View Filing Data

Accounts and other receivables, net of allowance for doubtful accounts and sales returns of $3,304 in 2017 and $3,102 in 2016

^[1]

$ 36,491

$ 29,511

120,135

97,388

Income taxes recoverable

32,080

7,518

Prepaid expenses and other

86,907

66,069

8,224

7,738

Total current assets

283,837

208,224

Property, plant and equipment, at cost:

Land and land improvements

8,723

11,294

Buildings

101,271

126,064

Machinery and equipment

660,898

660,272

Total property, plant and equipment

770,892

797,630

Less accumulated depreciation

(547,801)

(536,905)

Net property, plant and equipment

223,091

260,725

Investment in kaleo

54,000

20,200

Intangible Assets, Net (Excluding Goodwill)

40,552

33,601

Deferred Tax Assets, Net, Noncurrent

128,208

117,822

16,636

584

Deferred Tax Assets, Net of Valuation Allowance, Noncurrent

46,454

53,246

Other assets

9,419

10,006

Total assets

^[1]

755,743

651,162

Current liabilities:

Accounts payable

108,391

81,342

Accrued expenses

42,433

38,647

Total current liabilities

150,824

119,989

Long-term debt

152,000

95,000

Liability, Pension and Other Postretirement and Postemployment Benefits, Noncurrent

98,837

95,370

Pension and other postretirement benefit obligations, net

2,123

21,110

Deferred Tax Liabilities, Net

(20,526)

Deferred Tax Liabilities, Gross

31,941

73,772

Other noncurrent liabilities

8,179

8,910

Total liabilities

411,963

340,379

Commitments and contingencies

Shareholders’ equity:

Issued and outstanding—33,017,422 shares in 2017 and 32,933,807 in 2016 (including restricted stock)

34,747

32,007

Common stock held in trust for savings restoration plan (71,309 shares in 2017 and 69,622 in 2016)

(1,528)

(1,497)

Accumulated other comprehensive income (loss):

Foreign currency translation adjustment

(86,178)

(93,970)

Gain (loss) on derivative financial instruments

459

863

Pension and other postretirement benefit adjustments

(90,950)

(90,127)

Retained earnings

487,230

463,507

Total shareholders’ equity

343,780

310,783

Total liabilities and shareholders’ equity

$ 755,743

$ 651,162

[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 $32.7 million and $23.8 million at December 31, 2017 and 2016, 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, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Accounts and other receivables, allowance for doubtful accounts and sales returns	$ 3,304	$ 3,102
Common stock, no par value (shares)
Common stock, shares authorized (shares)	150,000,000	150,000,000
Common stock, shares, issued (shares)	33,017,422	32,933,807
Common stock, shares, outstanding (shares)	33,017,422	32,933,807
Common stock held in trust for savings restoration plan (shares)	71,309	69,622

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

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Revenues and other:

Sales

$ 961,330

$ 828,341

$ 896,177

Nonoperating Income (Expense)

51,713

2,381

(20,113)

Total revenues, net of other expenses

1,013,043

830,722

876,064

Costs and expenses:

Selling, general and administrative

775,628

668,626

725,459

Freight

33,683

29,069

29,838

85,501

75,754

71,911

Research and development

18,287

19,122

16,173

Amortization of identifiable intangibles

6,198

3,978

4,073

Interest expense

6,170

3,806

3,502

Asset impairments and costs associated with exit and disposal activities

102,488

2,684

3,850

Income (loss) before income taxes

44,465

Total

1,027,955

803,039

899,271

(14,912)

27,683

(23,207)

^[1]

(53,163)

3,217

8,928

Net income (in usd per share)

$ 38,251

$ 24,466

$ (32,135)

Basic:

$ 1.16

$ 0.75

$ (0.99)

Diluted:

Net income (in usd per share)

$ 1.16

$ 0.75

$ (0.99)

[1]	See Notes 1, 3, 4 and 17 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items.

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 38,251	$ 24,466	$ (32,135)
Foreign currency translation adjustment:
Unrealized foreign currency translation adjustment (net of tax benefit of $371 in 2017, tax benefit of $729 in 2016 and tax benefit of $890 in 2015)	7,792	18,837	(65,537)
Derivative financial instruments adjustment	(404)	1,236	(1,029)
Pension & other postretirement benefit adjustments:
Net gains (losses) and prior service costs (net of tax benefit of $2,518 in 2017, tax benefit of $1,874 in 2016 and tax benefit of $226 in 2015)	(8,634)	(3,288)	(2,176)
Amortization of prior service costs and net gains or losses (net of tax of $4,234 in 2017, tax of $4,398 in 2016 and tax of $5,823 in 2015)	7,811	8,700	10,218
Other comprehensive income (loss)	6,565	25,485	(58,524)
Comprehensive income (loss)	$ 44,816	$ 49,951	$ (90,659)

Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	$ (371)	$ (729)	$ (890)
Derivative financial instruments adjustment, tax (benefit)	111	727	(550)
Net gains or losses and prior service costs, tax (benefit)	(2,518)	(1,874)	(226)
Amortization of prior service costs and net gains or losses, tax	$ 4,234	$ 4,398	$ 5,823

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

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Cash flows from operating activities:

Amortization of identifiable intangibles

$ 38,251

$ 24,466

$ (32,135)

Adjustments for noncash items:

Depreciation

34,079

28,494

30,909

6,198

3,978

4,073

Accrued pension and postretirement benefits

44,465

Deferred income taxes

(36,414)

(3,689)

(10,523)

10,193

11,047

12,521

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

(33,800)

(1,600)

20,500

(Gain) loss on sale of assets

101,282

1,436

403

553

(220)

(11)

Insurance Recoveries

(5,261)

(1,634)

Changes in assets and liabilities:

Accounts and other receivables

(10,566)

9,180

Income taxes recoverable/payable

(9,128)

1,127

1,137

(24,449)

(7,061)

(1,849)

Prepaid expenses and other

(784)

(1,914)

(1,256)

Accounts payable and accrued expenses

21,123

161

(2,455)

Payment for Pension and Other Postretirement Benefits

(5,829)

(8,061)

(2,709)

Other, net

2,767

2,250

2,006

Net cash provided by operating activities

88,215

48,872

74,256

Cash flows from investing activities:

Capital expenditures

(44,362)

(45,457)

(32,831)

Acquisitions, net of cash acquired

(87,110)

Proceeds from Insurance Settlement, Investing Activities

5,739

1,156

Payments of Financing Costs

(2,606)

(78)

Proceeds from the sale of assets and other

129

2,308

1,416

Net cash used in investing activities

(125,604)

(41,993)

(31,415)

Cash flows from financing activities:

Borrowings

190,750

96,750

107,000

Debt principal payments

(133,750)

(105,750)

(140,250)

Dividends paid

(14,532)

(14,456)

(13,725)

Proceeds from exercise of stock options and other

695

2,313

2,858

Net cash provided by (used) in financing activities

43,163

(23,749)

(44,195)

Effect of exchange rate changes on cash

1,206

2,225

(4,546)

Increase (decrease) in cash and cash equivalents

6,980

(14,645)

(5,900)

Cash and cash equivalents at beginning of period

29,511

^[1]

44,156

50,056

Cash and cash equivalents at end of period

36,491

^[1]

29,511

^[1]

44,156

Supplemental cash flow information:

Interest payments

5,808

3,074

3,508

Income tax payments (refunds), net

$ 9,193

$ 15,406

$ 20,118

[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, 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
Shareholder Rights Plan redemption	0	$ 0
Shares received from the sale of Falling Springs, LLC, shares		0
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	24,466		24,466
Foreign currency translation adjustment	18,837				18,837
Derivative financial instruments adjustment	1,236					1,236
Net actuarial gains (losses) and prior service costs	(3,288)						(3,288)
Amortization of prior service costs and net gains or losses	8,700						8,700
Cash dividends declared	(14,456)		(14,456)
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures		127,169
Share Based Compensation Expense, Value	1,461	$ 1,461
Issued upon exercise of stock options & other	1,079	$ 1,079
Issued upon exercise of stock options (including related income tax benefits) & other, shares		124,476
Tredegar common stock purchased by trust for savings restoration plan	0		30	(30)
Balance at Dec. 31, 2016	310,783	$ 32,007	463,507	(1,497)	(93,970)	863	(90,127)
Balance, shares at Dec. 31, 2016		32,933,807
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	38,251		38,251
Foreign currency translation adjustment	7,792				7,792
Derivative financial instruments adjustment	(404)					(404)
Net actuarial gains (losses) and prior service costs	(8,634)						(8,634)
Amortization of prior service costs and net gains or losses	7,811						7,811
Cash dividends declared	(14,532)		(14,532)
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures		49,475
Share Based Compensation Expense, Value	2,018	$ 2,018
Issued upon exercise of stock options & other	695	$ 695
Issued upon exercise of stock options (including related income tax benefits) & other, shares		34,140
Tredegar common stock purchased by trust for savings restoration plan	0		31	(31)
Balance at Dec. 31, 2017	$ 343,780	$ 34,747	$ 487,230	$ (1,528)	$ (86,178)	$ 459	$ (90,950)
Balance, shares at Dec. 31, 2017		33,017,422

Consolidated Statements Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Foreign currency translation adjustment, tax (benefit)	$ (371)	$ (729)	$ (890)
Derivative financial instruments adjustment, tax (benefit)	111	727	(550)
Net gains or losses and prior service costs, tax (benefit)	(2,518)	(1,874)	(226)
Amortization of prior service costs and net gains or losses, tax	$ 4,234	$ 4,398	$ 5,823
Cash dividends declared (in usd per share)	$ 0.44	$ 0.44	$ 0.42
Stock Issued Upon Exercise of Stock Options, Tax Effect	$ 0	$ (1,109)	$ (302)

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

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, which are reported for business segment purposes under PE Films, Flexible Packaging Films (also referred to as Terphane) and Aluminum Extrusions (also referred to as Bonnell Aluminum), respectively. More information on the Company’s business segments is provided in Note 5. See Notes 10 and 17 regarding restructurings.

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.

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

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

Fiscal Year End. The Company operates on a calendar fiscal year except the Aluminum Extrusions segment, which operates on a 52/53-week fiscal year basis. References to Aluminum Extrusions for 2017, 2016 and 2015 relate to the 52-week fiscal years ended December 24, 2017, December 26, 2016 and December 27, 2015, 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.

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 $0.8 million, $3.6 million and $4.0 million in 2017, 2016 and 2015, 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, 2017 and 2016, Tredegar had cash and cash equivalents of $36.5 million and $29.5 million, respectively, including funds held in locations outside the U.S. of $32.7 million and $23.8 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, $0.3 million and $0.4 million in 2017, 2016 and 2015, 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.

For those investments measured at fair value, 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 Identifiable 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 1st of each year). The Company’s significant operating units in PE Films include Personal Care and Surface Protection. There are three operating units in Aluminum Extrusions: Bonnell Aluminum, AACOA and Futura. Each of these reporting units has separately identifiable operating net assets (operating assets including goodwill and identifiable intangible assets net of operating liabilities).

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. Goodwill of the PE Films operating units, Personal Care and Surface Protection, in the amounts of $46.8 million and $57.3 million, respectively, was tested for impairment at the annual testing date, with the estimated fair value of these reporting units exceeding the carrying value of their net assets by approximately 15% and +100%, respectively, at December 1, 2017. The goodwill of the Aluminum Extrusions reporting unit was tested for impairment at the annual testing date. The goodwill in Aluminum Extrusions is associated with the October 2012 acquisition of AACOA, Inc. (“AACOA”) and the February 2017 acquisition of Futura Industries Corporation (“Futura”). The estimated fair value of AACOA and Futura exceeded the carrying value of their net assets by approximately 61% and 42%, respectively, at December 1, 2017. Goodwill for AACOA and Futura totaled $13.7 million and $10.4 million, respectively, at December 31, 2017.

Indefinite-lived identifiable 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.

For AACOA and Futura, the indefinite-lived identifiable intangible assets for each were tested for impairment at the annual testing date, with the estimated fair value substantially exceeding the carrying value of the net assets for each.

Based on a valuation analysis conducted in the fourth quarter of 2017, Terphane recorded an impairment of its assets. Indefinite-lived trade names for Terphane were written down by $4.0 million to $2.4 million and were assigned estimated useful lives of 5 to 13 years. Also, Terphane recorded a reduction of the carrying value of definite-lived identifiable intangible assets in the amount of $14.0 million.

Additional disclosure of Tredegar goodwill and identifiable intangible assets and the impairments recorded in 2017 are included in Note 8.

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.

During the fourth quarter of 2017, in conjunction with annual business planning as well as valuation activities (including the use of discounted cash flow and comparative enterprise value-to-EBITDA multiple methods) and other efforts, the Company determined that the carrying value of Terphane’s remaining long-lived assets were impaired. Accordingly, the Company wrote down these assets based on an enterprise valuation for all of Terphane of approximately $30 million. This write-down resulted in a non-cash asset impairment loss recognized during the fourth quarter of 2017 of $101 million ($87 million after non-cash tax benefits). See Note 17 for more information on this impairment.

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 16). Tredegar’s policy is to accrue U.S. federal income taxes to the extent required under GAAP on unremitted earnings of all foreign subsidiaries where required. However, due to changes in the taxation of dividends under the Tax Cuts and Jobs Act (the “TCJA”) enacted by the U.S. government on December 22, 2017, Tredegar will only record U.S. federal income taxes on unremitted earnings of its foreign subsidiaries where Tredegar cannot take steps to eliminate any potential tax on future distributions from its foreign subsidiaries. Prior to the second quarter of 2016, deferred U.S. federal income taxes had not been recorded for the undistributed earnings for Terphane Limitada because the Company had intended to permanently reinvest these earnings. Due to concerns about the current political and economic conditions in Brazil, Terphane Limitada began making cash distributions to the Company. During 2016, Terphane Limitada paid dividends totaling $13.3 million to the Company. Because of the accumulation of significant losses related to foreign currency translations at Terphane Limitada, there were no unrecorded deferred income tax liabilities associated with the U.S. federal income taxes and foreign withholding taxes on Terphane Limitada’s undistributed earnings as of December 31, 2017 and December 31, 2016.

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 income 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:



	2017	2016	2015
Weighted average shares outstanding used to compute basic earnings per share	32,945,961	32,761,793	32,578,116
Incremental shares attributable to stock options and restricted stock	5,327	13,279	—
Shares used to compute diluted earnings per share	32,951,288	32,775,072	32,578,116

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 in 2015, so there is no dilutive impact for such shares. If the Company had reported net income 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 397,669 in 2017 and 128,200 in 2016.

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 2017 (no grants in 2015 and 2016) were as follows:



	2017
Dividend yield	1.9		%
Weighted average volatility percentage	38.3		%
Weighted average risk-free interest rate	1.8		%
Holding period (years):
Officers	5
Management	5
Weighted average exercise price at date of grant (also weighted average market price at date of grant):
Officers	$	15.65
Management	15.65

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.

In March 2016, the FASB issued amended guidance (ASU 2016-09) to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The Company adopted the new guidance in the first quarter of 2017. Under the new guidance, excess tax benefits related to equity compensation were recognized in income tax expense (benefit) in the consolidated statements of income rather than in accumulated other comprehensive income in the consolidated balance sheets and were applied on a prospective basis. If these amounts had been included in the consolidated statements of income in previous years, net income would have been reduced by $1.1 million in 2016, and the net loss would have increased $0.3 million in 2015. Changes to the statements of cash flows related to the classification of excess tax benefits and employee taxes paid for share-based payment arrangements were implemented on a retrospective basis. In addition, the updated guidance allows the Company to make an accounting policy election to account for forfeitures as they occur. Previously, the Company was required to estimate forfeitures at the grant date, accounting for estimated forfeitures over the requisite service period.

Tredegar stock options granted during 2017 (no grants in 2015 and 2016), and related estimated fair value at the date of grant, are as follows:



	2017
Stock options granted (number of shares):
Officers	151,992
Management	57,559
Total	209,551
Estimated weighted average fair value of options per share at date of grant:
Officers	$	4.69
Management	4.69
Total estimated fair value of stock options granted (in thousands)	$	983

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

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 2017, 2016 and 2015.

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, 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	7,792			538			(8,634		)	(304		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			(942		)	7,811			6,869
Net other comprehensive income (loss) - current period	7,792			(404		)	(823		)	6,565
Ending balance, December 31, 2017	$	(86,178	)	$	459		$	(90,950	)	$	(176,669	)

The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the year ended December 31, 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	18,837			247			(3,288		)	15,796
Amounts reclassified from accumulated other comprehensive income (loss)	—			989			8,700			9,689
Net other comprehensive income (loss) - current period	18,837			1,236			5,412			25,485
Ending balance, December 31, 2016	$	(93,970	)	$	863		$	(90,127	)	$	(183,234	)

Reclassifications of balances out of accumulated other comprehensive income (loss) into net income during 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	$	1,210		Cost of goods sold
Foreign currency forward contracts, before taxes	62			Cost of goods sold
Foreign currency forward contracts, before taxes	(43		)	Selling, general and administrative
Total, before taxes	1,229
Income tax expense (benefit)	287			Income taxes
Total, net of tax	$	942
Amortization of pension and other post-retirement benefits:
Actuarial gain (loss) and prior service costs, before taxes	$	(12,045	)	(a)
Income tax expense (benefit)	(4,234		)	Income taxes
Total, net of tax	$	(7,811	)

(a) This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 13 for additional detail).

Reclassifications of balances out of accumulated other comprehensive income (loss) into net income during 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
Gain (loss) on derivative financial instruments:
Aluminum future contracts, before taxes	$	(1,630	)	Cost of goods sold
Foreign currency forward contracts, before taxes	62			Cost of goods sold
Total, before taxes	(1,568		)
Income tax expense (benefit)	(579		)	Income taxes
Total, net of tax	$	(989	)
Amortization of pension and other post-retirement benefits:
Actuarial gain (loss) and prior service costs, before taxes	$	(13,098	)	(a)
Income tax expense (benefit)	(4,398		)	Income taxes
Total, net of tax	$	(8,700	)

(a) This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 13 for additional detail).

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
Gain (loss) on derivative financial instruments:
Aluminum future contracts, before taxes	$	(3,538	)	Cost of goods sold
Foreign currency forward contracts, before taxes	62			Cost of goods sold
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 13 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 March 2016, amended guidance was issued regarding clarifying the implementation guidance on principal versus agent considerations and in April 2016, clarifying guidance was issued relating to identifying performance obligations and licensing implementation. The effective date of this revised standard is for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The converged standard can be adopted using a full retrospective method or a modified retrospective method, which applies the new guidance to contracts that are not completed at the adoption date without adjusting prior reporting periods. The Company has completed its assessment of the impact of this standard. The Company used a team to analyze the impact of the standard, and the related guidance issued, across all revenue streams and to evaluate the impact of the new standard on revenue contracts. This team reviewed current accounting policies and practices, identifying potential differences that would result from applying the requirements under the new standard. The Company will adopt this new standard in the first quarter of 2018 using the modified retrospective method of adoption, and the adoption will not have a material impact on the timing or amount of revenue recognized in the Company’s consolidated financial statements, although there will be expanded disclosures.

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 Company adopted the new guidance prospectively in the first quarter of 2017, and the adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

In January 2016, the FASB issued amended guidance associated with accounting for equity investments measured at fair value. The amended guidance requires all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee or those without a readily determinable fair value). The amended guidance also requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities and the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. The amended guidance is effective for fiscal years beginning after December 31, 2017, including the interim periods within those fiscal years. The amendments should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values (including disclosure requirements) should be applied prospectively to equity investments that exist as of the date of adoption of the update. Early adoption is permitted under limited, specific circumstances. The adoption of the amended guidance is not expected to have a material impact on the Company’s consolidated financial statements.

