Per Share

9 Months Ended

Sep. 30, 2017

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)	2017	2016	2017	2016
Weighted average shares outstanding used to compute basic earnings per share	32,954	32,818	32,945	32,730
Incremental dilutive shares attributable to stock options and restricted stock	—	10	7	3
Shares used to compute diluted earnings per share	32,954	32,828	32,952	32,733

Incremental shares attributable to stock options and restricted stock are computed under the treasury stock method using the average market price during the related period.

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2017

Accumulated Other Comprehensive Income (Loss) [Line Items]

Comprehensive Income (Loss) Note [Text Block]

The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the nine months ended September 30, 2017:



(In Thousands)	Foreign currency translation adjustment			Gain (loss) on derivative financial instruments			Pension and other post-retirement benefit adjustments			Total
Beginning balance, January 1, 2017	$	(93,970	)	$	863		$	(90,127	)	$	(183,234	)
Other comprehensive income (loss) before reclassifications	9,817			817			—			10,634
Amounts reclassified from accumulated other comprehensive income (loss)	—			(529		)	5,754			5,225
Net other comprehensive income (loss) - current period	9,817			288			5,754			15,859
Ending balance, September 30, 2017	$	(84,153	)	$	1,151		$	(84,373	)	$	(167,375	)

The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the nine months ended September 30, 2016:



(In Thousands)	Foreign currency translation adjustment			Gain (loss) on derivative financial instruments			Pension and other post-retirement benefit adjustments			Total
Beginning balance, January 1, 2016	$	(112,807	)	$	(373	)	$	(95,539	)	$	(208,719	)
Other comprehensive income (loss) before reclassifications	22,929			(60		)	—			22,869
Amounts reclassified from accumulated other comprehensive income (loss)	—			1,023			6,573			7,596
Net other comprehensive income (loss) - current period	22,929			963			6,573			30,465
Ending balance, September 30, 2016	$	(89,878	)	$	590		$	(88,966	)	$	(178,254	)

Reclassifications of balances out of accumulated other comprehensive income (loss) into net income (loss) for the three months ended September 30, 2017 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	$	231		Cost of sales
Foreign currency forward contracts, before taxes	15			Cost of sales
Total, before taxes	246
Income tax expense (benefit)	90			Income taxes
Total, net of tax	$	156
Amortization of pension and other post-retirement benefits:
Actuarial gain (loss) and prior service costs, before taxes	$	(2,911	)	(a)
Income tax expense (benefit)	(1,057		)	Income taxes
Total, net of tax	$	(1,854	)


(a)	This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost (see Note 9 for additional detail).

Reclassifications of balances out of accumulated other comprehensive income (loss) into net income (loss) for the nine months ended September 30, 2017 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	$	785		Cost of sales
Foreign currency forward contracts, before taxes	46			Cost of sales
Total, before taxes	831
Income tax expense (benefit)	302			Income taxes
Total, net of tax	$	529
Amortization of pension and other post-retirement benefits:
Actuarial gain (loss) and prior service costs, before taxes	$	(9,033	)	(a)
Income tax expense (benefit)	(3,279		)	Income taxes
Total, net of tax	$	(5,754	)


(a)	This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost (see Note 9 for additional detail).

Reclassifications of balances out of accumulated other comprehensive income (loss) into net income (loss) for the three months ended September 30, 2016 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	$	(160	)	Cost of sales
Foreign currency forward contracts, before taxes	15			Cost of sales
Total, before taxes	(145		)
Income tax expense (benefit)	(53		)	Income taxes
Total, net of tax	$	(92	)
Amortization of pension and other post-retirement benefits:
Actuarial gain (loss) and prior service costs, before taxes	$	(3,086	)	(a)
Income tax expense (benefit)	(1,120		)	Income taxes
Total, net of tax	$	(1,966	)


(a)	This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost (see Note 9 for additional detail).

Reclassifications of balances out of accumulated other comprehensive income (loss) into net income (loss) for the nine months ended September 30, 2016 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	$	(1,669	)	Cost of sales
Foreign currency forward contracts, before taxes	46			Cost of sales
Total, before taxes	(1,623		)
Income tax expense (benefit)	(600		)	Income taxes
Total, net of tax	$	(1,023	)
Amortization of pension and other post-retirement benefits:
Actuarial gain (loss) and prior service costs, before taxes	$	(9,759	)	(a)
Income tax expense (benefit)	(3,186		)	Income taxes
Total, net of tax	$	(6,573	)


(a)	This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost (see Note 9 for additional detail).

Cost of goods sold

The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the nine months ended September 30, 2017:



(In Thousands)	Foreign currency translation adjustment			Gain (loss) on derivative financial instruments			Pension and other post-retirement benefit adjustments			Total
Beginning balance, January 1, 2017	$	(93,970	)	$	863		$	(90,127	)	$	(183,234	)
Other comprehensive income (loss) before reclassifications	9,817			817			—			10,634
Amounts reclassified from accumulated other comprehensive income (loss)	—			(529		)	5,754			5,225
Net other comprehensive income (loss) - current period	9,817			288			5,754			15,859
Ending balance, September 30, 2017	$	(84,153	)	$	1,151		$	(84,373	)	$	(167,375	)

The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the nine months ended September 30, 2016:



(In Thousands)	Foreign currency translation adjustment			Gain (loss) on derivative financial instruments			Pension and other post-retirement benefit adjustments			Total
Beginning balance, January 1, 2016	$	(112,807	)	$	(373	)	$	(95,539	)	$	(208,719	)
Other comprehensive income (loss) before reclassifications	22,929			(60		)	—			22,869
Amounts reclassified from accumulated other comprehensive income (loss)	—			1,023			6,573			7,596
Net other comprehensive income (loss) - current period	22,929			963			6,573			30,465
Ending balance, September 30, 2016	$	(89,878	)	$	590		$	(88,966	)	$	(178,254	)

Investments

9 Months Ended

Sep. 30, 2017

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 dedicated to building innovative solutions for serious and life-threatening medical conditions. Tredegar’s ownership interest on a fully diluted basis was approximately 20% at September 30, 2017, 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.

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 sheets) was $45.0 million at September 30, 2017 and $20.2 million at December 31, 2016. An unrealized loss of $1.3 million was recognized in the third quarter of 2016. Unrealized gains of $24.8 million and an unrealized loss of $0.2 million were recognized in the first nine months of 2017 and 2016, respectively. There was no change in the estimated fair value from June 30, 2017 to September 30, 2017, as appreciation in value from the discount rate for one quarter was offset by a change in the present value of projected cash flows versus prior projections. 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 net sales and operating profit by segment table in Note 10.

The change in the estimated fair value of the Company’s holding in kaléo in the first nine months of 2017 primarily related to recent favorable operating results and projections. Kaléo’s stock is not publicly traded. In addition, kaléo has not completed a full year of operations since the re-launch of its Auvi-Q^® product during the first quarter of 2017. The valuation estimate in this situation is based on projection assumptions or Level 3 inputs that have a wide range of possible outcomes. Consequently, the present value of kaléo’s projected future cash flows is determined at a discount rate of 45% for their high degree of risk. Ultimately, the true value of the Company’s ownership interest in kaléo will be determined if and when a liquidity event occurs, and the ultimate value could be materially different from the $45.0 million estimated fair value reflected in the Company’s financial statements at September 30, 2017.

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 the Company’s interest in kaléo is sensitive to changes in the weighted average cost of capital used to discount cash flow projections. The weighted average cost of capital used in the fair market valuation of Tredegar’s interest in kaléo was 45% at both September 30, 2017 and December 31, 2016. At September 30, 2017, the effect of a 500 basis point decrease in the weighted average cost of capital assumption would have increased the fair value of the Company’s interest in kaléo by approximately $9 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 $8 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, 2017 and December 31, 2016 and condensed statements of operations for the three and nine months ended September 30, 2017 and 2016, as reported to the Company by kaléo, are provided below:



Unaudited (In Thousands)	September 30, 2017		December 31, 2016			September 30, 2017			December 31, 2016
Assets:					Liabilities & Equity:
Cash & short-term investments	$	104,753	$	102,329
Restricted cash	31		31		Current liabilities	$	85,086		$	50,134
Other current assets	39,059		15,391		Long term debt, net	138,305			143,380
Property & equipment	10,399		13,011		Other noncurrent liabilities	807			822
Other long-term assets	494		472		Equity	(69,462		)	(63,102		)
Total assets	$	154,736	$	131,234	Total liabilities & equity	$	154,736		$	131,234