In February 2016, the FASB issued a revised standard on lease accounting. Lessees will need to recognize virtually all of their leases on the balance sheet, by recording a right-of-use asset and lease liability. The revised standard requires additional analysis of the components of a transaction to determine if a right-of-use asset is embedded in the transaction that needs to be treated as a lease. Substantial additional disclosures are also required by the revised standard. The revised standard is effective for fiscal years beginning after December 31, 2018, including the interim periods within those fiscal years. The revised standard should be adopted using a modified retrospective approach, with early adoption permitted. The Company has a process in place to analyze the impact of the standard, and the related guidance issued, on all leases throughout the Company. This process includes reviewing all active leases with terms greater than 12 months, which are currently being identified. The Company has also started evaluating the new requirements for tracking and cost recovery of these leases. The Company expects to complete its evaluations of the impacts of the accounting and disclosure requirements on its business processes, controls and systems by the second half of 2018.

In October 2016, the FASB issued guidance that requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings at the beginning of the period of adoption. Early adoption is permitted in the first interim period of an annual reporting period for which financial statements have not been issued. The Company has evaluated the impact of adopting this guidance and does not expect there to be a material impact on the Company’s consolidated financial statements.

In January 2017, the FASB issued guidance to assist with evaluating when a set of transferred assets and activities (collectively, the "set") is a business and provides a screen to determine when a set is not a business. Under the new guidance, when substantially all of the fair value of gross assets acquired (or disposed of) is concentrated in a single identifiable asset, or group of similar assets, the assets acquired would not represent a business. Also, to be considered a business, an acquisition would have to include an input and a substantive process that together significantly contribute to the ability to produce outputs. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and should be applied on a prospective basis to any transactions occurring within the period of adoption. Early adoption is permitted for interim or annual periods for which the financial statements have not been issued. The Company has not elected early adoption of this guidance and will apply the new guidance beginning in the first quarter of 2018.

In January 2017, the FASB issued amended guidance that eliminates the requirement to determine the fair value of individual assets and liabilities of a reporting unit to measure goodwill impairment. Under the amendments in the new guidance, goodwill impairment testing will be performed by comparing the fair value of the reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The new standard is effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. Early adoption is permitted for annual or interim goodwill impairment testing performed after January 1, 2017. The Company has not elected early adoption and does not expect any impact on the Company’s consolidated financial statements.

In March 2017, the FASB issued final guidance on the presentation of net periodic pension and postretirement benefit cost (net benefit cost). Currently, net benefit cost is reported as an employee cost within operating income. This new guidance requires the bifurcation of net periodic pension and postretirement benefit costs. Service cost will be part of operating income (and is the only piece eligible to be capitalized). All other components will be shown outside of operations. The new standard is effective for annual and interim periods in fiscal years beginning after December 15, 2017, and should be applied on a retrospective basis, except for the amendments related to capitalization of benefit cost, which should be applied on a prospective basis. The Company is currently evaluating the amended guidance but does not expect there to be an impact of adopting this guidance on the Company’s consolidated financial statements.

In August 2017, the FASB issued amended guidance on the accounting for hedging activities. The amended guidance makes more hedging strategies qualify for hedge accounting. After initial qualification, the amended guidance permits a qualitative effectiveness assessment for certain hedges instead of a quantitative test, if the company can reasonably support an expectation of effectiveness throughout the term of the hedge. The amended guidance is effective for annual and interim periods beginning after January 1, 2019, but may be adopted immediately. The adoption should be on a cumulative effect basis and applied prospectively. The Company is currently evaluating the amended guidance but does not expect there to be an impact of adopting this guidance on the Company’s consolidated financial statements.

Acquisitions

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

Acquisitions

On February 15, 2017, Bonnell Aluminum acquired 100% of the stock of 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 revolving credit facility, was treated as an asset purchase for U.S. federal income tax purposes. Tredegar expects to receive a $5 million refund in 2018 from an earnout price adjustment mechanism discussed further below.

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 because Futura did not achieve a targeted EBITDA level (as defined in the Stock Purchase Agreement) for the last eleven months of the fiscal year ended 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 the second quarter of 2017 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 identifiable 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 identifiable 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 2017, Tredegar’s consolidated results of operations and its Aluminum Extrusions business segment included the following Futura results for the 10.5 months owned: sales of $71.0 million, operating profit from ongoing operations of $8.2 million, depreciation and amortization of $5.0 million, and capital expenditures of $2.5 million.

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 years ended December 31, 2017 and 2016 are presented below:



Tredegar Pro Forma Results with Futura Acquisition
(In thousands, except per-share data)	2017		2016
Sales	$	968,340	$	904,877
Net income	$	37,974	$	27,805
Earnings per share:
Basic	$	1.15	$	0.85
Diluted	$	1.15	$	0.85

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 12 cents per share for 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).

Discontinued Operations	12 Months Ended
Discontinued Operations	Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	See Note 17 for more details on the items broken out separately in the table above.

Investments	12 Months Ended
Investments	Dec. 31, 2017
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. Tredegar owns Series A-3 Preferred Stock and Series B Preferred Stock in kaléo that, taken together, represents on a fully-diluted basis an approximate 20% interest in kaléo. Tredegar accounts for its investment in kaléo under the fair value method. At the time of the initial investment, the Company elected the fair value option of accounting since its investment objectives were similar to those of venture capitalists, which typically do not have controlling financial interests. At December 31, 2017 and 2016, the estimated fair value of the Company’s investment (also the carrying value, which is separately stated in the consolidated balance sheets) was $54.0 million and $20.2 million, respectively. The Company recognized an unrealized gain on its investment in kaléo of $33.8 million ($24.0 million after taxes) and $1.6 million ($1.2 million after taxes) in 2017 and 2016, respectively. The change in the estimated fair value of the Company’s holding in kaléo in 2017 primarily related to recent favorable operating results and projections. Kaléo’s stock is not publicly traded. In addition, kaléo had not completed a full year of operations since the re-launch of its Auvi-Q® product which occurred 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 $54.0 million estimated fair value reflected in the Company’s financial statements at December 31, 2017. The Company recognized an unrealized loss of $20.5 million ($15.7 million after taxes) in 2015 that primarily related to a voluntary recall of the epinephrine auto-injectors that were on the market which was announced on October 28, 2015 by sanofi-aventis U.S. LLC to whom kaléo had licensed exclusive rights to commercialize the epinephrine auto-injectors at that time. Kaléo relaunched the epinephrine auto-injector in the U.S. in the first quarter of 2017. 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 related to meeting cash flow projections and discounting of these factors for their high degree of risk. If kaléo does not meet 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 a wide range of possible outcomes. 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, 2017 and 2016. At December 31, 2017, 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 $11 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 $10 million. 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. There were no unrealized gains or losses on the Company’s investment in the Harbinger Fund in 2017, 2016 and 2015. The December 31, 2017 and 2016 carrying values in the consolidated balance sheets (included in “Other assets and deferred charges”) were $1.7 million and $1.7 million, respectively. The carrying value at December 31, 2017 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 (none in 2017 and 2016). The timing and amount of future installments of withdrawal proceeds was not known as of December 31, 2017. There were no realized gains or losses associated with the investment in the Harbinger Fund in 2017, 2016 and 2015. 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 counties, Virginia. In 2016, the Company recorded an unrealized loss on this investment property of $1.0 million ($0.7 million after taxes) as 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 $1.6 million at December 31, 2017 and $1.6 million at December 31, 2016.

Business Segments

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

The Company's business segments are PE Films, Flexible Packaging Films and Aluminum Extrusions. PE Films is comprised of the following operating segments: personal care materials, surface protection films, and LED lighting products. Flexible Packaging Films is comprised of the Company’s polyester films business, Terphane Holdings LLC (“Terphane”), which was acquired by Tredegar in October 2011. Aluminum Extrusions, which includes Bonnell Aluminum and its operating divisions, AACOA and Futura, produces high-quality, soft-alloy and medium-strength aluminum extrusions primarily for the following markets: building and construction, automotive, and specialty, which consists of consumer durables, machinery and equipment, electrical and distribution end-use products.

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 $122.4 million in 2017, $129.1 million in 2016 and $163.9 million in 2015. 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)	2017		2016		2015
PE Films	$	352,459	$	331,146	$	385,550
Flexible Packaging Films	108,355		108,028		105,332
Aluminum Extrusions	466,833		360,098		375,457
Total net sales	927,647		799,272		866,339
Add back freight	33,683		29,069		29,838
Sales as shown in consolidated statements of income	$	961,330	$	828,341	$	896,177



Operating Profit
(In thousands)	2017			2016			2015
PE Films:
Ongoing operations	$	41,546		$	26,312		$	48,275
Plant shutdowns, asset impairments, restructurings and other (a)	(4,905		)	(4,602		)	(4,180		)
Flexible Packaging Films:
Ongoing operations	(2,626		)	1,774			5,453
Plant shutdowns, asset impairments, restructurings and other (a)	(89,398		)	(214		)	(185		)
Goodwill impairment charge	—			—			(44,465		)
Aluminum Extrusions:
Ongoing operations	43,454			37,794			30,432
Plant shutdowns, asset impairments, restructurings and other (a)	321			(741		)	(708		)
Total	(11,608		)	60,323			34,622
Interest income	209			261			294
Interest expense	6,170			3,806			3,502
Gain (loss) on investment in kaléo accounted for under the fair value method (a)	33,800			1,600			(20,500		)
Unrealized loss on investment property (a)	—			1,032			—
Stock option-based compensation expense	264			56			483
Corporate expenses, net (a)	30,879			29,607			33,638
Income (loss) before income taxes	(14,912		)	27,683			(23,207		)
Income tax expense (benefit) (a)	(53,163		)	3,217			8,928
Net income (loss)	$	38,251		$	24,466		$	(32,135	)



Identifiable Assets
(In thousands)	2017		2016
PE Films	$	289,514	$	278,558
Flexible Packaging Films	49,915		156,836
Aluminum Extrusions	268,127		147,639
Subtotal	607,556		583,033
General corporate (b)	111,696		38,618
Cash and cash equivalents (d)	36,491		29,511
Total	$	755,743	$	651,162



	Depreciation and Amortization						Capital Expenditures
(In thousands)	2017		2016		2015		2017		2016		2015
PE Films	$	14,609	$	13,653	$	15,480	$	15,029	$	25,759	$	21,218
Flexible Packaging Films	10,443		9,505		9,697		3,619		3,391		3,489
Aluminum Extrusions	15,070		9,173		9,698		25,653		15,918		8,124
Subtotal	40,122		32,331		34,875		44,301		45,068		32,831
General corporate	155		141		107		61		389		—
Total	$	40,277	$	32,472	$	34,982	$	44,362	$	45,457	$	32,831

See footnotes following the tables.



Net Sales by Geographic Area (d)
(In thousands)	2017		2016		2015
United States	$	584,066	$	475,734	$	528,881
Exports from the United States to:
Asia	84,846		73,220		75,383
Canada	46,505		45,683		45,290
Europe	8,505		7,348		9,809
Latin America	15,199		5,561		3,464
Operations outside the United States:
Brazil	87,155		90,571		89,829
The Netherlands	54,380		54,352		53,211
Hungary	24,727		24,207		32,612
China	12,199		14,390		18,919
India	10,065		8,206		8,941
Total (c)	$	927,647	$	799,272	$	866,339



	Identifiable Assets by Geographic Area (d)				Property, Plant & Equipment, Net by Geographic Area (d)
(In thousands)	2017		2016		2017		2016
United States (b)	$	475,844	$	367,406	$	156,054	$	118,661
Operations outside the United States:
Brazil	49,536		139,163		13,396		91,553
China	28,833		29,751		23,273		23,759
Hungary	28,573		20,610		18,230		15,117
The Netherlands	17,423		19,484		6,423		5,784
India	7,347		6,619		4,628		4,670
General corporate (b)	111,696		38,618		1,087		1,181
Cash and cash equivalents (d)	36,491		29,511		n/a		n/a
Total	$	755,743	$	651,162	$	223,091	$	260,725



Net Sales by Product Group
(In thousands)	2017		2016		2015
PE Films:
Personal care materials	$	246,416	$	238,213	$	287,768
Surface protection films	99,079		84,013		90,197
LED lighting products & other films	6,964		8,920		7,585
Subtotal	352,459		331,146		385,550
Flexible Packaging Films	108,355		108,028		105,332
Aluminum Extrusions:
Nonresidential building & construction	239,713		212,863		221,363
Consumer durables	54,126		39,293		41,835
Automotive	38,261		34,700		30,250
Machinery & equipment	33,450		20,872		18,102
Distribution	30,202		20,506		18,659
Residential building & construction	40,354		20,252		22,737
Electrical	30,727		11,612		22,511
Subtotal	466,833		360,098		375,457
Total	$	927,647	$	799,272	$	866,339

See footnotes following the tables and a reconciliation of net sales to sales as shown in the Consolidated Statements of Income in the first table of this Note 5.


(a)	See Notes 1, 3, 4 and 17 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items.


(b)	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 $91.8 million and $88.6 million as of December 31, 2017 and 2016, respectively. See Note 13 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 $33.7 million in 2017, $29.1 million in 2016 and $29.8 million in 2015.

(d)

Accounts And Other Receivables

12 Months Ended

Dec. 31, 2017

Accounts and Notes Receivable, Net [Abstract]

Accounts And Other Receivables

ACCOUNTS AND OTHER RECEIVABLES

Accounts and other receivables consist of the following:



(In thousands)	2017		2016
Trade, less allowance for doubtful accounts and sales returns of $3,304 in 2017 and $3,102 in 2016	$	110,252	$	91,109
Other	9,883		6,279
Total	$	120,135	$	97,388

A reconciliation of the beginning and ending balances of the allowance for doubtful accounts and sales returns for the three years ended December 31, 2017 is as follows:



(In thousands)	2017			2016			2015
Balance, beginning of year	$	3,102		$	3,746		$	2,610
Charges to expense	2,369			1,410			3,387
Recoveries	(857		)	(32		)	(7		)
Write-offs and settlements	(1,322		)	(2,167		)	(1,970		)
Foreign exchange and other	12			145			(274		)
Balance, end of year	$	3,304		$	3,102		$	3,746

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Inventories

12 Months Ended

Dec. 31, 2017

Inventory, Net [Abstract]

Goodwill and Intangible Assets Disclosure [Abstract]

INVENTORIES

Inventories consist of the following:



(In thousands)	2017		2016
Finished goods	$	20,281	$	16,215
Work-in-process	11,958		8,590
Raw materials	35,909		23,733
Stores, supplies and other	18,759		17,531
Total	$	86,907	$	66,069

Inventories stated on the LIFO basis amounted to $21.9 million at December 31, 2017 and $16.4 million at December 31, 2016, which were below replacement costs by $15.9 million at December 31, 2017 and $15.3 million at December 31, 2016. During 2017, certain PE Films inventories accounted for on a LIFO basis declined, which resulted in cost of goods sold being stated at below current costs by $1.5 million.

Goodwill And Other Intangible Assets

12 Months Ended

Dec. 31, 2017

Goodwill And Other Intangible Assets

GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS

The components of goodwill and identifiable intangibles at December 31, 2017 and 2016, and related amortization periods for continuing operations are as follows:



(In thousands)	2017		2016		Amortization Periods
Goodwill	$	128,208	$	117,822	Not amortized
Identifiable intangible assets:^(a)
Customer relationships (cost basis of $29,647 in 2017 and $26,021 in 2016)	25,444		14,844		10-12 years
Proprietary technology (cost basis of $6,203 in 2017 and $17,366 in 2016)	1,700		7,582		Not more than 15 years
Trade names (cost basis of $13,887 in 2017 and $11,175 in 2016)	13,408		11,175		5 - 13 years^(b)
Total carrying value of identifiable intangibles	40,552		33,601
Total carrying value of goodwill and identifiable intangible assets	$	168,760	$	151,423

(a) Identifiable intangibles also includes non-compete agreements, which have been fully amortized. These identifiable intangible assets, which have a cost basis of $1.9 million, were previously amortized over 2 years.

(b) Includes $4.8 million of trade names with an indefinite life.

A reconciliation of the beginning and ending balance of goodwill for each of the two years in the period ended December 31, 2017 is as follows:



(In thousands)	PE Films			Aluminum Extrusions		Total
Net carrying value of goodwill at January 1, 2016	$	104,143		$	13,696	$	117,839
Increase (decrease) due to foreign currency translation	(17		)	—		(17		)
Net carrying value of goodwill at December 31, 2016	104,126			13,696		117,822
Acquisitions	—			10,370		10,370
Increase (decrease) due to foreign currency translation	16			—		16
Net carrying value of goodwill at December 31, 2017	$	104,142		$	24,066	$	128,208

The goodwill at PE Films is carried by the personal care division and the surface protection division in the amounts of $46.8 million and $57.3 million, respectively, as of December 31, 2017. The goodwill at Aluminum Extrusions is carried by its AACOA division and Futura division (which was acquired on February 15, 2017) in the amounts of $13.7 million and $10.4 million, respectively, as of December 31, 2017.

A reconciliation of the beginning and ending balance of identifiable intangibles for each of the two years in the period ended December 31, 2017 is as follows:



(In thousands)			Customer Relationships			Proprietary Technology			Trade Names			Total
PE Films:
	Net carrying value at January 1, 2016		$	—		$	1,073		$	—		$	1,073
		Amortization expense	—			(114		)	—			(114		)
	Net carrying value at December 31, 2016		—			959			—			959
		Amortization expense	—			(114		)	—			(114		)
	Net carrying value at December 31, 2017		$	—		$	845		$	—		$	845

Flexible Packaging Films:
	Net carrying value at January 1, 2016		$	12,380		$	6,362		$	5,776		$	24,518
		Amortization expense	(1,700		)	(1,131		)	—			(2,831		)
		Increase (decrease) due to foreign currency translation	1,404			343			599			2,346
	Net carrying value at December 31, 2016		12,084			5,574			6,375			24,033
		Amortization expense	(1,793		)	(1,161		)	—			(2,954		)
		Increase (decrease) due to foreign currency translation	(16		)	(2		)	(33		)	(51		)
		Impairment loss	(9,444		)	(4,051		)	(4,005		)	(17,500		)
	Net carrying value at December 31, 2017		$	831		$	360		$	2,337		$	3,528

Aluminum Extrusions:
	Net carrying value at January 1, 2016		$	3,240		$	1,602		$	4,800		$	9,642
		Amortization expense	(480		)	(553		)	—			(1,033		)
	Net carrying value at December 31, 2016		2,760			1,049			4,800			8,609
		Additions related to acquisition of Futura	24,000			—			6,700			30,700
		Amortization expense	(2,147		)	(554		)	(429		)	(3,130		)
	Net carrying value at December 31, 2017		$	24,613		$	495		$	11,071		$	36,179

Total net carrying value of identifiable intangibles at December 31, 2017			$	25,444		$	1,700		$	13,408		$	40,552

During the fourth quarter of 2017, in conjunction with annual business planning as well as valuation activities and other efforts, the Company determined that the carrying value of Terphane’s remaining long-lived assets were impaired (Terphane’s goodwill was written off in 2015). Accordingly, the Company wrote down these assets based on an enterprise valuation for all of Terphane of approximately $30 million. This write-down resulted in a non-cash asset impairment loss recognized during the fourth quarter of 2017 of $101 million ($87 million after non-cash tax benefits). As part of this write-down, customer relationships, proprietary technology and trade names were impaired by $9.4 million, $4.1 million and $4.0 million, respectively, reducing their values to $0.8 million, $0.4 million and $2.4 million, respectively. The remaining part of this write-down was related to property, plant and equipment. Also, Terphane’s trade names were assigned estimated useful lives of 5 to 13 years, a change from the previous designation of an indefinite life.