	Three Months Ended September 30,						Nine Months Ended September 30,
Unaudited (In Thousands)	2017			2016			2017			2016
Revenues	$	58,822		$	17,377		$	148,761		$	29,347
Cost of goods sold, R&D and SG&A expenses before depreciation & amortization	(52,072		)	(19,046		)	(137,411		)	(50,442		)
Depreciation & amortization	(1,245		)	(1,278		)	(3,723		)	(3,477		)
Operating income (loss)	5,505			(2,947		)	7,627			(24,572		)
Gain on contract termination	—			—			—			18,075
Net interest expense and other net	(4,767		)	(4,848		)	(14,408		)	(14,535		)
Income tax benefit (expense)	(244		)	—			(734		)	(8		)
Net income (loss)	$	494		$	(7,795	)	$	(7,515	)	$	(21,040	)

The Company’s investment in the Harbinger Capital Partners Special Situations Fund, L.P. (“Harbinger Fund”) had a carrying value (included in “Other assets and deferred charges”) of $1.7 million at September 30, 2017 and December 31, 2016. The carrying value at September 30, 2017 reflected Tredegar’s cost basis in its investment in the Harbinger Fund, net of total withdrawal proceeds received and unrealized losses. No withdrawal proceeds were received in the first nine months of 2016 or 2017. The timing and amount of future installments of withdrawal proceeds, which commenced in August 2010, were not known as of September 30, 2017. 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.

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2017

Summary of Derivative Instruments [Abstract]

Derivative Financial Instruments

Tredegar 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 as part of ongoing PE Films and Flexible Packaging Films business operations. These derivative financial instruments are designated as and qualify as cash flow hedges and are recognized in the consolidated balance sheet at fair value. The fair value of derivative instruments recorded on the consolidated balance sheets are based upon Level 2 inputs. If individual derivative instruments with the same counterparty can be settled on a net basis, the Company records the corresponding derivative fair values as a net asset or net liability.

In the normal course of business, Aluminum Extrusions 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 margin exposure created from the fixing of future sales prices relative to volatile raw material (aluminum) costs, Aluminum Extrusions 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 $7.1 million (7.4 million pounds of aluminum) at September 30, 2017 and $8.0 million (9.6 million pounds of aluminum) at December 31, 2016.

The table below summarizes the location and gross amounts of aluminum futures contract fair values in the consolidated balance sheets as of September 30, 2017 and December 31, 2016:



	September 30, 2017				December 31, 2016
(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	$	792		Prepaid expenses and other	$	308
Liability derivatives: Aluminum futures contracts	Prepaid expenses and other	$	(25	)	Prepaid expenses and other	$	(37	)
Net asset (liability)		$	767			$	271

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

The Company's earnings are exposed to foreign currency exchange risk primarily through the translation of the financial statements of subsidiaries that have a functional currency other than the U.S. Dollar. On September 29, 2017, the Flexible Packaging Films business unit in Brazil (“Terphane Ltda.”) entered into 15 monthly foreign exchange average forward rate contracts to purchase Brazilian Real (“R$”) and sell U.S. Dollars covering the period from October 2017 through December 2018. These foreign currency exchange contracts have been designated and qualify as cash flow hedges of Terphane Ltda.'s forecasted sales to customers quoted or priced in U.S. Dollars over that period. By changing the currency risk associated with these U.S. Dollar sales, the derivatives have the effect of offsetting operating costs quoted or priced in Brazilian Real and decreasing the net exposure to Brazilian Real in the consolidated statements of income. The aggregate notional amount of open foreign exchange contracts at September 30, 2017 was $18.75 million (R$60.7 million). The forward rates contracted and the related market rates as of September 30, 2017 were the same, and accordingly the fair value of all 15 open forward contracts were zero at that date.

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 the Company’s foreign currency cash flow hedge contracts are major financial institutions.