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



Year	Amount (In thousands)
2018	$	3,985
2019	3,585
2020	3,585
2021	3,585
2022	3,460

- Definition

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

+ References + Details

Financial Instruments

12 Months Ended

Dec. 31, 2017

Summary of Derivative Instruments [Abstract]

Financial Instruments

FINANCIAL INSTRUMENTS

Tredegar uses derivative financial instruments for the purpose of hedging margin exposure from fixed-price forward sales contracts in Aluminum Extrusions and exposure from currency volatility that exist as part of ongoing business operations (primarily in Flexible Packaging Films). 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 $8.2 million (8.0 million pounds of aluminum) at December 31, 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 derivative contract fair values (Level 2) in the consolidated balance sheets as of December 31, 2017 and 2016:



	December 31, 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	$	578		Prepaid expenses and other	$	308
Liability derivatives:
Aluminum futures contracts	Prepaid expenses and other	(16		)	Prepaid expenses and other	(37		)

Derivatives Not Designated as Hedging Instruments
Asset derivatives: Aluminum futures contracts	Prepaid expenses and other	$	—		Prepaid expenses and other	$	—
Liability derivatives: Aluminum futures contracts	Prepaid expenses and other	—			Prepaid expenses and other	—
Net asset (liability)		$	562			$	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 table below summarizes the location and gross amounts of foreign currency forward contract fair values (Level 2) in the consolidated balance sheets as of December 31, 2017 and 2016:



	December 31, 2017				December 31, 2016
(In thousands)	Balance Sheet Account	Fair Value			Balance Sheet Account	Fair Value
Derivatives Designated as Hedging Instruments
Asset derivatives: Foreign currency forward contracts	Accrued Expenses	$	—		Accrued Expenses	$	—
Liability derivatives: Foreign currency forward contracts	Accrued Expenses	(558		)	Accrued Expenses	—

Derivatives Not Designated as Hedging Instruments
Asset derivatives: Foreign currency forward contracts	Accrued Expenses	$	—		Accrued Expenses	$	—
Liability derivatives: Foreign currency forward contracts	Accrued Expenses	—			Accrued Expenses	—
Net asset (liability)		$	(558	)		$	—

The Company's earnings reported in U.S. Dollars are exposed to foreign currency translation risk 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 Limitada”) 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 as and qualify as cash flow hedges of Terphane Limitada'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 Company’s consolidated statements of income. The aggregate notional amount of open foreign exchange contracts at December 31, 2017 was $15.0 million (R$48.8 million).

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 the Company’s forward purchase commitments are major aluminum brokers and suppliers, and the counterparties to 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 Tredegar’s foreign currency forward contracts are major financial institutions.

The pretax effect on net income (loss) and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for years ended December 31, 2017, 2016, and 2015 is summarized in the tables below:



(In thousands)	Cash Flow Derivative Hedges
	Aluminum Futures Contracts
Years Ended December 31,	2017		2016			2015
Amount of pre-tax gain (loss) recognized in other comprehensive income	$	1,501	$	394		$	(5,055	)
Location of gain (loss) reclassified from accumulated other comprehensive income into net income (effective portion)	Cost of goods sold		Cost of goods sold			Cost of goods sold
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion)	$	1,210	$	(1,630	)	$	(3,538	)



(In thousands)	Cash Flow Derivative Hedges
	Foreign Currency Forward Contracts
Years Ended December 31,	2017					2016		2015
Amount of pre-tax gain (loss) recognized in other comprehensive income	$	—	$	(561	)	$	—	$	—
Location of gain (loss) reclassified from accumulated other comprehensive income into net income (effective portion)	Cost of goods sold		Selling, general & admin			Cost of goods sold		Cost of goods sold
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion)	$	62	$	(43	)	$	62	$	62

Gains and losses on the ineffective portion of derivative instruments or derivative instruments that were not designated as hedging instruments were not material in 2017, 2016 and 2015. For the years ended December 31, 2017, 2016 and 2015, unrealized net losses from hedges that were discontinued were not material. As of December 31, 2017, the Company expected $0.4 million of unrealized after-tax gains on derivative instruments reported in accumulated other comprehensive income to be reclassified to earnings within the next 12 months.

Accrued Expenses

12 Months Ended

Dec. 31, 2017

Accrued Liabilities [Abstract]

Accrued Expenses

ACCRUED EXPENSES

Accrued expenses consist of the following:



(In thousands)	2017		2016
Vacation	$	8,575	$	8,254
Incentive compensation	7,958		5,530
Payrolls, related taxes and medical and other benefits	6,034		5,519
Workers’ compensation and disabilities	3,746		3,732
Environmental liabilities (current)	3,110		2,100
Accrued utilities	2,177		2,126
Customer rebates	1,929		842
Accrued freight	1,581		1,612
Accrued severance	783		1,976
Derivative contract liability	558		—
Other	5,982		6,956
Total	$	42,433	$	38,647

A reconciliation of the beginning and ending balances of accrued expenses associated with asset impairments and costs related to exit and disposal activities for each of the three years in the period ended December 31, 2017 is as follows:



(In thousands)	Severance^(a)			Asset Impairments^(b)			Other^(c)			Total
Balance at January 1, 2015	$	246		$	—		$	201		$	447
For the year ended December 31, 2015:
Charges	2,568			403			879			3,850
Cash spend	(1,352		)	—			(675		)	(2,027		)
Charges against assets	—			(403		)	—			(403		)
Balance at December 31, 2015	1,462			—			405			1,867
For the year ended December 31, 2016:
Charges	1,535			603			546			2,684
Cash spend	(1,143		)	—			(397		)	(1,540		)
Charges against assets	—			(603		)	—			(603		)
Balance at December 31, 2016	1,854			—			554			2,408
For the year ended December 31, 2017:
Charges	589			101,595			304			102,488
Cash spend	(1,816		)	—			(382		)	(2,198		)
Charges against assets	—			(101,595		)	—			(101,595		)
Balance at December 31, 2017	$	627		$	—		$	476		$	1,103
(a) Severance primarily includes severance payments associated with the consolidation of North American PE Films manufacturing facilities. (b) Asset impairments in 2017 primarily related to the Flexible Packaging Films’ impairment of $101 million. (c) Other primarily includes other shutdown-related costs associated with the shutdown and sale of the Company’s aluminum extrusions manufacturing facility in Kentland, Indiana.

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

Debt And Credit Agreements

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Debt And Credit Agreements

DEBT AND CREDIT AGREEMENTS

On March 1, 2016, Tredegar entered into a $400 million five-year, secured revolving credit facility (“Credit Agreement”), with an option to increase that amount by $50 million. The Credit Agreement replaced the Company’s previous $350 million five-year, unsecured revolving credit facility that was due to expire on April 17, 2017. In connection with the refinancing, the Company borrowed $107 million under the Credit Agreement, which was used, together with available cash on hand, to repay all indebtedness under the previous revolving credit facility.

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



Pricing Under Credit Revolving Agreement (Basis Points)
Indebtedness-to-Adjusted EBITDA Ratio	Credit Spread Over LIBOR	Commitment Fee
> 3.5x but <= 4.0x	250	45
> 3.0x but <= 3.5x	225	40
> 2.0x but <= 3.0x	200	35
> 1.0x but <= 2.0x	175	30
<= 1.0x	150	25

At December 31, 2017, the interest cost on debt borrowed under the Credit Agreement was priced at one-month LIBOR plus the applicable credit spread of 175 basis points.

The most restrictive covenants in the Credit Agreement include:


•	Maximum indebtedness-to-adjusted EBITDA (“Leverage Ratio:) of 4.00x;


•	Minimum adjusted EBIT-to-interest expense of 2.50x; and

•

Maximum aggregate distributions to shareholders over the term of the Credit Agreement of $100 million plus, beginning with the fiscal quarter ended March 31, 2016, 50% of net income and, at a Leverage Ratio of equal to or greater than 3.00x, a limitation on such payments for the succeeding quarter at the greater of (i) $4 million and (ii) 50% of consolidated net income for the most recent fiscal quarter, and, at a Leverage Ratio of equal to or greater than 3.50x, the prevention of such payments for the succeeding quarter unless the fixed charge coverage ratio is equal to or greater than 1.20x.

The Credit Agreement is secured by substantially all of the Company’s and its domestic subsidiaries’ assets, including equity in certain material first-tier foreign subsidiaries.

At December 31, 2017, based upon the most restrictive covenant within the Credit Agreement, available credit under the Credit Agreement was approximately $248 million. Total debt due and outstanding at December 31, 2017 is summarized below:



Debt Due and Outstanding at December 31, 2017 (In thousands)
Year Due	Credit Agreement		Other		Total Debt Due
2018	$	—	$	—	$	—
2019	—		—		—
2020	—		—		—
2021	152,000		—		152,000
2022	—		—		—
Total	$	152,000	$	—	$	152,000

Tredegar believes that it was in compliance with all of its debt covenants as of December 31, 2017. Noncompliance with any of the debt covenants may have a material adverse effect on financial condition or liquidity in the event such noncompliance cannot be cured or should the Company be unable to obtain a waiver from the lenders. Renegotiation of the covenant through an amendment to the Credit Agreement may effectively cure the noncompliance, but may have an effect on financial condition or liquidity depending upon how the covenant is renegotiated.

Stock Option And Stock Award Plans

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Option And Stock Award Plans

STOCK OPTION AND STOCK AWARD PLANS

Tredegar has one equity incentive plan under which stock options may be granted to purchase a specified number of shares of common stock at a price no lower than the fair market value on the date of grant and for a term not to exceed 10 years. Employee options granted from 2012 to 2014 vested over a four-year period, with a quarter of the options granted vesting on each year on the grant date anniversary. Two stock option grants were made in 2017, with one cliff vesting after two years and the other cliff vesting after three years. No stock options were granted in 2015 and 2016. The option plan also permits the grant of stock appreciation rights (“SARs”), stock, restricted stock, stock unit awards and incentive awards. Restricted stock grants ordinarily vest three years from the date of grant based upon continued employment. Stock unit awards vest upon the achievement of certain performance targets. No SARs have been granted since 1992 and none are currently outstanding.

A summary of stock options outstanding at December 31, 2017, 2016 and 2015, and changes during those years, is presented below:



			Option Exercise Price/Share
	Number of Options		Range					Weighted Average
Outstanding at January 1, 2015	1,164,120		$	14.06	to	$	30.01	$	19.59
Granted	—		—		to	—		—
Forfeited and expired	(60,207	)	17.13		to	30.01		22.30
Exercised	(222,400	)	14.06		to	19.84		16.34
Outstanding at December 31, 2015	881,513		17.13		to	30.01		20.22
Granted	—		—		to	—		—
Forfeited and expired	(246,394	)	17.13		to	30.01		18.90
Exercised	(134,200	)	17.13		to	19.84		17.23
Outstanding at December 31, 2016	500,919		17.13		to	30.01		21.67
Granted	209,551		15.65		to	15.65		15.65
Forfeited and expired	(60,685	)	17.13		to	30.01		21.42
Exercised	(41,265	)	19.84		to	19.84		19.84
Outstanding at December 31, 2017	608,520		$	15.65	to	$	24.84	$	19.75

The following table summarizes additional information about stock options outstanding and exercisable at December 31, 2017:



					Options Outstanding at December 31, 2017						Options Exercisable at December 31, 2017
						Weighted Average			Aggregate Intrinsic Value (In thousands)					Aggregate Intrinsic Value (In thousands)
Range of Exercise Prices					Shares	Remaining Contractual Life (Years)	Exercise Price		Aggregate Intrinsic Value (In thousands)		Shares	Weighted Average Exercise Price		Aggregate Intrinsic Value (In thousands)
$	—	to	$	15.00	—	0.0	$	—	$	—	—	$	—	$	—
15.01		to	17.50		209,551	6.4	15.65		743,906		—	—		—
17.51		to	20.00		171,460	2.2	19.58		429		171,460	19.58		429
20.01		to	25.00		227,509	5.6	23.64		—		214,198	23.71		—
Total					608,520	4.9	$	19.75	$	744,335	385,658	$	21.88	$	429

During 2015, the Board of Directors approved the accelerated vesting of stock options and restricted stock for several Tredegar executives who left the Company. Compensation expense recognized in 2015 for accelerated stock option vestings (0.4 million shares) and accelerated restricted stock vestings (0.1 million shares) totaled $0.4 million and $1.0 million, respectively.

The following table summarizes additional information about unvested restricted stock outstanding at December 31, 2017, 2016 and 2015:



	Unvested Restricted Stock							Maximum Unvested Restricted Stock Units Issuable Upon Satisfaction of Certain Performance Criteria
	Number of Shares		Weighted Avg. Grant Date Fair Value/Share		Grant Date Fair Value (In thousands)			Number of Shares		Weighted Avg. Grant Date Fair Value/Share		Grant Date Fair Value (In thousands)
Outstanding at January 1, 2015	188,058		$	22.48	$	4,227		129,713		$	24.99	$	3,241
Granted	147,666		18.87		2,786			144,582		18.47		2,670
Vested	(174,145	)	20.57		(3,582		)	—		—		—
Forfeited	(29,226	)	21.42		(626		)	(107,167	)	20.78		(2,227		)
Outstanding at December 31, 2015	132,353		21.19		2,805			167,128		22.04		3,684
Granted	144,546		13.47		1,947			136,986		11.34		1,553
Vested	(52,167	)	21.56		(1,125		)	—		—		—
Forfeited	(17,377	)	18.97		(330		)	(65,685	)	20.24		(1,329		)
Outstanding at December 31, 2016	207,355		15.90		3,297			238,429		16.39		3,908
Granted	107,362		18.29		1,964			46,205		17.38		803
Vested	(50,154	)	19.72		(989		)	—		—		—
Forfeited	(57,887	)	16.16		(935		)	(112,501	)	17.73		(1,995		)
Outstanding at December 31, 2017	206,676		$	16.15	$	3,337		172,133		$	15.78	$	2,716

The total intrinsic value of stock options exercised was $0.2 million in 2017, $0.2 million in 2016 and $1.0 million in 2015. The grant-date fair value of stock option-based awards vested was $0.4 million in 2017, $0.4 million in 2016 and $1.9 million in 2015. As of December 31, 2017, there was unrecognized compensation cost of $0.6 million related to stock option-based awards and $2.2 million related to non-vested restricted stock and other stock-based awards. This cost is expected to be recognized over the remaining weighted average period of 1.65 years for stock option-based awards and 1.3 years for non-vested restricted stock and other stock-based awards.

Stock options exercisable totaled 385,658 at December 31, 2017 and 453,067 shares at December 31, 2016. Stock options available for grant totaled 1,704,554 shares at December 31, 2017.

Retirement Plans And Other Postretirement Benefits

12 Months Ended

Dec. 31, 2017

Retirement Benefits [Abstract]

Retirement Plans And Other Postretirement Benefits

RETIREMENT PLANS AND OTHER POSTRETIREMENT BENEFITS

Tredegar sponsors noncontributory defined benefit (pension) plans covering certain current and former employees. The plans for salaried and hourly employees currently in effect are based on a formula using the participant’s years of service and compensation or using the participant’s years of service and a dollar amount. The plan is closed to new participants, and pay for active participants of the plan was frozen as of December 31, 2007. As of January 31, 2018, the plan no longer accrued benefits associated with crediting employees for service, thereby freezing all future benefits under the plan.

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

The following tables reconcile the changes in benefit obligations and plan assets in 2017 and 2016, and reconcile the funded status to prepaid or accrued cost at December 31, 2017 and 2016:



	Pension Benefits						Other Post- Retirement Benefits
(In thousands)	2017			2016			2017			2016
Change in benefit obligation:
Benefit obligation, beginning of year	$	303,126		$	303,852		$	7,436		$	7,745
Service cost	194			231			33			38
Interest cost	12,575			13,323			301			337
Effect of actuarial (gains) losses related to the following:
Discount rate change	21,055			9,296			471			210
Retirement rate assumptions and mortality table adjustments	(2,145		)	(5,537		)	15			(433		)
Other	(1,921		)	(3,025		)	(245		)	(131		)
Plan participant contributions	—			—			646			634
Benefits paid	(14,761		)	(15,014		)	(953		)	(964		)
Benefit obligation, end of year	$	318,123		$	303,126		$	7,704		$	7,436
Change in plan assets:
Plan assets at fair value, beginning of year	$	214,559		$	210,642		$	—		$	—
Actual return on plan assets	21,034			11,199			—			—
Employer contributions	5,522			7,732			307			330
Plan participant contributions	—			—			646			634
Benefits paid	(14,761		)	(15,014		)	(953		)	(964		)
Plan assets at fair value, end of year	$	226,354		$	214,559		$	—		$	—
Funded status of the plans	$	(91,769	)	$	(88,567	)	$	(7,704	)	$	(7,436	)
Amounts recognized in the consolidated balance sheets:
Accrued expenses (current)	$	182		$	182		$	457		$	453
Pension and other postretirement benefit obligations, net	91,587			88,385			7,247			6,983
Net amount recognized	$	91,769		$	88,567		$	7,704		$	7,436

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



	Pension Benefits									Other Post- Retirement Benefits
(In thousands, except percentages)	2017			2016			2015			2017			2016			2015
Weighted-average assumptions used to determine benefit obligations:
Discount rate	3.72		%	4.29		%	4.55		%	3.69		%	4.24		%	4.49		%
Expected long-term return on plan assets	6.50		%	6.50		%	7.00		%	n/a			n/a			n/a
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate	4.29		%	4.55		%	4.17		%	4.24		%	4.49		%	4.11		%
Expected long-term return on plan assets	6.50		%	7.00		%	7.50		%	n/a			n/a			n/a
Components of net periodic benefit cost:
Service cost	$	194		$	231		$	530		$	33		$	38		$	44
Interest cost	12,575			13,323			13,217			301			337			325
Expected return on plan assets	(14,955		)	(15,980		)	(17,636		)	—			—			—
Amortization of prior service costs and gains or losses	12,320			13,312			16,190			(275		)	(214		)	(194		)
Settlement/curtailment	—			—			45			—			—			—
Net periodic benefit cost	$	10,134		$	10,886		$	12,346		$	59		$	161		$	175

Net benefit income or cost is determined using assumptions at the beginning of each year. Funded status is determined using assumptions at the end of each year. The amount of the accumulated benefit obligation is the same as the projected benefit obligation. At December 31, 2017, the effect of a 1% change in the health care cost trend rate assumptions would not impact the post-retirement obligation.

Expected benefit payments for continuing operations over the next five years and in the aggregate for 2023-2027 are as follows:



(In thousands)	Pension Benefits		Other Post- Retirement Benefits
2018	$	16,378	$	457
2019	16,916		461
2020	17,403		462
2021	17,762		466
2022	18,075		469
2023—2027	92,799		2,299

Amounts recorded in 2017, 2016 and 2015 in accumulated other comprehensive income, before related deferred income taxes, consist of:



	Pension						Other Post-Retirement
(In thousands)	2017		2016		2015		2017			2016			2015
Prior service cost (benefit)	$	5	$	10	$	18	$	—		$	—		$	—
Net actuarial (gain) loss	144,377		145,782		153,570		(1,238		)	(1,756		)	(1,616		)

Pension expense is expected to be $10.2 million in 2018. The amounts in accumulated other comprehensive income, before related deferred income taxes, that are expected to be recognized as components of net periodic benefit or cost during 2018 are as follows:



(In thousands)	Pension		Other Post- Retirement
Prior service cost (benefit)	$	5	$	—
Net actuarial (gain) loss	13,706		(218		)

The percentage composition of assets held by pension plans for continuing operations at December 31, 2017, 2016 and 2015 are as follows:



	% Composition of Plan Assets at December 31,
	2017		2016		2015
Pension plans related to continuing operations:
Fixed income securities	7.7	%	8.0	%	12.8	%
Large/mid-capitalization equity securities	19.0		14.7		13.8
Small-capitalization equity securities	6.4		5.3		4.0
International and emerging market equity securities	15.1		11.5		10.9
Total equity securities	40.5		31.5		28.7
Private equity and hedge funds	44.6		48.4		52.4
Other assets	7.2		12.1		6.1
Total for continuing operations	100.0	%	100.0	%	100.0	%

Tredegar’s targeted allocation percentage for pension plan assets and the expected long-term rate of return on assets used to determine its benefit obligation at December 31, 2017, are as follows:



	Target % Composition of Plan Assets *		Expected Long-term Return %
Pension plans related to continuing operations:
Fixed income securities	12.0	%	2.1	%
Large/mid-capitalization equity securities	19.0		8.3
Small-capitalization equity securities	6.0		9.6
International and emerging market equity securities	15.0		8.6
Total equity securities	40.0		8.6
Private equity and hedge funds	48.0		5.9
Total for continuing operations	100.0	%	6.5	%
* Target percentages for the composition of plan assets represents a neutral position within the approved range of allocations for such assets.