The effect on net income (loss) and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for the three and nine month periods ended September 30, 2017 and 2016 is summarized in the table below:



(In Thousands)	Cash Flow Derivative Hedges
	Aluminum Futures Contracts					Foreign Currency Forwards
	Three Months Ended September 30,
	2017		2016			2017		2016
Amount of pretax gain (loss) recognized in other comprehensive income (loss)	$	757	$	(230	)	$	—	$	—
Location of gain (loss) reclassified from accumulated other comprehensive income (loss) into net income (loss) (effective portion)	Cost of sales		Cost of sales			Cost of sales		Cost of sales
Amount of pretax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (loss) (effective portion)	$	231	$	(160	)	$	15	$	15
	Aluminum Futures Contracts					Foreign Currency Forwards
	Nine Months Ended September 30,
	2017		2016			2017		2016
Amount of pre-tax gain (loss) recognized in other comprehensive income (loss)	$	1,281	$	(93	)	$	—	$	—
Location of gain (loss) reclassified from accumulated other comprehensive income (loss) into net income (loss) (effective portion)	Cost of sales		Cost of sales			Cost of sales		Cost of sales
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (loss) (effective portion)	$	785	$	(1,669	)	$	46	$	46

As of September 30, 2017, the Company expects $0.5 million of unrealized after-tax gains on derivative instruments reported in accumulated other comprehensive income (loss) to be reclassified to earnings within the next 12 months. For the three and nine month periods ended September 30, 2017 and 2016, net gains or losses realized, from previously unrealized net gains or losses on hedges that had been discontinued, were not material.

Pension And Other Post-Retirement Benefits

9 Months Ended

Sep. 30, 2017

Retirement Benefits [Abstract]

Pension And Other Post-Retirement Benefits

The Company sponsors noncontributory defined benefit (pension) plans covering certain current and former employees. The plan for salaried and hourly employees currently in effect is 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 was closed to new participants and pay for active plan participants for benefit calculations was frozen as of December 31, 2007. With the exception of plan participants at one of Tredegar’s U.S. manufacturing facilities, the plan no longer accrues benefits associated with crediting employees for service, thereby freezing future benefits under the plan.

The components of net periodic benefit cost for the 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)	2017			2016			2017			2016
Service cost	$	29		$	54		$	7		$	8
Interest cost	3,103			3,263			73			67
Expected return on plan assets	(3,743		)	(4,070		)	—			—
Amortization of prior service costs, gains or losses and net transition asset	2,996			3,135			(84		)	(49		)
Net periodic benefit cost	$	2,385		$	2,382		$	(4	)	$	26
	Pension Benefits						Other Post-Retirement Benefits
	Nine Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Service cost	$	145		$	178		$	25		$	29
Interest cost	9,431			9,993			226			236
Expected return on plan assets	(11,216		)	(12,027		)	—			—
Amortization of prior service costs, (gains) losses and net transition asset	9,241			9,903			(207		)	(144		)
Net periodic benefit cost	$	7,601		$	8,047		$	44		$	121

Pension and other post-retirement liabilities were $90.0 million and $96.0 million at September 30, 2017 and December 31, 2016, respectively ($0.6 million included in “Accrued expenses” at September 30, 2017 and December 31, 2016, with the remainder included in “Other noncurrent liabilities” in the consolidated balance sheets). The Company’s required contributions are expected to be approximately $6 million in 2017. Contributions to the pension plan during the first nine months of 2017 were $4.4 million. 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, 2016, or $0.3 million.

Segment Reporting

9 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

Segment Reporting

The Company’s business segments are PE Films, Flexible Packaging Films 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, 2017 and 2016:



	Three Months Ended September 30,						Nine Months Ended September 30,
(In Thousands)	2017			2016			2017		2016
Net Sales
PE Films	$	89,723		$	82,179		$	265,773	$	251,473
Flexible Packaging Films	26,628			27,303			79,925		80,888
Aluminum Extrusions	122,149			91,067			344,956		269,987
Total net sales	238,500			200,549			690,654		602,348
Add back freight	8,621			7,153			24,840		21,221
Sales as shown in the Consolidated Statements of Income	$	247,121		$	207,702		$	715,494	$	623,569
Operating Profit (Loss)
PE Films:
Ongoing operations	$	11,251		$	9,011		$	30,965	$	23,564
Plant shutdowns, asset impairments, restructurings and other	(919		)	(1,187		)