Expected long-term returns are estimated by asset class and generally are based on inflation-adjusted historical returns, volatilities, risk premiums and managed asset premiums. The portfolio of fixed income securities is structured with maturities that generally match estimated benefit payments over the next 1-2 years. The other assets category is primarily comprised of cash and contracts with insurance companies. The Company’s primary investment objective is to maximize total return with a strong emphasis on the preservation of capital, and it believes that over the long-term a diversified portfolio of fixed income securities, equity securities, hedge funds and private equity funds has a better risk-return profile than fixed income securities alone. The average remaining duration of benefit payments for the pension plans is about 11.3 years. The Company expects its required contributions to be approximately $5.3 million in 2018.

Estimates of the fair value of assets held by the Company’s pension plan are provided by unaffiliated third parties. Investments in private equity and hedge funds and certain fixed income securities by the Company’s pension plan are measured at NAV, which is a practical expedient for measuring fair value. These assets are therefore excluded from the fair value hierarchy for each of the years presented. At December 31, 2017 and 2016, the pension plan assets are categorized by level within the fair value measurement hierarchy as follows:



(In thousands)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Balances at December 31, 2017
Large/mid-capitalization equity securities	$	42,920	$	42,920	$	—	$	—
Small-capitalization equity securities	14,477		14,477		—		—
International and emerging market equity securities	34,153		16,409		17,744		—
Fixed income securities	17,513		5,374		12,139		—
Other assets	5,822		5,822		—		—
Total plan assets at fair value	$	114,885	$	85,002	$	29,883	$	—
Private equity and hedge funds	100,974
Contracts with insurance companies	10,495
Total plan assets, December 31, 2017	$	226,354
Balances at December 31, 2016
Large/mid-capitalization equity securities	$	31,549	$	31,549	$	—	$	—
Small-capitalization equity securities	11,389		11,389		—		—
International and emerging market equity securities	24,710		11,410		13,300		—
Fixed income securities	17,213		4,441		12,772		—
Other assets	15,853		15,853		—		—
Total plan assets at fair value	$	100,714	$	74,642	$	26,072	$	—
Private equity and hedge funds	103,686
Contracts with insurance companies	10,158
Total plan assets, December 31, 2016	$	214,558

Tredegar also has a non-qualified supplemental pension plan covering certain employees. Effective December 31, 2005, further participation in this plan was terminated and benefit accruals for existing participants were frozen. The plan was designed to restore all or a part of the pension benefits that would have been payable to designated participants from the principal pension plans if it were not for limitations imposed by income tax regulations. The projected benefit obligation relating to this unfunded plan was $2.2 million at December 31, 2017 and $2.2 million at December 31, 2016. Pension expense recognized for this plan was $0.1 million in 2017, $0.1 million in 2016 and $0.1 million in 2015. This information has been included in the preceding pension benefit tables.

Approximately 70 employees at the Company’s film products manufacturing facility in Kerkrade, The Netherlands are covered by a collective bargaining agreement that includes participation in a multi-employer pension plan. Pension expense recognized for participation in this plan, which is equal to required contributions, was $0.4 million in 2017, $0.4 million in 2016 and $0.4 million in 2015. This information has been excluded from the preceding pension benefit tables.

Savings Plan

12 Months Ended

Dec. 31, 2017

Savings Plan [Abstract]

Savings Plan

SAVINGS PLAN

Tredegar has a savings plan that allows eligible employees to voluntarily contribute a percentage of their compensation, up to Internal Revenue Service (“IRS”) limitations. The provisions of the savings plan provided the following benefits for salaried and certain hourly employees:


•	The Company makes matching contributions to the savings plan of $1 for every $1 an employee contributes per pay period up to a maximum of 5% of eligible compensation.


•	The savings plan includes immediate vesting of matching contributions and automatic enrollment at 3% of eligible compensation unless the employee opts out or elects a different percentage.

The Company also has a non-qualified plan that restores matching benefits for employees suspended from the savings plan due to certain limitations imposed by income tax regulations (“restoration plan”). Charges recognized for these plans were $3.5 million in 2017, $3.2 million in 2016 and $3.0 million in 2015. The Company’s liability under the restoration plan was $1.3 million at December 31, 2017 (consisting of 65,548 phantom shares of common stock) and $1.6 million at December 31, 2016 (consisting of 67,013 phantom shares of common stock) and valued at the closing market price on those dates.

The Tredegar Corporation Benefits Plan Trust (the “Trust”) purchased 7,200 shares of the Company’s common stock in 1998 for $0.2 million and 46,671 shares of its common stock in 1997 for $1.0 million, as a partial hedge against the phantom shares held in the restoration plan. There have been no shares purchased since 1998 except for re-invested dividends. The cost of the shares held by the Trust is shown as a reduction to shareholders’ equity in the consolidated balance sheets.

Rental Expense And Contractual Commitments

12 Months Ended

Dec. 31, 2017

Leases, Operating [Abstract]

Rental Expense And Contractual Commitments

RENTAL EXPENSE AND CONTRACTUAL COMMITMENTS

Rental expense for continuing operations was $4.4 million in 2017, $2.9 million in 2016 and $3.6 million in 2015. Rental commitments under all noncancellable leases (including $0.1 million for capital leases) for continuing operations as of December 31, 2017, are as follows:



(In thousands)
2018	$	3,657
2019	3,532
2020	3,314
2021	2,826
2022	1,991
Remainder	3,109
Total minimum lease payments	$	18,429

Contractual obligations for plant construction and purchases of real property and equipment amounted to $4.6 million at December 31, 2017.

Income Taxes

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The TCJA makes broad and complex changes to the U.S. tax code, including, but not limited to: (i) reducing the U.S. federal corporate income tax rate from 35 percent to 21 percent; (ii) requiring companies to pay a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries; (iii) generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries; (iv) creating new taxes on certain foreign earnings; (v) eliminating certain deductions; and (vi) providing the option to full expensing of qualified property.

The SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the TCJA. SAB 118 provides a measurement period that should not extend beyond one year from the TCJA enactment date for companies to complete the accounting under Accounting Standards Codification No. 740 (“ASC 740”). In accordance with SAB 118, a company must reflect the income tax effects of a company’s accounting for those tax effects of the TCJA for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain tax effects of the TCJA is incomplete, but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a reasonable estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax law that were in effect immediately before the enactment of the TCJA.

The TCJA is complex and its impact may materially differ from the Company’s estimates, due to, among other things, changes in the Company’s assumptions, implementation guidance that may be issued from the IRS and related interpretations and clarifications of tax law relevant for the completion of the Company’s 2017 tax return filings. The Company expects to complete its assessment of these items during 2018, and any adjustments to the provisional amounts initially recorded, will be included as an adjustment to income tax expense or benefit in the period the amounts are determined, in accordance with SAB 118.

Item (i) above has been completed and resulted in a non-cash deferred income tax benefit in the fourth quarter of 2017 of $3.9 million to adjust applicable deferred income tax assets and liabilities for the change in the U.S. federal corporate income tax rate. Income tax accruals on U.S. income in future periods will apply the new 21% rate. While item (ii) has not been completed, the Company has not accrued any deemed repatriation taxes on unrepatriated earnings of its foreign subsidiaries, since its preliminary assessment indicates that such foreign subsidiaries have no net cumulative unremitted earnings due to historical repatriation. The remaining TCJA summary items (iii through vi) relate to 2018 and beyond.

The application of the new Global Intangible Low Taxed Income (“GILTI”) tax rules to the Company, which is part of item (iv), is not complete. The rules are complex, and under GAAP the Company is allowed to make a policy choice of either: (a) treating taxes due on future U.S. inclusions in taxable income related to GILTI as current period expense when incurred (the “period cost method”), or (b) factoring such amounts into a company’s measurement of its deferred income taxes (the “deferred method”). The selection of an accounting policy with respect to the new GILTI tax rules will depend, in part, on the Company’s analysis of its global income to determine whether it expects to have future U.S. inclusions in taxable income related to GILTI, and, if so, what the impact is expected to be. Consequently, the Company has not been able to complete this analysis at this time and is not able to reasonably estimate the effect of this provision of the TCJA. Accordingly, the Company has not made any adjustments related to potential GILTI tax in its financial statements and has not made a policy decision regarding whether to record deferred income taxes on GILTI.

Income (loss) before income taxes and income tax expense (benefit) are as follows:



(In thousands)	2017			2016			2015
Income (loss) before income taxes:
Domestic	$	67,549		$	26,284		$	(9,116	)
Foreign	(82,461		)	1,399			(14,091		)
Total	$	(14,912	)	$	27,683		$	(23,207	)
Current income tax expense (benefit):
Federal	$	(20,560	)	$	4,302		$	12,693
State	800			(709		)	973
Foreign	3,247			3,255			6,064
Total	(16,513		)	6,848			19,730
Deferred income tax expense (benefit):
Federal	(23,302		)	(2,505		)	(9,419		)
State	(949		)	1,396			(1,035		)
Foreign	(12,399		)	(2,522		)	(348		)
Total	(36,650		)	(3,631		)	(10,802		)
Total income tax expense (benefit)	$	(53,163	)	$	3,217		$	8,928

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



	2017					2016					2015
(In thousands, except percentages)	Amount			%		Amount			%		Amount			%
Income tax expense (benefit) at federal statutory rate	$	(5,219	)	35.0		$	9,689		35.0		$	(8,122	)	35.0
Worthless stock deductions	(61,413		)	411.9		—			—		—			—
Impact of U.S. Tax Cuts and Jobs Act	(4,433		)	29.7		—			—		—			—
Settlement of Terphane acquisition escrow	(4,200		)	28.2		—			—		—			—
Increase in value of kaléo investment held abroad	(2,326		)	15.6		(197		)	(0.7	)	2,523			(10.9	)
Tax contingency accruals and tax settlements	(420		)	2.8		104			0.4		716			(3.1	)
Research and development tax credit	(375		)	2.5		(550		)	(2.0	)	(350		)	1.5
Brazilian tax incentive	—			—		—			—		(120		)	0.5
Unremitted earnings from foreign operations	—			—		(256		)	(0.9	)	(502		)	2.2
Domestic Production Activities Deduction	—			—		(735		)	(2.7	)	(840		)	3.6
Remitted earnings from foreign operations	—			—		(6,574		)	(23.7	)	(18		)	0.1
Valuation allowance for capital loss carryforwards	83			(0.6	)	267			1.0		(311		)	1.3
Non-deductible goodwill and asset impairment loss	228			(1.5	)	13			—		15,798			(68.1	)
Changes in estimates related to prior year tax provision	320			(2.1	)	330			1.2		489			(2.1	)
Non-deductible expenses	633			(4.2	)	396			1.4		448			(1.9	)
State taxes, net of federal income tax benefit	656			(4.4	)	647			2.3		(67		)	0.3
Foreign rate differences	2,546			(17.1	)	499			1.8		(719		)	3.1
Valuation allowance due to foreign losses and impairments	20,757			(139.3	)	(416		)	(1.5	)	3			—
Income tax expense (benefit) at effective income tax rate	$	(53,163	)	356.5		$	3,217		11.6		$	8,928		(38.5	)

During 2017, the Company completed a plan to liquidate for tax purposes one of its domestic subsidiaries, which allowed it to claim an income tax benefit on the write-off of the stock basis of Terphane, Inc. (Terphane’s U.S. affiliate) on its 2017 U.S. federal income tax return. The Company recorded an income tax benefit during the second quarter of 2017 of $8.1 million related to this worthless stock deduction, net of valuation allowances and accrual for uncertain tax positions. Also, during the fourth quarter of 2017, as a result of valuation activities and other efforts, the Company claimed an ordinary loss for U.S. federal and state income tax purposes of $153 million for the write-off of the stock basis of Terphane Limitada (Terphane’s Brazilian entity). The full tax benefit accrued for the Terphane Limitada worthless stock deduction at the 35% U.S. corporate income tax rate applicable for 2017 was approximately $54 million. This benefit was reduced by $4.8 million in conjunction with the TCJA for the portion of the deduction that is expected to be applied to income generated after 2017 where the new U.S. federal corporate income tax rate of 21% is applicable. The significant foreign rate difference for 2017 is primarily due to the difference between Hungary’s income tax rate of 9% and the U.S. federal corporate income tax rate of 35%.

Tredegar accrues U.S. federal income taxes on unremitted earnings of all foreign subsidiaries where required. However, due to changes in the taxation of dividends under TCJA, Tredegar will only record U.S. federal income taxes on unremitted earnings of its foreign subsidiaries where Tredegar cannot take steps to eliminate any potential tax on future distributions from its foreign subsidiaries. Prior to the second quarter of 2016, deferred U.S. federal income taxes had not been recorded for the undistributed earnings for Terphane Limitada. because the Company had intended to permanently reinvest these earnings. Due to concerns about the political and economic conditions in Brazil, Terphane Limitada began making cash distributions to the Company in 2016. During the second quarter of 2016, Terphane Limitada paid a dividend of $10.7 million to the Company. During the second quarter of 2017, the Company recognized a net tax benefit of $0.4 million associated with additional U.S. tax related to this repatriation of cash from Brazil offset by the reversal of related tax contingencies. Because of the accumulation of significant losses related to foreign currency translations at Terphane Limitada, there were no deferred income tax liabilities associated with the U.S. federal income taxes and foreign withholding taxes on Terphane Limitada’s undistributed earnings as of and December 31, 2017 and 2016.

Income taxes in 2016 included the recognition of an additional valuation allowance of $0.3 million related to expected limitations on the utilization of assumed capital losses on certain investments. In 2016, the difference between the federal statutory rate and the effective tax rate is primarily driven by the $6.4 million tax benefit from excess foreign tax credits related to the repatriation of cash from Brazil discussed above.

The Brazilian federal statutory income tax rate is a composite of 34.0% (25.0% of income tax and 9.0% of social contribution on income). Terphane’s manufacturing facility in Brazil is the beneficiary of certain income tax incentives that allow for a reduction in the statutory Brazilian federal income tax rate levied on the operating profit of its products. These incentives produce a current tax rate of 15.25% for Terphane (6.25% of income tax and 9.0% social contribution on income). The incentives have been granted for a 10-year period, which has a commencement date of January 1, 2015 and will expire at the end of 2024. The benefit from the tax incentives was immaterial in 2017, 2016 and 2015.

Deferred income tax liabilities and deferred income tax assets at December 31, 2017 and 2016, are as follows:



(In thousands)	2017			2016
Deferred income tax liabilities:
Amortization of goodwill and identifiable intangibles	$	22,739		$	43,546
Depreciation	—			24,178
Foreign currency translation gain adjustment	433			1,424
Excess of carrying value over tax basis of investment in kaléo	8,602			4,131
Derivative financial instruments	167			493
Total deferred income tax liabilities	31,941			73,772
Deferred income tax assets:
Depreciation	4,917			—
Pensions	19,626			30,733
Employee benefits	6,842			10,262
Excess capital losses	4,695			11,726
Inventory	2,884			3,622
Asset write-offs, divestitures and environmental accruals	1,754			2,515
Tax benefit on U.S. federal, state and foreign NOL and credit carryforwards	33,384			4,921
Timing adjustment for unrecognized tax benefits on uncertain tax positions, including portion relating to interest and penalties	184			395
Allowance for doubtful accounts	406			198
Other	261			1,568
Deferred income tax assets before valuation allowance	74,953			65,940
Less: Valuation allowance	28,499			12,694
Total deferred income tax assets	46,454			53,246
Net deferred income tax (assets) liabilities	$	(14,513	)	$	20,526
Amounts recognized in the consolidated balance sheets:
Deferred income tax assets (noncurrent)	$	16,636		$	584
Deferred income tax liabilities (noncurrent)	2,123			21,110
Net deferred income tax assets (liabilities)	$	14,513		$	(20,526	)

Except as noted below, the Company believes that it is more likely than not that future taxable income will exceed future tax-deductible amounts thereby resulting in the realization of deferred income tax assets. The Company has estimated gross federal, state and foreign tax credits and net operating loss carryforwards of $33.4 million and $4.9 million at December 31, 2017 and 2016, respectively. The U.S. federal tax credits will expire in between 2026 and 2037. The U.S. federal net operating loss carryforwards will expire in 2037. The majority of the foreign net operating loss carryforwards do not expire. The U.S. state carryforwards expire at different points over the next 10 to 20 years. Valuation allowances of $8.5 million, $1.5 million and $1.5 million at December 31, 2017, 2016 and 2015, respectively, are recorded against the tax benefit on U.S. federal, state and foreign tax credits and net operating loss carryforwards generated by certain foreign and domestic subsidiaries that may not be recoverable in the carryforward period. The valuation allowance for excess capital losses from investments and other related items was $4.4 million, $11.2 million and $10.9 million at December 31, 2017, 2016 and 2015. The current year balance decreased primarily due to the expiration of a portion of the capital loss carryforwards and the enacted reduction in the U.S. federal corporate income tax rate. The amount of the deferred income tax asset considered realizable, however, could be adjusted in the near term if estimates of the fair value of certain investments during the carryforward period change. Tredegar continues to evaluate opportunities to utilize capital loss carryforwards prior to their expiration at various dates in the future. As circumstances and events warrant, allowances will be reversed when it is more likely than not that future taxable income will exceed deductible amounts, thereby resulting in the realization of deferred income tax assets. The valuation allowance for asset impairments in foreign jurisdictions where the Company believes it is more likely than not that the deferred income tax asset will not be realized was $15.6 million at December 31, 2017 and $0.9 million at December 31, 2015 (none in 2016).

A reconciliation of the Company’s unrecognized uncertain tax positions since January 1, 2015, is shown below:



	Years Ended December 31,
(In thousands)	2017			2016			2015
Balance at beginning of period	$	3,315		$	4,049		$	3,255
Increase (decrease) due to tax positions taken in:
Current period	27			1,151			518
Prior period	(532		)	43			326
Increase (decrease) due to settlements with taxing authorities	(51		)	(1,706		)	—
Reductions due to lapse of statute of limitations	(797		)	(222		)	(50		)
Balance at end of period	$	1,962		$	3,315		$	4,049

Additional information related to unrecognized uncertain tax positions since January 1, 2015 is summarized below:



	Years Ended December 31,
(In thousands)	2017			2016			2015
Gross unrecognized tax benefits on uncertain tax positions (reflected in current income tax and other noncurrent liability accounts in the balance sheet)	$	1,962		$	3,315		$	4,049
Deferred income tax assets related to unrecognized tax benefits on uncertain tax positions (reflected in deferred income tax accounts in the balance sheet)	(153		)	(345		)	(858		)
Net unrecognized tax benefits on uncertain tax positions, which would impact the effective tax rate if recognized	1,809			2,970			3,191
Interest and penalties accrued on deductions taken relating to uncertain tax positions (approximately $(1), $(262) and $90 reflected in income tax expense in the income statement in 2017, 2016 and 2015, respectively, with the balance shown in current income tax and other noncurrent liability accounts in the balance sheet)	136			135			397
Related deferred income tax assets recognized on interest and penalties	(32		)	(49		)	(148		)
Interest and penalties accrued on uncertain tax positions net of related deferred income tax benefits, which would impact the effective tax rate if recognized	104			86			249
Total net unrecognized tax benefits on uncertain tax positions reflected in the balance sheet, which would impact the effective tax rate if recognized	$	1,913		$	3,056		$	3,440

Tredegar, or one of its subsidiaries, files income tax returns in the U.S. federal jurisdiction, various states and jurisdictions outside the U.S. With few exceptions, Tredegar is no longer subject to U.S. federal, state or non-U.S. income tax examinations by tax authorities for years before 2014. The Company anticipates that it is reasonably possible that Federal and state income tax audits or statutes may settle or close within the next 12 months, which could result in the recognition of up to approximately $0.8 million of the balance of unrecognized tax positions, including any payments that may be made.

Losses Associated With Plant Shutdowns, Asset Impairments And Restructurings, Unusual Items, Gains From Sale Of Assets And Other Items

12 Months Ended

Dec. 31, 2017

Restructuring and Related Activities [Abstract]

Losses Associated With Plant Shutdowns, Asset Impairments And Restructurings, Unusual Items, Gains From Sale Of Assets And Other Items

LOSSES ASSOCIATED WITH PLANT SHUTDOWNS, ASSET IMPAIRMENTS AND RESTRUCTURINGS, UNUSUAL ITEMS, GAINS FROM SALE OF ASSETS AND OTHER ITEMS

Losses associated with plant shutdowns, asset impairments, restructurings and other charges in 2017 (as shown in the segment operating profit table in Note 5) totaled $94.0 million ($79.2 million after taxes), and unless otherwise noted below, are also included in “Asset impairments and costs associated with exit and disposal activities” in the consolidated statements of income. Results in 2017 included:

•

A fourth quarter charge of $101.3 million ($87.2 million after taxes) related to the impairment of assets at Flexible Packaging Films. During the fourth quarter of 2017, in conjunction with annual business planning as well as valuation activities and other efforts, the Company determined that the carrying value of Terphane’s remaining long-lived assets were impaired (Terphane’s goodwill was written off in 2015). Accordingly, the Company wrote down these assets based on an enterprise valuation for all of Terphane of approximately $30 million;

•

Second quarter income of $11.9 million ($11.9 million after taxes) 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;

•

First quarter charges of $3.3 million ($2.0 million after taxes) 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 in the second quarter by pretax income of $0.7 million ($0.5 million after taxes) related to the fair valuation of an earnout provision (included in “Other income (expense), net” in the consolidated statements of income);

•

Quarterly charges 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 $1.4 million ($1.3 million after taxes), $0.9 million ($0.8 million after taxes), $0.6 million ($0.5 million after taxes) and $0.6 million ($0.6 million after taxes) for the first, second, third and fourth quarter, respectively, and by Aluminum Extrusions of $0.3 million ($0.2 million after taxes), $0.1 million (less than $0.1 million after taxes) and $0.1 million (less than $0.1 million after taxes) for the first, second, and third quarters, respectively (included in “Cost of goods sold” in the consolidated statements of income);

•

A third quarter charge of $0.2 million ($0.1 million after taxes) associated with the consolidation of domestic PE Films’ manufacturing facilities for other facility consolidation-related expenses, a second quarter charge of $0.3 million ($0.2 million after taxes), which includes 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 $0.2 million ($0.1 million is included in “Cost of goods sold” in the consolidated statements of income), offset by a reversal of severance and other employee-related costs of $0.3 million ($0.2 million after taxes) and a first quarter charge of $0.7 million ($0.4 million after taxes), which includes severance and other employee-related costs of $0.2 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 $0.3 million ($0.2 million is included in “Cost of goods sold” in the consolidated statements of income);

•

Fourth quarter net gain of $5.1 million ($3.2 million after taxes), related to the 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 on the involuntary conversion of an asset of $5.3 million for insurance proceeds used for the replacement of capital equipment (included in “Other income (expense), net” in the consolidated statements of income), partially offset by excess production costs of $0.2 million ($0.1 million after taxes) (included in “Cost of goods sold” in the consolidated statements of income); a second quarter net gain on the expected recovery of excess production costs of $0.9 million ($0.6 million after taxes) incurred in prior periods 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); and a first quarter net loss of $0.4 million ($0.2 million after taxes), which includes $0.3 million for other costs for which recovery from insurance carriers was not considered to be reasonably assured (reversed in the second quarter) and legal and consulting fees of $0.1 million (included in “Selling, general and administrative expenses” in the consolidated statements of income);


•	A fourth quarter charge of $1.5 million ($1.0 million after taxes) and a first quarter charge of $0.4 million ($0.2 million after taxes) related to expected future environmental costs at the aluminum extrusions manufacturing facilities in Carthage, Tennessee and Newnan, Georgia (included in “Cost of goods sold” in the consolidated statements of income);


•	A fourth quarter charge of $0.8 million ($0.5 million after taxes) at Corporate related to expected future environmental costs at various shutdown facilities (included in “Cost of goods sold” in the consolidated statements of income);

•

A fourth quarter charge of $1.3 million ($0.8 million after taxes), a third quarter charge of $0.2 million ($0.1 million after taxes), a second quarter charge of $0.6 million ($0.4 million after taxes), and a first quarter charge of $0.3 million ($0.2 million after taxes), associated with business development projects (included in “Selling, general and administrative expense” in the consolidated statements of income and “Corporate expenses, net” in the statement of net sales and operating profit by segment);

•

A fourth quarter charge of $0.1 million (less than $0.1 million after taxes) and a third quarter charge of $0.1 million (less than $0.1 million after taxes) for severance and other employee-related costs associated with restructurings in PE Films, and a fourth quarter charge of $0.1 million ($0.1 million after taxes) for severance and other employee-related costs associated with restructurings in Aluminum Extrusions and a fourth quarter charge of $0.1 million ($0.1 million after taxes) and a first quarter charge of $0.3 million ($0.2 million after taxes) for severance and other employee-related costs associated with restructurings in Corporate (included in “Corporate expenses, net” in the statement of net sales and operating profit by segment);


•	Fourth quarter charges of $0.4 million ($0.2 million after taxes) for professional fees associated with the Terphane Limitada worthless stock deduction and impairment of assets of Flexible Packaging Films;


•	A fourth quarter charge of $0.3 million ($0.3 million after taxes) associated with asset impairments at PE Films’ Hungary facility; and


•	A third quarter charge of $0.2 million ($0.1 million after taxes) associated with the settlement of customer claims and other costs related to the previously shutdown aluminum extrusions manufacturing facility in Kentland, Indiana.

Results in 2017 include a net unrealized gain on the Company’s investment in kaléo (included in “Other income (expense), net” in the consolidated statements of income) of $33.8 million ($24.0 million after taxes). See Note 4 for additional information on investments.

Total expenses associated with the North American facility consolidation project were $0.8 million ($0.5 million after taxes) in 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 $1.9 million in 2017, which includes capital expenditures of $0.1 million. Total cash expenditures since project inception were $16.0 million, which includes $11.2 million for capital expenditures. Additional cash payments for remaining accrued costs of approximately $0.5 million are expected to be paid within the next 12 months.

Losses associated with plant shutdowns, asset impairments, restructurings and other charges for continuing operations in 2016 (as shown in the segment operating profit table in Note 5) totaled $6.1 million ($3.9 million after taxes), and unless otherwise noted below, are also included in “Asset impairments and costs associated with exit and disposal activities” in the consolidated statements of income. Results in 2016 included:

•

Fourth quarter net loss $0.7 million ($0.4 million after taxes), related to the explosion that occurred in the second quarter of 2016 at the aluminum extrusions manufacturing facility in Newnan, Georgia, which consists of excess production costs for which recovery from insurance is not assured of $0.6 million ($0.4 million after taxes) (included in “Cost of goods sold” in the consolidated statements of income) and legal and consulting fees of $0.1 million ($0.1 million after taxes) (included in “Selling, general and administrative expenses” in the consolidated statements of income), third quarter net income of $1.7 million ($1.1 million after taxes), which includes the recognition of a gain of $1.9 million ($1.2 million after taxes) 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 ($0.2 million after taxes) (net amount included in “Other income (expense), net” in the consolidated statements of income), and the reversal of an accrual for other costs related to the explosion not recoverable from insurance of $0.1 million ($0.0 million after taxes) (included in “Selling, general and administrative expenses” in the consolidated statements of income), and second quarter net loss of $0.6 million ($0.4 million after taxes) for other costs related to the explosion not recoverable from insurance (included in “Selling, general and administrative expenses” in the consolidated statements of income);


•	Quarterly charges associated with the consolidation of domestic PE Films’ manufacturing facilities, which includes categories of expenses shown in the table below (Accelerated depreciation and a portion of Other facility consolidation-related costs as noted in the table below are included in “Cost of goods sold” in the consolidated statements of income):



	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		2016
($ in millions)	BT	AT	BT	AT	BT	AT	BT	AT	BT	AT
Severance	0.3	0.2	0.4	0.2	0.3	0.2	0.3	0.2	1.2	0.8
Asset impairments	0.3	0.2	0.1	0.1	0.1	—	—	—	0.4	0.3
Accelerated depreciation	0.1	0.1	0.1	0.1	0.1	0.1	0.3	0.2	0.6	0.4
Other facility consolidation-related costs	0.5	0.3	0.8	0.5	0.6	0.4	0.2	0.1	2.0	1.3
Total	1.1	0.7	1.3	0.9	1.1	0.7	0.8	0.5	4.3	2.8

Other facility consolidation-related costs included in “Cost of goods sold” in the consolidated statements of income	0.4	0.2	0.7	0.4	0.4	0.2	0.2	0.1	1.6	1.0
Note: BT = before taxes; AT = after taxes


•	A fourth quarter charge of $0.6 million ($0.4 million after taxes) associated with the acquisition of Futura by Bonnell Aluminum (included in “Selling, general and administrative expenses” in the consolidated statements of income);


•	A fourth quarter charge of $0.5 million ($0.3 million after taxes) related to expected future environmental costs at the aluminum extrusions manufacturing facility in Newnan, Georgia (included in “Cost of goods sold” in the consolidated statements of income);


•	A first quarter charge of $0.4 million ($0.2 million after taxes) associated with a non-recurring business development project (included in “Selling, general and administrative expense” in the consolidated statements of income and “Corporate expenses, net” in the statement of net sales and operating profit by segment);


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


•	A fourth quarter charge of $0.3 million ($0.2 million after taxes) related to contingencies associated with the application of prior period Brazilian value-added tax credits in Flexible Packaging Films (included in “Cost of goods sold” in the consolidated statements of income);


•	A fourth quarter charge of $0.2 million ($0.1 million after taxes) associated with asset impairments in PE Films;


•	A fourth quarter gain of $0.1 million ($0.0 million after taxes) related to contractual indemnifications associated with the anticipated settlement of a Terphane pre-acquisition contingency (included in “Other income (expense), net” in the consolidated statements of income); and

•

A fourth quarter gain of $0.1 million ($0.1 million after taxes) associated with the shutdown of the aluminum extrusions manufacturing facility in Kentland, Indiana, which includes a pretax gain of $0.2 million ($0.1 million after taxes) related to the sale of the property, partially offset by pretax charges of $0.1 million ($0.0 million after taxes) associated with the shutdown of this facility and a third quarter charge of $0.3 million ($0.2 million after taxes) associated with shutdown costs.

Results in 2016 include a net unrealized gain on the Company’s investment in kaléo (included in “Other income (expense), net” in the consolidated statements of income) of $1.6 million ($1.2 million after taxes). The Company recorded an unrealized loss on its investment property in Alleghany and Bath Counties, Virginia (included in “Other income (expense), net” in the consolidated statements of income) of $1.0 million ($0.7 million after taxes) in the fourth quarter of 2016. See Note 4 for additional information on investments.

Losses associated with plant shutdowns, asset impairments, restructurings and other charges for continuing operations in 2015 (as shown in the segment operating profit table in Note 5) totaled $10.1 million ($6.4 million after taxes), and unless otherwise noted below, are also included in “Asset impairments and costs associated with exit and disposal activities” in the consolidated statements of income. Results in 2015 included:

•

A second quarter charge of $3.9 million ($2.5 million after taxes) for severance and other employee-related costs associated with the resignation of the Company’s former chief executive and chief financial officers (included in “Selling, general and administrative expense” in the consolidated statements of income and “Corporate expenses, net” in the statement of net sales and operating profit by segment);

•

A fourth quarter charge of $1.0 million ($0.6 million after taxes) and a third quarter charge of $1.2 million ($0.7 million) associated with the consolidation of domestic PE Films’ manufacturing facilities, which includes severance and other employee-related costs of $0.8 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 $0.6 million ($0.1 million is included in “Cost of goods sold” in the consolidated statements of income);

•

A fourth quarter charge of $1.1 million ($0.7 million after taxes) in PE Films ($0.4 million included in “Selling, general and administrative expense” in the consolidated statement of income), a third quarter charge of $0.9 million ($0.6 million after taxes) in PE Films ($0.9 million), Aluminum Extrusions ($35,000) and Corporate ($26,000, included in “Corporate expenses, net” in the statement of net sales and operating profit by segment), and a second quarter charge of $0.3 million ($0.2 million taxes) in Flexible Packaging Films ($0.3 million) and PE Films ($7,000) for severance and other employee-related costs, and a first quarter reversal of previously accrued severance and other employee related costs of $67,000 ($43,000 after taxes) in Flexible Packaging Films, all associated with restructurings;


•	A fourth quarter charge of $1.0 million ($0.6 million after taxes) associated with a business development project (included in “Selling, general and administrative expense” in the consolidated statement of income and “Corporate expenses, net” in the statement of net sales and operating profit by segment);


•	A fourth quarter charge of $31,000 ($19,000 after taxes), a third quarter charge of $0.3 million ($0.2 million after taxes), a second quarter charge of $18,000 ($11,000 after taxes) and a first quarter charge of $15,000 ($9,000 after taxes) associated with the previously shutdown aluminum extrusions manufacturing facility in Kentland, Indiana; and


•	A fourth quarter charge of $0.3 million ($0.2 million after taxes) related to expected future environmental costs at the aluminum extrusions manufacturing facility in Newnan, Georgia (included in “Cost of goods sold” in the consolidated statements of income).

Results in 2015 include a net unrealized gain on the Company’s investment in kaléo (included in “Other income (expense), net” in the consolidated statements of income) of $20.5 million ($15.7 million after taxes). See Note 4 for additional information on investments.

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIES Tredegar is involved in various stages of investigation and remediation relating to environmental matters at certain current and former plant locations. Where the Company has determined the nature and scope of any required environmental remediation activity, estimates of cleanup costs have been obtained and accrued. As efforts continue to maintain compliance with applicable environmental laws and regulations, additional contingencies may be identified. If additional contingencies are identified, the Company’s practice is to determine the nature and scope of those contingencies, obtain and accrue estimates of the cost of remediation, and perform remediation. The Company does not believe that additional costs that could arise from those activities will have a material adverse effect on its financial position. However, those costs could have a material adverse effect on its financial condition, results of operations and cash flows at that time. The Company is involved in various other legal actions arising in the normal course of business. After taking into consideration the relevant information, the Company believes that it has sufficiently accrued for probable losses and that the actions will not have a material adverse effect on its financial position. However, the resolution of the actions in a future period could have a material adverse effect on quarterly or annual operating results at that time. From time to time, the Company enters into transactions with third parties in connection with the sale of assets or businesses in which it agrees to indemnify the buyers or third parties involved in the transaction, or in which the sellers or third parties involved in the transaction agree to indemnify Tredegar, for certain liabilities or risks related to the assets or business. Also, in the ordinary course of its business, the Company may enter into agreements with third parties for the sale of goods or services that may contain indemnification provisions. In the event that an indemnification claim is asserted, liability for indemnification would be subject to an assessment of the underlying facts and circumstances under the terms of the applicable agreement. Further, any indemnification payments may be limited or barred by a monetary cap, a time limitation, or a deductible or basket. For these reasons, Tredegar is unable to estimate the maximum amount of the potential future liability under the indemnity provisions of these agreements. The Company does, however, accrue for losses for any known contingent liability, including those that may arise from indemnification provisions, when future payment is probable and the amount is reasonably estimable. The Company discloses contingent liabilities if the probability of loss is reasonably possible and material. In 2011, Tredegar was notified by U.S. Customs and Border Protection (“U.S. Customs”) that certain film products exported by Terphane Limitada to the U.S. since November 6, 2008 could be subject to duties associated with an anti-dumping duty order on imported polyester films from Brazil. The Company contested the applicability of these anti-dumping duties to the films exported by Terphane Limitada, and a request was filed with the U.S. Department of Commerce (“Commerce”) for clarification about whether the film products at issue are within the scope of the anti-dumping duty order. On January 8, 2013, Commerce issued a scope ruling confirming that the films are not subject to the order, provided that Terphane Limitada can establish to the satisfaction of U.S. Customs that the performance enhancing layer on those films is greater than 0.00001 inches thick. The films at issue are manufactured to specifications that exceed that threshold. On February 6, 2013, certain U.S. producers of PET film filed a summons with the U.S. Court of International Trade to appeal the scope ruling from Commerce. In December 2014, the U.S. International Trade Commission voted to revoke the anti-dumping duty order on imported PET films from Brazil. The revocation, as a result of the vote by the U.S. International Trade Commission, was effective as of November 2013. On February 20, 2015, certain U.S. producers of PET films filed a summons with the U.S. Court of International Trade to appeal the determination by the U.S. International Trade Commission. The Court granted a motion by the plaintiffs to stay the appeal of the revocation decision pending the resolution of the scope appeal. On June 8, 2017, the U.S. Court of International Trade remanded the scope determination to Commerce for re-consideration of certain scope issues. On October 20, 2017, Commerce filed its Remand Redetermination Results with the U.S. Court of International Trade, and again found that Terphane Limitada’s films are outside of the scope of the anti-dumping duty order. Commerce’s decision will now be reviewed by the U.S. Court of International Trade.

Selected Quarterly Financial Data

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data

SELECTED QUARTERLY FINANCIAL DATA

Tredegar Corporation and Subsidiaries

(In Thousands, Except Per-Share Amounts)

(Unaudited)



	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
For the year ended December 31, 2017
Sales	$	221,026	$	247,347	$	247,121	$	245,836
Gross profit	30,872		42,063		42,107		36,979
Net income (loss)	$	3,703	$	44,204	$	8,274	$	(17,929	)
Earnings (loss) per share:
Basic	$	0.11	$	1.34	$	0.25	$	(0.54	)
Diluted	$	0.11	$	1.34	$	0.25	$	(0.54	)
Shares used to compute earnings (loss) per share:
Basic	32,920		32,961		32,954		32,948
Diluted	32,957		33,051		32,954		32,948
For the year ended December 31, 2016
Sales	$	207,333	$	208,533	$	207,702	$	204,772
Gross profit	37,279		31,637		33,927		27,801
Net income	$	7,281	$	3,408	$	12,048	$	1,728
Earnings per share:
Basic	$	0.22	$	0.10	$	0.37	$	0.05
Diluted	$	0.22	$	0.10	$	0.37	$	0.05
Shares used to compute earnings per share:
Basic	32,654		32,716		32,818		32,856
Diluted	32,654		32,716		32,818		32,900

Summary Of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Basis Of Presentation

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

Foreign Currency Translation

Cash And Cash Equivalents

Accounts And Other Receivables

Property, Plant And Equipment

Investments In Private Entities With Less Than Or Equal To 50% Voting Ownership Interest

Goodwill And Other Intangibles

Additional disclosure of Tredegar goodwill and identifiable intangible assets and the impairments recorded in 2017 are included in Note 8.

Impairment Of Long-Lived Assets

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

Revenue Recognition

Research & Development ("R&D") Costs

Income Taxes

Earnings Per Share



	2017	2016	2015
Weighted average shares outstanding used to compute basic earnings per share	32,945,961	32,761,793	32,578,116
Incremental shares attributable to stock options and restricted stock	5,327	13,279	—
Shares used to compute diluted earnings per share	32,951,288	32,775,072	32,578,116

Stock-Based Employee Compensation Plans

The assumptions used in this model for valuing Tredegar stock options granted in 2017 (no grants in 2015 and 2016) were as follows:



	2017
Dividend yield	1.9		%
Weighted average volatility percentage	38.3		%
Weighted average risk-free interest rate	1.8		%
Holding period (years):
Officers	5
Management	5
Weighted average exercise price at date of grant (also weighted average market price at date of grant):
Officers	$	15.65
Management	15.65

Financial Instruments

Comprehensive Income (Loss)

Recently Issued Accounting Standards

Recently Issued Accounting Standards.

Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Accounting Policies [Abstract]

Schedule Of Diluted Earnings Per Share Computed Using Weighted Average Common And Potentially Dilutive Common Equivalent Shares Outstanding

Diluted earnings per share is computed using the weighted average common and potentially dilutive common equivalent shares outstanding, determined as follows:



	2017	2016	2015
Weighted average shares outstanding used to compute basic earnings per share	32,945,961	32,761,793	32,578,116
Incremental shares attributable to stock options and restricted stock	5,327	13,279	—
Shares used to compute diluted earnings per share	32,951,288	32,775,072	32,578,116

Schedule Of Assumptions For Valuing Stock Options Granted

The assumptions used in this model for valuing Tredegar stock options granted in 2017 (no grants in 2015 and 2016) were as follows:



	2017
Dividend yield	1.9		%
Weighted average volatility percentage	38.3		%
Weighted average risk-free interest rate	1.8		%
Holding period (years):
Officers	5
Management	5
Weighted average exercise price at date of grant (also weighted average market price at date of grant):
Officers	$	15.65
Management	15.65

Schedule Of Stock Options Granted And Related Estimated Fair Value At Date Of Grant

Tredegar stock options granted during 2017 (no grants in 2015 and 2016), and related estimated fair value at the date of grant, are as follows:



	2017
Stock options granted (number of shares):
Officers	151,992
Management	57,559
Total	209,551
Estimated weighted average fair value of options per share at date of grant:
Officers	$	4.69
Management	4.69
Total estimated fair value of stock options granted (in thousands)	$	983

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the year ended December 31, 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	7,792			538			(8,634		)	(304		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			(942		)	7,811			6,869
Net other comprehensive income (loss) - current period	7,792			(404		)	(823		)	6,565
Ending balance, December 31, 2017	$	(86,178	)	$	459		$	(90,950	)	$	(176,669	)

The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the year ended December 31, 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	18,837			247			(3,288		)	15,796
Amounts reclassified from accumulated other comprehensive income (loss)	—			989			8,700			9,689
Net other comprehensive income (loss) - current period	18,837			1,236			5,412			25,485
Ending balance, December 31, 2016	$	(93,970	)	$	863		$	(90,127	)	$	(183,234	)

Reclassification out of Accumulated Other Comprehensive Income

Reclassifications of balances out of accumulated other comprehensive income (loss) into net income during 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	$	1,210		Cost of goods sold
Foreign currency forward contracts, before taxes	62			Cost of goods sold
Foreign currency forward contracts, before taxes	(43		)	Selling, general and administrative
Total, before taxes	1,229
Income tax expense (benefit)	287			Income taxes
Total, net of tax	$	942
Amortization of pension and other post-retirement benefits:
Actuarial gain (loss) and prior service costs, before taxes	$	(12,045	)	(a)
Income tax expense (benefit)	(4,234		)	Income taxes
Total, net of tax	$	(7,811	)

(a) This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 13 for additional detail).

Reclassifications of balances out of accumulated other comprehensive income (loss) into net income during 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
Gain (loss) on derivative financial instruments:
Aluminum future contracts, before taxes	$	(1,630	)	Cost of goods sold
Foreign currency forward contracts, before taxes	62			Cost of goods sold
Total, before taxes	(1,568		)
Income tax expense (benefit)	(579		)	Income taxes
Total, net of tax	$	(989	)
Amortization of pension and other post-retirement benefits:
Actuarial gain (loss) and prior service costs, before taxes	$	(13,098	)	(a)
Income tax expense (benefit)	(4,398		)	Income taxes
Total, net of tax	$	(8,700	)

(a) This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 13 for additional detail).

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
Gain (loss) on derivative financial instruments:
Aluminum future contracts, before taxes	$	(3,538	)	Cost of goods sold
Foreign currency forward contracts, before taxes	62			Cost of goods sold
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 13 for additional detail).

Acquisitions Acquisitions (Tables)

12 Months Ended

Dec. 31, 2017

Acquisitions [Abstract]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

Based upon management’s valuation of the fair value of tangible and identifiable 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

Business Acquisition, Pro Forma Information [Table Text Block]

The supplemental unaudited pro forma measures for the years ended December 31, 2017 and 2016 are presented below:



Tredegar Pro Forma Results with Futura Acquisition
(In thousands, except per-share data)	2017		2016
Sales	$	968,340	$	904,877
Net income	$	37,974	$	27,805
Earnings per share:
Basic	$	1.15	$	0.85
Diluted	$	1.15	$	0.85

Business Segments (Tables)

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Schedule Of Segment Reporting Information By Segment



Net Sales
(In thousands)	2017		2016		2015
PE Films	$	352,459	$	331,146	$	385,550
Flexible Packaging Films	108,355		108,028		105,332
Aluminum Extrusions	466,833		360,098		375,457
Total net sales	927,647		799,272		866,339
Add back freight	33,683		29,069		29,838
Sales as shown in consolidated statements of income	$	961,330	$	828,341	$	896,177



Operating Profit
(In thousands)	2017			2016			2015
PE Films:
Ongoing operations	$	41,546		$	26,312		$	48,275
Plant shutdowns, asset impairments, restructurings and other (a)	(4,905		)	(4,602		)	(4,180		)
Flexible Packaging Films:
Ongoing operations	(2,626		)	1,774			5,453
Plant shutdowns, asset impairments, restructurings and other (a)	(89,398		)	(214		)	(185		)
Goodwill impairment charge	—			—			(44,465		)
Aluminum Extrusions:
Ongoing operations	43,454			37,794			30,432
Plant shutdowns, asset impairments, restructurings and other (a)	321			(741		)	(708		)
Total	(11,608		)	60,323			34,622
Interest income	209			261			294
Interest expense	6,170			3,806			3,502
Gain (loss) on investment in kaléo accounted for under the fair value method (a)	33,800			1,600			(20,500		)
Unrealized loss on investment property (a)	—			1,032			—
Stock option-based compensation expense	264			56			483
Corporate expenses, net (a)	30,879			29,607			33,638
Income (loss) before income taxes	(14,912		)	27,683			(23,207		)
Income tax expense (benefit) (a)	(53,163		)	3,217			8,928
Net income (loss)	$	38,251		$	24,466		$	(32,135	)

Schedule Of Identifiable Assets



Identifiable Assets
(In thousands)	2017		2016
PE Films	$	289,514	$	278,558
Flexible Packaging Films	49,915		156,836
Aluminum Extrusions	268,127		147,639
Subtotal	607,556		583,033
General corporate (b)	111,696		38,618
Cash and cash equivalents (d)	36,491		29,511
Total	$	755,743	$	651,162

Schedule Of Depreciation And Amortization, Capital Expenditures



	Depreciation and Amortization						Capital Expenditures
(In thousands)	2017		2016		2015		2017		2016		2015
PE Films	$	14,609	$	13,653	$	15,480	$	15,029	$	25,759	$	21,218
Flexible Packaging Films	10,443		9,505		9,697		3,619		3,391		3,489
Aluminum Extrusions	15,070		9,173		9,698		25,653		15,918		8,124
Subtotal	40,122		32,331		34,875		44,301		45,068		32,831
General corporate	155		141		107		61		389		—
Total	$	40,277	$	32,472	$	34,982	$	44,362	$	45,457	$	32,831

Schedule Of Net Sales By Geographic Area



Net Sales by Geographic Area (d)
(In thousands)	2017		2016		2015
United States	$	584,066	$	475,734	$	528,881
Exports from the United States to:
Asia	84,846		73,220		75,383
Canada	46,505		45,683		45,290
Europe	8,505		7,348		9,809
Latin America	15,199		5,561		3,464
Operations outside the United States:
Brazil	87,155		90,571		89,829
The Netherlands	54,380		54,352		53,211
Hungary	24,727		24,207		32,612
China	12,199		14,390		18,919
India	10,065		8,206		8,941
Total (c)	$	927,647	$	799,272	$	866,339

Schedule Of Identifiable Assets By Geographic Area, Property, Plant & Equipment, Net By Geographic Area



	Identifiable Assets by Geographic Area (d)				Property, Plant & Equipment, Net by Geographic Area (d)
(In thousands)	2017		2016		2017		2016
United States (b)	$	475,844	$	367,406	$	156,054	$	118,661
Operations outside the United States:
Brazil	49,536		139,163		13,396		91,553
China	28,833		29,751		23,273		23,759
Hungary	28,573		20,610		18,230		15,117
The Netherlands	17,423		19,484		6,423		5,784
India	7,347		6,619		4,628		4,670
General corporate (b)	111,696		38,618		1,087		1,181
Cash and cash equivalents (d)	36,491		29,511		n/a		n/a
Total	$	755,743	$	651,162	$	223,091	$	260,725

Schedule Of Net Sales By Product Group



Net Sales by Product Group
(In thousands)	2017		2016		2015
PE Films:
Personal care materials	$	246,416	$	238,213	$	287,768
Surface protection films	99,079		84,013		90,197
LED lighting products & other films	6,964		8,920		7,585
Subtotal	352,459		331,146		385,550
Flexible Packaging Films	108,355		108,028		105,332
Aluminum Extrusions:
Nonresidential building & construction	239,713		212,863		221,363
Consumer durables	54,126		39,293		41,835
Automotive	38,261		34,700		30,250
Machinery & equipment	33,450		20,872		18,102
Distribution	30,202		20,506		18,659
Residential building & construction	40,354		20,252		22,737
Electrical	30,727		11,612		22,511
Subtotal	466,833		360,098		375,457
Total	$	927,647	$	799,272	$	866,339

Accounts And Other Receivables (Tables)

12 Months Ended

Dec. 31, 2017

Accounts and Notes Receivable, Net [Abstract]

Schedule Of Accounts And Other Receivable

Accounts and other receivables consist of the following:



(In thousands)	2017		2016
Trade, less allowance for doubtful accounts and sales returns of $3,304 in 2017 and $3,102 in 2016	$	110,252	$	91,109
Other	9,883		6,279
Total	$	120,135	$	97,388

Schedule Of Reconciliation Of The Beginning And Ending Balances Of The Allowance For Doubtful Accounts And Sales Returns

A reconciliation of the beginning and ending balances of the allowance for doubtful accounts and sales returns for the three years ended December 31, 2017 is as follows:



(In thousands)	2017			2016			2015
Balance, beginning of year	$	3,102		$	3,746		$	2,610
Charges to expense	2,369			1,410			3,387
Recoveries	(857		)	(32		)	(7		)
Write-offs and settlements	(1,322		)	(2,167		)	(1,970		)
Foreign exchange and other	12			145			(274		)
Balance, end of year	$	3,304		$	3,102		$	3,746

Inventories (Tables)

12 Months Ended

Dec. 31, 2017

Inventory, Net [Abstract]

Schedule Of Inventories

Inventories consist of the following:



(In thousands)	2017		2016
Finished goods	$	20,281	$	16,215
Work-in-process	11,958		8,590
Raw materials	35,909		23,733
Stores, supplies and other	18,759		17,531
Total	$	86,907	$	66,069

Goodwill And Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule Of Goodwill And Other Intangibles

The components of goodwill and identifiable intangibles at December 31, 2017 and 2016, and related amortization periods for continuing operations are as follows:



(In thousands)	2017		2016		Amortization Periods
Goodwill	$	128,208	$	117,822	Not amortized
Identifiable intangible assets:^(a)
Customer relationships (cost basis of $29,647 in 2017 and $26,021 in 2016)	25,444		14,844		10-12 years
Proprietary technology (cost basis of $6,203 in 2017 and $17,366 in 2016)	1,700		7,582		Not more than 15 years
Trade names (cost basis of $13,887 in 2017 and $11,175 in 2016)	13,408		11,175		5 - 13 years^(b)
Total carrying value of identifiable intangibles	40,552		33,601
Total carrying value of goodwill and identifiable intangible assets	$	168,760	$	151,423

Reconciliation Of The Beginning And Ending Balance Of Goodwill

A reconciliation of the beginning and ending balance of goodwill for each of the two years in the period ended December 31, 2017 is as follows:



(In thousands)	PE Films			Aluminum Extrusions		Total
Net carrying value of goodwill at January 1, 2016	$	104,143		$	13,696	$	117,839
Increase (decrease) due to foreign currency translation	(17		)	—		(17		)
Net carrying value of goodwill at December 31, 2016	104,126			13,696		117,822
Acquisitions	—			10,370		10,370
Increase (decrease) due to foreign currency translation	16			—		16
Net carrying value of goodwill at December 31, 2017	$	104,142		$	24,066	$	128,208

Schedule Of Expected Amortization Expense

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



Year	Amount (In thousands)
2018	$	3,985
2019	3,585
2020	3,585
2021	3,585
2022	3,460

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2017

Derivatives, Fair Value [Line Items]

Schedule Of Pretax Effect On Net Income (Loss) And Other Comprehensive Income (Loss) Of Derivative Instruments Classified As Cash Flow Hedges



(In thousands)	Cash Flow Derivative Hedges
	Aluminum Futures Contracts
Years Ended December 31,	2017		2016			2015
Amount of pre-tax gain (loss) recognized in other comprehensive income	$	1,501	$	394		$	(5,055	)
Location of gain (loss) reclassified from accumulated other comprehensive income into net income (effective portion)	Cost of goods sold		Cost of goods sold			Cost of goods sold
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion)	$	1,210	$	(1,630	)	$	(3,538	)



(In thousands)	Cash Flow Derivative Hedges
	Foreign Currency Forward Contracts
Years Ended December 31,	2017					2016		2015
Amount of pre-tax gain (loss) recognized in other comprehensive income	$	—	$	(561	)	$	—	$	—
Location of gain (loss) reclassified from accumulated other comprehensive income into net income (effective portion)	Cost of goods sold		Selling, general & admin			Cost of goods sold		Cost of goods sold
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion)	$	62	$	(43	)	$	62	$	62

Aluminum Futures Contracts

Derivatives, Fair Value [Line Items]

Summary Of Location And Fair Value Of Derivative Financial Instruments

The table below summarizes the location and gross amounts of aluminum derivative contract fair values (Level 2) in the consolidated balance sheets as of December 31, 2017 and 2016:



	December 31, 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	$	578		Prepaid expenses and other	$	308
Liability derivatives:
Aluminum futures contracts	Prepaid expenses and other	(16		)	Prepaid expenses and other	(37		)

Derivatives Not Designated as Hedging Instruments
Asset derivatives: Aluminum futures contracts	Prepaid expenses and other	$	—		Prepaid expenses and other	$	—
Liability derivatives: Aluminum futures contracts	Prepaid expenses and other	—			Prepaid expenses and other	—
Net asset (liability)		$	562			$	271

Foreign Currency Forward Contracts

Derivatives, Fair Value [Line Items]

Summary Of Location And Fair Value Of Derivative Financial Instruments

e table below summarizes the location and gross amounts of foreign currency forward contract fair values (Level 2) in the consolidated balance sheets as of December 31, 2017 and 2016:



	December 31, 2017				December 31, 2016
(In thousands)	Balance Sheet Account	Fair Value			Balance Sheet Account	Fair Value
Derivatives Designated as Hedging Instruments
Asset derivatives: Foreign currency forward contracts	Accrued Expenses	$	—		Accrued Expenses	$	—
Liability derivatives: Foreign currency forward contracts	Accrued Expenses	(558		)	Accrued Expenses	—

Derivatives Not Designated as Hedging Instruments
Asset derivatives: Foreign currency forward contracts	Accrued Expenses	$	—		Accrued Expenses	$	—
Liability derivatives: Foreign currency forward contracts	Accrued Expenses	—			Accrued Expenses	—
Net asset (liability)		$	(558	)		$	—

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2017

Accrued Liabilities [Abstract]

Schedule Of Accrued Expenses

Accrued expenses consist of the following:



(In thousands)	2017		2016
Vacation	$	8,575	$	8,254
Incentive compensation	7,958		5,530
Payrolls, related taxes and medical and other benefits	6,034		5,519
Workers’ compensation and disabilities	3,746		3,732
Environmental liabilities (current)	3,110		2,100
Accrued utilities	2,177		2,126
Customer rebates	1,929		842
Accrued freight	1,581		1,612
Accrued severance	783		1,976
Derivative contract liability	558		—
Other	5,982		6,956
Total	$	42,433	$	38,647

Schedule Of Reconciliation Of Beginning And Ending Balances Of Accrued Expenses Associated With Asset Impairments And Costs Associated With Exit And Disposal Activities



(In thousands)	Severance^(a)			Asset Impairments^(b)			Other^(c)			Total
Balance at January 1, 2015	$	246		$	—		$	201		$	447
For the year ended December 31, 2015:
Charges	2,568			403			879			3,850
Cash spend	(1,352		)	—			(675		)	(2,027		)
Charges against assets	—			(403		)	—			(403		)
Balance at December 31, 2015	1,462			—			405			1,867
For the year ended December 31, 2016:
Charges	1,535			603			546			2,684
Cash spend	(1,143		)	—			(397		)	(1,540		)
Charges against assets	—			(603		)	—			(603		)
Balance at December 31, 2016	1,854			—			554			2,408
For the year ended December 31, 2017:
Charges	589			101,595			304			102,488
Cash spend	(1,816		)	—			(382		)	(2,198		)
Charges against assets	—			(101,595		)	—			(101,595		)
Balance at December 31, 2017	$	627		$	—		$	476		$	1,103
(a) Severance primarily includes severance payments associated with the consolidation of North American PE Films manufacturing facilities. (b) Asset impairments in 2017 primarily related to the Flexible Packaging Films’ impairment of $101 million. (c) Other primarily includes other shutdown-related costs associated with the shutdown and sale of the Company’s aluminum extrusions manufacturing facility in Kentland, Indiana.

Debt And Credit Agreements (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Schedule Of Borrowings Under Credit Agreement At Various Indebtedness To Adjusted EBITDA Levels

Summary Of Total Debt Due And Outstanding



Debt Due and Outstanding at December 31, 2017 (In thousands)
Year Due	Credit Agreement		Other		Total Debt Due
2018	$	—	$	—	$	—
2019	—		—		—
2020	—		—		—
2021	152,000		—		152,000
2022	—		—		—
Total	$	152,000	$	—	$	152,000

Stock Option And Stock Award Plans (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary Of Stock Options Outstanding

A summary of stock options outstanding at December 31, 2017, 2016 and 2015, and changes during those years, is presented below:



			Option Exercise Price/Share
	Number of Options		Range					Weighted Average
Outstanding at January 1, 2015	1,164,120		$	14.06	to	$	30.01	$	19.59
Granted	—		—		to	—		—
Forfeited and expired	(60,207	)	17.13		to	30.01		22.30
Exercised	(222,400	)	14.06		to	19.84		16.34
Outstanding at December 31, 2015	881,513		17.13		to	30.01		20.22
Granted	—		—		to	—		—
Forfeited and expired	(246,394	)	17.13		to	30.01		18.90
Exercised	(134,200	)	17.13		to	19.84		17.23
Outstanding at December 31, 2016	500,919		17.13		to	30.01		21.67
Granted	209,551		15.65		to	15.65		15.65
Forfeited and expired	(60,685	)	17.13		to	30.01		21.42
Exercised	(41,265	)	19.84		to	19.84		19.84
Outstanding at December 31, 2017	608,520		$	15.65	to	$	24.84	$	19.75

Summary Of Additional Information On Stock Options Outstanding And Exercisable

The following table summarizes additional information about stock options outstanding and exercisable at December 31, 2017:



					Options Outstanding at December 31, 2017						Options Exercisable at December 31, 2017
						Weighted Average			Aggregate Intrinsic Value (In thousands)					Aggregate Intrinsic Value (In thousands)
Range of Exercise Prices					Shares	Remaining Contractual Life (Years)	Exercise Price		Aggregate Intrinsic Value (In thousands)		Shares	Weighted Average Exercise Price		Aggregate Intrinsic Value (In thousands)
$	—	to	$	15.00	—	0.0	$	—	$	—	—	$	—	$	—
15.01		to	17.50		209,551	6.4	15.65		743,906		—	—		—
17.51		to	20.00		171,460	2.2	19.58		429		171,460	19.58		429
20.01		to	25.00		227,509	5.6	23.64		—		214,198	23.71		—
Total					608,520	4.9	$	19.75	$	744,335	385,658	$	21.88	$	429

Summary Of Additional Information On Non-Vested Restricted Stock Outstanding

The following table summarizes additional information about unvested restricted stock outstanding at December 31, 2017, 2016 and 2015:



	Unvested Restricted Stock							Maximum Unvested Restricted Stock Units Issuable Upon Satisfaction of Certain Performance Criteria
	Number of Shares		Weighted Avg. Grant Date Fair Value/Share		Grant Date Fair Value (In thousands)			Number of Shares		Weighted Avg. Grant Date Fair Value/Share		Grant Date Fair Value (In thousands)
Outstanding at January 1, 2015	188,058		$	22.48	$	4,227		129,713		$	24.99	$	3,241
Granted	147,666		18.87		2,786			144,582		18.47		2,670
Vested	(174,145	)	20.57		(3,582		)	—		—		—
Forfeited	(29,226	)	21.42		(626		)	(107,167	)	20.78		(2,227		)
Outstanding at December 31, 2015	132,353		21.19		2,805			167,128		22.04		3,684
Granted	144,546		13.47		1,947			136,986		11.34		1,553
Vested	(52,167	)	21.56		(1,125		)	—		—		—
Forfeited	(17,377	)	18.97		(330		)	(65,685	)	20.24		(1,329		)
Outstanding at December 31, 2016	207,355		15.90		3,297			238,429		16.39		3,908
Granted	107,362		18.29		1,964			46,205		17.38		803
Vested	(50,154	)	19.72		(989		)	—		—		—
Forfeited	(57,887	)	16.16		(935		)	(112,501	)	17.73		(1,995		)
Outstanding at December 31, 2017	206,676		$	16.15	$	3,337		172,133		$	15.78	$	2,716

Retirement Plans And Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2017

Retirement Benefits [Abstract]

Reconciliation Of Changes In Benefit Obligations And Plan Assets

The following tables reconcile the changes in benefit obligations and plan assets in 2017 and 2016, and reconcile the funded status to prepaid or accrued cost at December 31, 2017 and 2016:



	Pension Benefits						Other Post- Retirement Benefits
(In thousands)	2017			2016			2017			2016
Change in benefit obligation:
Benefit obligation, beginning of year	$	303,126		$	303,852		$	7,436		$	7,745
Service cost	194			231			33			38
Interest cost	12,575			13,323			301			337
Effect of actuarial (gains) losses related to the following:
Discount rate change	21,055			9,296			471			210
Retirement rate assumptions and mortality table adjustments	(2,145		)	(5,537		)	15			(433		)
Other	(1,921		)	(3,025		)	(245		)	(131		)
Plan participant contributions	—			—			646			634
Benefits paid	(14,761		)	(15,014		)	(953		)	(964		)
Benefit obligation, end of year	$	318,123		$	303,126		$	7,704		$	7,436
Change in plan assets:
Plan assets at fair value, beginning of year	$	214,559		$	210,642		$	—		$	—
Actual return on plan assets	21,034			11,199			—			—
Employer contributions	5,522			7,732			307			330
Plan participant contributions	—			—			646			634
Benefits paid	(14,761		)	(15,014		)	(953		)	(964		)
Plan assets at fair value, end of year	$	226,354		$	214,559		$	—		$	—
Funded status of the plans	$	(91,769	)	$	(88,567	)	$	(7,704	)	$	(7,436	)
Amounts recognized in the consolidated balance sheets:
Accrued expenses (current)	$	182		$	182		$	457		$	453
Pension and other postretirement benefit obligations, net	91,587			88,385			7,247			6,983
Net amount recognized	$	91,769		$	88,567		$	7,704		$	7,436

Components Of Net Periodic Benefit Income Or Cost For Continuing Operations



	Pension Benefits									Other Post- Retirement Benefits
(In thousands, except percentages)	2017			2016			2015			2017			2016			2015
Weighted-average assumptions used to determine benefit obligations:
Discount rate	3.72		%	4.29		%	4.55		%	3.69		%	4.24		%	4.49		%
Expected long-term return on plan assets	6.50		%	6.50		%	7.00		%	n/a			n/a			n/a
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate	4.29		%	4.55		%	4.17		%	4.24		%	4.49		%	4.11		%
Expected long-term return on plan assets	6.50		%	7.00		%	7.50		%	n/a			n/a			n/a
Components of net periodic benefit cost:
Service cost	$	194		$	231		$	530		$	33		$	38		$	44
Interest cost	12,575			13,323			13,217			301			337			325
Expected return on plan assets	(14,955		)	(15,980		)	(17,636		)	—			—			—
Amortization of prior service costs and gains or losses	12,320			13,312			16,190			(275		)	(214		)	(194		)
Settlement/curtailment	—			—			45			—			—			—
Net periodic benefit cost	$	10,134		$	10,886		$	12,346		$	59		$	161		$	175

Schedule Of Expected Benefit Payments For Continuing Operations

Expected benefit payments for continuing operations over the next five years and in the aggregate for 2023-2027 are as follows:



(In thousands)	Pension Benefits		Other Post- Retirement Benefits
2018	$	16,378	$	457
2019	16,916		461
2020	17,403		462
2021	17,762		466
2022	18,075		469
2023—2027	92,799		2,299

Schedule Of Amounts Recognized Before Related Deferred Income Taxes In Accumulated Other Comprehensive Income

Amounts recorded in 2017, 2016 and 2015 in accumulated other comprehensive income, before related deferred income taxes, consist of:



	Pension						Other Post-Retirement
(In thousands)	2017		2016		2015		2017			2016			2015
Prior service cost (benefit)	$	5	$	10	$	18	$	—		$	—		$	—
Net actuarial (gain) loss	144,377		145,782		153,570		(1,238		)	(1,756		)	(1,616		)

Schedule Of Amounts Before Related Deferred Income Taxes In Accumulated Other Comprehensive Income That Are Expected To Be Recognized As Components Of Net Periodic Benefit Or Cost

The amounts in accumulated other comprehensive income, before related deferred income taxes, that are expected to be recognized as components of net periodic benefit or cost during 2018 are as follows:



(In thousands)	Pension		Other Post- Retirement
Prior service cost (benefit)	$	5	$	—
Net actuarial (gain) loss	13,706		(218		)

Schedule Of Percentage Composition Of Assets Held By Pension Plans

The percentage composition of assets held by pension plans for continuing operations at December 31, 2017, 2016 and 2015 are as follows:



	% Composition of Plan Assets at December 31,
	2017		2016		2015
Pension plans related to continuing operations:
Fixed income securities	7.7	%	8.0	%	12.8	%
Large/mid-capitalization equity securities	19.0		14.7		13.8
Small-capitalization equity securities	6.4		5.3		4.0
International and emerging market equity securities	15.1		11.5		10.9
Total equity securities	40.5		31.5		28.7
Private equity and hedge funds	44.6		48.4		52.4
Other assets	7.2		12.1		6.1
Total for continuing operations	100.0	%	100.0	%	100.0	%

Schedule Of Targeted Allocation Percentage For Pension Plan Assets And Expected Long-Term Rate Of Return On Assets

targeted allocation percentage for pension plan assets and the expected long-term rate of return on assets used to determine its benefit obligation at December 31, 2017, are as follows:



	Target % Composition of Plan Assets *		Expected Long-term Return %
Pension plans related to continuing operations:
Fixed income securities	12.0	%	2.1	%
Large/mid-capitalization equity securities	19.0		8.3
Small-capitalization equity securities	6.0		9.6
International and emerging market equity securities	15.0		8.6
Total equity securities	40.0		8.6
Private equity and hedge funds	48.0		5.9
Total for continuing operations	100.0	%	6.5	%
* Target percentages for the composition of plan assets represents a neutral position within the approved range of allocations for such assets.

Schedule Of Pension Plan Assets Categorized By Level Within Fair Value Measurement Hierarchy

At December 31, 2017 and 2016, the pension plan assets are categorized by level within the fair value measurement hierarchy as follows:



(In thousands)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Balances at December 31, 2017
Large/mid-capitalization equity securities	$	42,920	$	42,920	$	—	$	—
Small-capitalization equity securities	14,477		14,477		—		—
International and emerging market equity securities	34,153		16,409		17,744		—
Fixed income securities	17,513		5,374		12,139		—
Other assets	5,822		5,822		—		—
Total plan assets at fair value	$	114,885	$	85,002	$	29,883	$	—
Private equity and hedge funds	100,974
Contracts with insurance companies	10,495
Total plan assets, December 31, 2017	$	226,354
Balances at December 31, 2016
Large/mid-capitalization equity securities	$	31,549	$	31,549	$	—	$	—
Small-capitalization equity securities	11,389		11,389		—		—
International and emerging market equity securities	24,710		11,410		13,300		—
Fixed income securities	17,213		4,441		12,772		—
Other assets	15,853		15,853		—		—
Total plan assets at fair value	$	100,714	$	74,642	$	26,072	$	—
Private equity and hedge funds	103,686
Contracts with insurance companies	10,158
Total plan assets, December 31, 2016	$	214,558

Schedule Of Fair Value Measurements Of Plan Assets Using Significant Unobservable Inputs (Level 3), Reconciliation Of Balances

Rental Expense And Contractual Commitments (Tables)

12 Months Ended

Dec. 31, 2017

Leases, Operating [Abstract]

Schedule Of Rental Commitments Under All Non-Cancelable Operating Leases For Continuing Operation



(In thousands)
2018	$	3,657
2019	3,532
2020	3,314
2021	2,826
2022	1,991
Remainder	3,109
Total minimum lease payments	$	18,429

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule Of Income From Continuing Operations Before Income Taxes

Income (loss) before income taxes and income tax expense (benefit) are as follows:



(In thousands)	2017			2016			2015
Income (loss) before income taxes:
Domestic	$	67,549		$	26,284		$	(9,116	)
Foreign	(82,461		)	1,399			(14,091		)
Total	$	(14,912	)	$	27,683		$	(23,207	)
Current income tax expense (benefit):
Federal	$	(20,560	)	$	4,302		$	12,693
State	800			(709		)	973
Foreign	3,247			3,255			6,064
Total	(16,513		)	6,848			19,730
Deferred income tax expense (benefit):
Federal	(23,302		)	(2,505		)	(9,419		)
State	(949		)	1,396			(1,035		)
Foreign	(12,399		)	(2,522		)	(348		)
Total	(36,650		)	(3,631		)	(10,802		)
Total income tax expense (benefit)	$	(53,163	)	$	3,217		$	8,928

Summary Of Effective Income Tax Rate For Continuing Operations



	2017					2016					2015
(In thousands, except percentages)	Amount			%		Amount			%		Amount			%
Income tax expense (benefit) at federal statutory rate	$	(5,219	)	35.0		$	9,689		35.0		$	(8,122	)	35.0
Worthless stock deductions	(61,413		)	411.9		—			—		—			—
Impact of U.S. Tax Cuts and Jobs Act	(4,433		)	29.7		—			—		—			—
Settlement of Terphane acquisition escrow	(4,200		)	28.2		—			—		—			—
Increase in value of kaléo investment held abroad	(2,326		)	15.6		(197		)	(0.7	)	2,523			(10.9	)
Tax contingency accruals and tax settlements	(420		)	2.8		104			0.4		716			(3.1	)
Research and development tax credit	(375		)	2.5		(550		)	(2.0	)	(350		)	1.5
Brazilian tax incentive	—			—		—			—		(120		)	0.5
Unremitted earnings from foreign operations	—			—		(256		)	(0.9	)	(502		)	2.2
Domestic Production Activities Deduction	—			—		(735		)	(2.7	)	(840		)	3.6
Remitted earnings from foreign operations	—			—		(6,574		)	(23.7	)	(18		)	0.1
Valuation allowance for capital loss carryforwards	83			(0.6	)	267			1.0		(311		)	1.3
Non-deductible goodwill and asset impairment loss	228			(1.5	)	13			—		15,798			(68.1	)
Changes in estimates related to prior year tax provision	320			(2.1	)	330			1.2		489			(2.1	)
Non-deductible expenses	633			(4.2	)	396			1.4		448			(1.9	)
State taxes, net of federal income tax benefit	656			(4.4	)	647			2.3		(67		)	0.3
Foreign rate differences	2,546			(17.1	)	499			1.8		(719		)	3.1
Valuation allowance due to foreign losses and impairments	20,757			(139.3	)	(416		)	(1.5	)	3			—
Income tax expense (benefit) at effective income tax rate	$	(53,163	)	356.5		$	3,217		11.6		$	8,928		(38.5	)

Schedule Of Deferred Tax Liabilities And Assets

liabilities and deferred income tax assets at December 31, 2017 and 2016, are as follows:



(In thousands)	2017			2016
Deferred income tax liabilities:
Amortization of goodwill and identifiable intangibles	$	22,739		$	43,546
Depreciation	—			24,178
Foreign currency translation gain adjustment	433			1,424
Excess of carrying value over tax basis of investment in kaléo	8,602			4,131
Derivative financial instruments	167			493
Total deferred income tax liabilities	31,941			73,772
Deferred income tax assets:
Depreciation	4,917			—
Pensions	19,626			30,733
Employee benefits	6,842			10,262
Excess capital losses	4,695			11,726
Inventory	2,884			3,622
Asset write-offs, divestitures and environmental accruals	1,754			2,515
Tax benefit on U.S. federal, state and foreign NOL and credit carryforwards	33,384			4,921
Timing adjustment for unrecognized tax benefits on uncertain tax positions, including portion relating to interest and penalties	184			395
Allowance for doubtful accounts	406			198
Other	261			1,568
Deferred income tax assets before valuation allowance	74,953			65,940
Less: Valuation allowance	28,499			12,694
Total deferred income tax assets	46,454			53,246
Net deferred income tax (assets) liabilities	$	(14,513	)	$	20,526
Amounts recognized in the consolidated balance sheets:
Deferred income tax assets (noncurrent)	$	16,636		$	584
Deferred income tax liabilities (noncurrent)	2,123			21,110
Net deferred income tax assets (liabilities)	$	14,513		$	(20,526	)

Schedule Of Unrecognized Uncertain Tax Positions

A reconciliation of the Company’s unrecognized uncertain tax positions since January 1, 2015, is shown below:



	Years Ended December 31,
(In thousands)	2017			2016			2015
Balance at beginning of period	$	3,315		$	4,049		$	3,255
Increase (decrease) due to tax positions taken in:
Current period	27			1,151			518
Prior period	(532		)	43			326
Increase (decrease) due to settlements with taxing authorities	(51		)	(1,706		)	—
Reductions due to lapse of statute of limitations	(797		)	(222		)	(50		)
Balance at end of period	$	1,962		$	3,315		$	4,049

Schedule Of Additional Information Related To Unrecognized Uncertain Tax Positions

Additional information related to unrecognized uncertain tax positions since January 1, 2015 is summarized below:



	Years Ended December 31,
(In thousands)	2017			2016			2015
Gross unrecognized tax benefits on uncertain tax positions (reflected in current income tax and other noncurrent liability accounts in the balance sheet)	$	1,962		$	3,315		$	4,049
Deferred income tax assets related to unrecognized tax benefits on uncertain tax positions (reflected in deferred income tax accounts in the balance sheet)	(153		)	(345		)	(858		)
Net unrecognized tax benefits on uncertain tax positions, which would impact the effective tax rate if recognized	1,809			2,970			3,191
Interest and penalties accrued on deductions taken relating to uncertain tax positions (approximately $(1), $(262) and $90 reflected in income tax expense in the income statement in 2017, 2016 and 2015, respectively, with the balance shown in current income tax and other noncurrent liability accounts in the balance sheet)	136			135			397
Related deferred income tax assets recognized on interest and penalties	(32		)	(49		)	(148		)
Interest and penalties accrued on uncertain tax positions net of related deferred income tax benefits, which would impact the effective tax rate if recognized	104			86			249
Total net unrecognized tax benefits on uncertain tax positions reflected in the balance sheet, which would impact the effective tax rate if recognized	$	1,913		$	3,056		$	3,440

Selected Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Schedule Of Selected Quarterly Financial Data

Tredegar Corporation and Subsidiaries

(In Thousands, Except Per-Share Amounts)

(Unaudited)



	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
For the year ended December 31, 2017
Sales	$	221,026	$	247,347	$	247,121	$	245,836
Gross profit	30,872		42,063		42,107		36,979
Net income (loss)	$	3,703	$	44,204	$	8,274	$	(17,929	)
Earnings (loss) per share:
Basic	$	0.11	$	1.34	$	0.25	$	(0.54	)
Diluted	$	0.11	$	1.34	$	0.25	$	(0.54	)
Shares used to compute earnings (loss) per share:
Basic	32,920		32,961		32,954		32,948
Diluted	32,957		33,051		32,954		32,948
For the year ended December 31, 2016
Sales	$	207,333	$	208,533	$	207,702	$	204,772
Gross profit	37,279		31,637		33,927		27,801
Net income	$	7,281	$	3,408	$	12,048	$	1,728
Earnings per share:
Basic	$	0.22	$	0.10	$	0.37	$	0.05
Diluted	$	0.22	$	0.10	$	0.37	$	0.05
Shares used to compute earnings per share:
Basic	32,654		32,716		32,818		32,856
Diluted	32,654		32,716		32,818		32,900

Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2017

Jun. 30, 2017

Sep. 30, 2015

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Summary Of Significant Accounting Policies [Line Items]

Effect of Adoption on Share-Based Compensation

$ 1,100

$ 300

Foreign Income Tax Expense (Benefit), Continuing Operations

$ 13,300

Interest Costs Capitalized

400

300

400

Foreign Currency Transaction Gain (Loss), before Tax

800

3,600

(4,000)

Investments, percentage of voting ownership interest

$ 36,491

^[1]

$ 36,491

^[1]

29,511

^[1]

44,156

$ 50,056

50.00%

$ 0

44,465

Incremental shares excluded from the calculation of incremental shares attributable to stock options and restricted stock

$ 128,208

$ 117,822

$ 117,839

397,669

881,513

128,200

Asset Impairment Charges

$ 101,282

$ 1,436

$ 403

Foreign Country

Summary Of Significant Accounting Policies [Line Items]

Minimum | Buildings And Land Improvements

$ 32,700

23,800

Summary Of Significant Accounting Policies [Line Items]

Minimum | Machinery and Equipment

5 years

Summary Of Significant Accounting Policies [Line Items]

Maximum | Buildings And Land Improvements

2 years

Summary Of Significant Accounting Policies [Line Items]

Maximum | Machinery and Equipment

40 years

Summary Of Significant Accounting Policies [Line Items]

Summary Of Significant Accounting Policies [Line Items]

20 years

Futura [Member]

Summary Of Significant Accounting Policies [Line Items]

42.00%

Aacoa [Member]

61.00%

Summary Of Significant Accounting Policies [Line Items]

Goodwill, Impairment Loss, Net of Tax

$ 44,500

$ 0

44,465

$ 44,500

Summary Of Significant Accounting Policies [Line Items]

$ 24,066

$ 13,696

Summary Of Significant Accounting Policies [Line Items]

Summary Of Significant Accounting Policies [Line Items]

15.00%

Surface protection films

Flexible Packaging Films [Member]

100.00%

Summary Of Significant Accounting Policies [Line Items]

Assets, Fair Value Disclosure

$ 30,000

Foreign Income Tax Expense (Benefit), Continuing Operations

$ 400

Asset Impairment Charges

101,000

Asset Impairment Charges After Taxes

87,000

$ 87,000

Customer Relationships [Member] | Minimum

Summary Of Significant Accounting Policies [Line Items]

Customer Relationships [Member] | Maximum

10 years

Summary Of Significant Accounting Policies [Line Items]

Customer Relationships [Member] | Flexible Packaging Films [Member] | Minimum

12 years

Summary Of Significant Accounting Policies [Line Items]

Customer Relationships [Member] | Flexible Packaging Films [Member] | Maximum

5 years

Summary Of Significant Accounting Policies [Line Items]

Other Intangible Assets [Member] | Flexible Packaging Films [Member]

13 years

Summary Of Significant Accounting Policies [Line Items]

Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)

$ 14,000

Trade Names [Member] | Minimum

Summary Of Significant Accounting Policies [Line Items]

Trade Names [Member] | Maximum

2 years

Summary Of Significant Accounting Policies [Line Items]

Trade Names [Member] | Flexible Packaging Films [Member]

12 years

Summary Of Significant Accounting Policies [Line Items]

Finite-Lived Trade Names, Gross

2,400

$ 2,400

Trade Names [Member] | Flexible Packaging Films [Member]

Summary Of Significant Accounting Policies [Line Items]

Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)

4,000

Goodwill [Member] | Futura [Member]

Summary Of Significant Accounting Policies [Line Items]

Goodwill [Member] | Aacoa [Member]

10,400

Summary Of Significant Accounting Policies [Line Items]

Goodwill [Member] | PE Films [Member]

13,700

Summary Of Significant Accounting Policies [Line Items]

Goodwill [Member] | Surface protection films

46,800

Summary Of Significant Accounting Policies [Line Items]

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

$ 57,300

[1]

Summary Of Significant Accounting Policies (Schedule Of Diluted Earnings Per Share Computed Using Weighted Average Common And Potentially Dilutive Common Equivalent Shares Outstanding) (Details) - shares	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Weighted average shares outstanding used to compute basic earnings per share	32,948,000	32,954,000	32,961,000	32,920,000	32,856,000	32,818,000	32,716,000	32,654,000	32,945,961	32,761,793	32,578,116
Incremental shares attributable to stock options and restricted stock									5,327	13,279	0
Shares used to compute diluted earnings per share	32,948,000	32,954,000	33,051,000	32,957,000	32,900,000	32,818,000	32,716,000	32,654,000	32,951,288	32,775,072	32,578,116

Summary Of Significant Accounting Policies (Schedule Of Assumptions For Valuing Stock Options Granted) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	1.90%
Weighted average volatility percentage	38.30%
Weighted average risk-free interest rate	1.80%
Weighted average exercise price at date of grant (also weighted average market price at date of grant):	$ 15.65	$ 0.00	$ 0.00
Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Holding period (years):	5 years
Weighted average exercise price at date of grant (also weighted average market price at date of grant):	$ 15.65
Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Holding period (years):	5 years
Weighted average exercise price at date of grant (also weighted average market price at date of grant):	$ 15.65

Summary Of Significant Accounting Policies (Schedule Of Stock Options Granted And Related Estimated Fair Value At Date Of Grant) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Stock options granted (number of shares):
Stock options granted (number of shares)	209,551	0	0
Estimated weighted average fair value of options per share at date of grant:
Total estimated fair value of stock options granted	$ 983
Officers
Stock options granted (number of shares):
Stock options granted (number of shares)	151,992
Estimated weighted average fair value of options per share at date of grant:
Estimated weighted average fair value of options per share at date of grant	$ 4.69
Management
Stock options granted (number of shares):
Stock options granted (number of shares)	57,559
Estimated weighted average fair value of options per share at date of grant:
Estimated weighted average fair value of options per share at date of grant	$ 4.69

Summary of Significant Accounting Policies (Schedule of Accumulated Other Comprehensive Income (loss)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (183,234)	$ (208,719)
Other comprehensive income (loss) before reclassifications	(304)	15,796
Amounts reclassified from accumulated other comprehensive income (loss)	6,869	9,689
Other comprehensive income (loss)	6,565	25,485	$ (58,524)
Ending balance	(176,669)	(183,234)	(208,719)
Foreign currency translation adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(93,970)	(112,807)
Other comprehensive income (loss) before reclassifications	7,792	18,837
Amounts reclassified from accumulated other comprehensive income (loss)	0	0
Other comprehensive income (loss)	7,792	18,837
Ending balance	(86,178)	(93,970)	(112,807)
Gain (loss) on derivative financial instruments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	863	(373)
Other comprehensive income (loss) before reclassifications	538	247
Amounts reclassified from accumulated other comprehensive income (loss)	(942)	989
Other comprehensive income (loss)	(404)	1,236
Ending balance	459	863	(373)
Pension and other post-retirement benefit adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(90,127)	(95,539)
Other comprehensive income (loss) before reclassifications	(8,634)	(3,288)
Amounts reclassified from accumulated other comprehensive income (loss)	7,811	8,700
Other comprehensive income (loss)	(823)	5,412
Ending balance	$ (90,950)	$ (90,127)	$ (95,539)

Summary of Significant Accounting Policies (Schedule of Reclassifications Out of AOCI) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

$ (775,628)

$ (668,626)

$ (725,459)

Gain (loss) on derivative financial instruments | Reclassification out of Accumulated Other Comprehensive Income

^[1]

(53,163)

3,217

8,928

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Total, before taxes

1,229

(1,568)

(3,476)

Pension and other post-retirement benefit adjustments | Reclassification out of Accumulated Other Comprehensive Income

287

(579)

(1,284)

Total, net of tax

942

(989)

(2,192)

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Actuarial gain (loss) and prior service costs, before taxes

(12,045)

^[2]

(13,098)

^[2]

(16,041)

Aluminum Futures Contracts | Gain (loss) on derivative financial instruments | Reclassification out of Accumulated Other Comprehensive Income

(4,234)

(4,398)

(5,823)

Total, net of tax

(7,811)

(8,700)

(10,218)

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Foreign Currency Forward Contracts | Gain (loss) on derivative financial instruments | Reclassification out of Accumulated Other Comprehensive Income

1,210

(1,630)

3,538

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

$ 62

$ (62)

[1]	See Notes 1, 3, 4 and 17 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items.
[2]	{F\|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjg4MzJmZDM1M2EyNDRkYWFhNTVjOTk2N2VkNWQ2YzM1fFRleHRTZWxlY3Rpb246MzQxQUI1NEEwMzBBRkIzRENCOTc5RDlDQTZBQUFEQUQM}

Acquisitions (Narratives) (Details) - USD ($)		3 Months Ended								12 Months Ended
Acquisitions (Narratives) (Details) - USD ($)	Feb. 15, 2017	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired										$ 87,110,000	$ 0	$ 0
Sales		$ 245,836,000	$ 247,121,000	$ 247,347,000	$ 221,026,000	$ 204,772,000	$ 207,702,000	$ 208,533,000	$ 207,333,000	961,330,000	828,341,000	896,177,000
Goodwill		128,208,000				117,822,000				128,208,000	117,822,000	117,839,000
Payments to Acquire Property, Plant, and Equipment										$ 44,362,000	$ 45,457,000	$ 32,831,000
Effective Income Tax Rate Reconciliation, Percent										356.50%	11.60%	(38.50%)
Futura Industries [Member]
Business Acquisition [Line Items]
Business Combinations Accretion to Diluted Earnings Per Share		0.03								$ 0.12
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	$ 6,680,000
Percentage of outstanding equity interests acquired	100.00%
Business Combination Contract Price	$ 92,000,000
Business Combination, Consideration Transferred	87,000,000
Business Combinations Amount Deposited in Escrow - Earnout	5,000,000
Business Combination, Contingent Consideration, Asset, Current	4,300,000			5,000,000
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset				700,000
Business Combinations Purchase Price Allocated Net of Contingent Consideration	82,860,000
Goodwill, Purchase Accounting Adjustments				$ 100,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	10,342,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets	240,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	32,662,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(8,135,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	$ 72,489,000
Tax Recovery Life of Goodwill for Amortization	15 years
Line of Credit Facility, Interest Rate During Period										3.00%
Effective Income Tax Rate Reconciliation, Percent										39.10%
Customer Relationships [Member] \| Futura Industries [Member]
Business Acquisition [Line Items]
Purchased identifiable intangible assets, amortized over weighted average period	12 years
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 24,000,000
Trade Names [Member] \| Futura Industries [Member]
Business Acquisition [Line Items]
Purchased identifiable intangible assets, amortized over weighted average period	13 years
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 6,700,000
Goodwill [Member] \| Futura Industries [Member]
Business Acquisition [Line Items]
Goodwill	$ 10,371,000
Futura Industries [Member]
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Revenue										$ 968,340,000	$ 904,877,000
Sales										71,000,000
Ongoing operations										8,200,000
Depreciation, Amortization and Accretion, Net										5,000,000
Payments to Acquire Property, Plant, and Equipment										2,500,000
Business Acquisition, Pro Forma Net Income (Loss)										$ 37,974,000	$ 27,805,000
Business Acquisition, Pro Forma Earnings Per Share, Basic										$ 1.15	$ 0.85
Business Acquisition, Pro Forma Earnings Per Share, Diluted										$ 1.15	$ 0.85
Other Assets and Deferred Charges [Member] \| kaleo [Member]
Business Acquisition [Line Items]
Investment Owned, at Fair Value		$ 54,000,000				$ 20,200,000				$ 54,000,000	$ 20,200,000

Investments (Narrative) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Apr. 02, 2007

Dec. 31, 2016

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2008

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

$ (33,800)

$ (1,600)

$ 20,500

kaleo

Total cash invested in private company

$ 7,500

Ownership interest percentage

20.00%

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

$ (1,600)

$ (33,800)

^[1]

$ (1,600)

^[1]

20,500

^[1]

Unrealized gain (loss) on investments, net of tax

$ 1,200

$ 24,000

(15,700)

Weighted average cost of capital

45.00%

Basis point decrease of weighted average cost of capital assumption

5.00%

Increase in fair value from five hundred point decrease in weighted average cost of capital assumption

$ 11,000

Basis point increase of weighted average cost of capital assumption

5.00%

Decrease in fair value from five hundred point increase in weighted average cost of capital assumption

$ 10,000

Harbinger

Total cash invested in private company

$ 10,000

Withdrawal proceeds

100

Maximum | Harbinger

Percent ownership in investment (less than)

1.00%

Other Assets and Deferred Charges [Member] | kaleo

Other Assets and Deferred Charges [Member] | Harbinger

Carrying value

$ 20,200

54,000

$ 20,200

Carrying value of investment

1,700

Other Assets and Deferred Charges [Member] | Alleghany and Bath County, Virginia

Carrying value of investment

1,600

Alleghany and Bath County, Virginia

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

(1,000)

1,032

Unrealized Gain (Loss) on Investment Property

$ 0

(1,032)

$ 0

Unrealized Gain Loss On Investment Property After Tax

$ (700)

$ 700

[1]	See Notes 1, 3, 4 and 17 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items.

Investments (Schedule Of Fair Value Method Investments, Balance Sheets And Income Statements) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Assets

Net property, plant and equipment

$ 36,491

^[1]

$ 29,511

^[1]

$ 36,491

^[1]

$ 29,511

^[1]

$ 44,156

$ 50,056

223,091

260,725

223,091

260,725

Patents

40,552

33,601

40,552

33,601

Other assets

9,419

10,006

9,419

10,006

Total assets

^[1]

755,743

651,162

755,743

651,162

Liabilities and Shareholders’ Equity

Other noncurrent liabilities

152,000

95,000

152,000

95,000

Equity

343,780

310,783

343,780

310,783

272,748

$ 372,029

Total liabilities and shareholders’ equity

755,743

651,162

755,743

651,162

Revenues & Expenses:

Income tax (expense) benefit

775,628

668,626

725,459

^[2]

53,163

(3,217)

(8,928)

Harbinger Capital Partners Special Situations Fund L P [Member]

$ (17,929)

$ 8,274

$ 44,204

$ 3,703

$ 1,728

$ 12,048

$ 3,408

$ 7,281

38,251

$ 24,466

(32,135)

Total Withdrawal Proceeds Received

$ 0

$ 100

[1]

[2]

See Notes 1, 3, 4 and 17 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items.

Business Segments (Narrative) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Net Sales

^[1],[2]

$ 927,647

$ 799,272

$ 866,339

PE Films [Member] | The Procter And Gamble Company

Net Sales

352,459

331,146

385,550

Net Sales

$ 122,400

$ 129,100

$ 163,900

[1]

[2]

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 $33.7 million in 2017, $29.1 million in 2016 and $29.8 million in 2015.

Business Segments (Schedule Of Segment Reporting Information By Segment) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Sep. 30, 2015

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Sales as shown in consolidated statements of income

^[1],[2]

$ 927,647

$ 799,272

$ 866,339

Add back freight

33,683

29,069

29,838

$ 245,836

$ 247,121

$ 247,347

$ 221,026

$ 204,772

$ 207,702

$ 208,533

$ 207,333

961,330

828,341

896,177

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

(44,465)

Total

(11,608)

60,323

34,622

Interest income

209

261

294

Interest expense

6,170

3,806

3,502

33,800

1,600

(20,500)

Stock option-based compensation expense

264

483

Corporate expenses, net

^[3]

30,879

29,607

33,638

Income (loss) before income taxes

(14,912)

27,683

(23,207)

^[3]

(53,163)

3,217

8,928

(17,929)

$ 8,274

$ 44,204

$ 3,703

1,728

$ 12,048

$ 3,408

$ 7,281

38,251

24,466

(32,135)

Freight

33,683

29,069

29,838

36,491

^[1]

29,511

^[1]

36,491

^[1]

29,511

^[1]

44,156

$ 50,056

Foreign Country

32,700

23,800

32,700

23,800

Pension Benefits

Defined benefit pension plan net liability

$ (91,769)

(88,567)

(91,769)

(88,567)

kaleo

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

1,600

33,800

^[3]

1,600

^[3]

(20,500)

^[3]

Alleghany and Bath County, Virginia

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

$ 1,000

(1,032)

Unrealized Gain (Loss) on Investment Property

(1,032)

Plant shutdowns, asset impairments, restructurings and other

352,459

331,146

385,550

Ongoing operations

41,546

26,312

48,275

^[3]

(4,905)

(4,602)

(4,180)

Plant shutdowns, asset impairments, restructurings and other

466,833

360,098

375,457

Ongoing operations

43,454

37,794

30,432

^[3]

321

(741)

(708)

Plant shutdowns, asset impairments, restructurings and other

108,355

108,028

105,332

Ongoing operations

(2,626)

1,774

5,453

^[3]

(89,398)

(214)

(185)

$ (44,500)

$ 0

$ (44,465)

[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 $32.7 million and $23.8 million at December 31, 2017 and 2016, 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.
[2]	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 $33.7 million in 2017, $29.1 million in 2016 and $29.8 million in 2015.
[3]	See Notes 1, 3, 4 and 17 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items.

Business Segments (Schedule Of Identifiable Assets) (Details) - USD ($)
$ in Thousands

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

^[1]

$ 755,743

$ 651,162

36,491

^[1]

29,511

^[1]

$ 44,156

$ 50,056

289,514

278,558

49,915

156,836

General Corporate

^[1],[2]

111,696

38,618

Subtotal

607,556

583,033

$ 268,127

$ 147,639

[1]

[2]

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 $91.8 million and $88.6 million as of December 31, 2017 and 2016, respectively. See Note 13 for more information on the Company’s pension and other postretirement plans.

Business Segments (Schedule Of Depreciation And Amortization, Capital Expenditures) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Depreciation and Amortization	$ 40,277	$ 32,472	$ 34,982
Capital Expenditures	44,362	45,457	32,831
PE Films [Member]
Segment Reporting Information [Line Items]
Depreciation and Amortization	14,609	13,653	15,480
Capital Expenditures	15,029	25,759	21,218
Flexible Packaging Films [Member] [Domain]
Segment Reporting Information [Line Items]
Depreciation and Amortization	10,443	9,505	9,697
Capital Expenditures	3,619	3,391	3,489
Aluminum Extrusions
Segment Reporting Information [Line Items]
Depreciation and Amortization	15,070	9,173	9,698
Capital Expenditures	25,653	15,918	8,124
Subtotal
Segment Reporting Information [Line Items]
Depreciation and Amortization	40,122	32,331	34,875
Capital Expenditures	44,301	45,068	32,831
General Corporate
Segment Reporting Information [Line Items]
Depreciation and Amortization	155	141	107
Capital Expenditures	$ 61	$ 389	$ 0

Business Segments (Schedule Of Net Sales By Geographic Area) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

^[1],[2]

$ 927,647

$ 799,272

$ 866,339

United States

Exports From The United States | Asia

^[1]

584,066

475,734

528,881

Exports From The United States | Canada

^[1]

84,846

73,220

75,383

Exports From The United States | Europe

^[1]

46,505

45,683

45,290

Exports From The United States | Latin America

^[1]

8,505

7,348

9,809

Operations Outside The United States | Brazil

^[1]

15,199

5,561

3,464

Operations Outside The United States | The Netherlands

^[1]

87,155

90,571

89,829

Operations Outside The United States | Hungary

^[1]

54,380

54,352

53,211

Operations Outside The United States | China

^[1]

24,727

24,207

32,612

Operations Outside The United States | India

^[1]

12,199

14,390

18,919

^[1]

$ 10,065

$ 8,206

$ 8,941

[1]

[2]

Business Segments (Schedule Of Identifiable Assets By Geographic Area, Property, Plant & Equipment, Net By Geographic Area) (Details) - USD ($)
$ in Thousands

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

^[1]

$ 755,743

$ 651,162

Property, Plant & Equipment, Net by Geographic Area, Total

36,491

^[1]

29,511

^[1]

$ 44,156

$ 50,056

223,091

260,725

Property, Plant & Equipment, Net of Discontinued operations by Geographic Area, Total

^[1]

223,091

260,725

United States

Property, Plant & Equipment, Net by Geographic Area, Total

^[1],[2]

475,844

367,406

^[1],[2]

156,054

118,661

General Corporate

Property, Plant & Equipment, Net by Geographic Area, Total

^[1],[2]

111,696

38,618

^[1],[2]

1,087

1,181

Operations Outside The United States | Brazil

Property, Plant & Equipment, Net by Geographic Area, Total

^[1]

49,536

139,163

^[1]

13,396

91,553

Operations Outside The United States | The Netherlands

Property, Plant & Equipment, Net by Geographic Area, Total

^[1]

17,423

19,484

^[1]

6,423

5,784

Operations Outside The United States | China

Property, Plant & Equipment, Net by Geographic Area, Total

^[1]

28,833

29,751

^[1]

23,273

23,759

Operations Outside The United States | Hungary

Property, Plant & Equipment, Net by Geographic Area, Total

^[1]

28,573

20,610

^[1]

18,230

15,117

Operations Outside The United States | India

Property, Plant & Equipment, Net by Geographic Area, Total

^[1]

7,347

6,619

^[1]

$ 4,628

$ 4,670

[1]

[2]

Business Segments (Schedule Of Net Sales By Product Group) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

^[1],[2]

$ 927,647

$ 799,272

$ 866,339

352,459

331,146

385,550

108,355

108,028

105,332

Personal Care Materials [Member] | PE Films [Member]

466,833

360,098

375,457

Surface protection films | PE Films [Member]

246,416

238,213

287,768

LED lighting products & other films | PE Films [Member]

99,079

84,013

90,197

Subtotal | PE Films [Member]

6,964

8,920

7,585

Nonresidential building & construction | Aluminum Extrusions

352,459

331,146

385,550

Consumer durables | Aluminum Extrusions

239,713

212,863

221,363

Residential building & construction | Aluminum Extrusions

54,126

39,293

41,835

Machinery and Equipment | Aluminum Extrusions

40,354

20,252

22,737

Automotive | Aluminum Extrusions

33,450

20,872

18,102

Distribution | Aluminum Extrusions

38,261

34,700

30,250

Electrical | Aluminum Extrusions

30,202

20,506

18,659

Subtotal | Aluminum Extrusions

30,727

11,612

22,511

$ 466,833

$ 360,098

$ 375,457

[1]

[2]

Accounts And Other Receivables (Schedule Of Accounts And Other Receivable) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Accounts and Notes Receivable, Net [Abstract]
Trade, less allowance for doubtful accounts and sales returns of $3,304 in 2017 and $3,102 in 2016	$ 110,252	$ 91,109
Other	9,883	6,279
Total	120,135	97,388
Allowance for Doubtful Accounts and Sales Returns	$ 3,304	$ 3,102

Accounts And Other Receivables (Schedule Of Reconciliation Of The Beginning And Ending Balances Of The Allowance For Doubtful Accounts And Sales Returns) (Details) - Allowance For Doubtful Accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance, beginning of year	$ 3,102	$ 3,746	$ 2,610
Charges to expense	2,369	1,410	3,387
Recoveries	(857)	(32)	(7)
Write-offs and settlements	(1,322)	(2,167)	(1,970)
Foreign exchange and other	12	145	(274)
Balance, end of year	$ 3,304	$ 3,102	$ 3,746

Inventories (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
Inventories (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Inventories [Line Items]
Inventories stated on the LIFO basis	$ 21.9	$ 16.4
Inventories stated value below replacement costs	15.9	$ 15.3
PE Films [Member]
Inventories [Line Items]
Cost of goods sold stated at below current replacement costs	$ 1.5

Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Inventory, Net [Abstract]
Finished goods	$ 20,281	$ 16,215
Work-in-process	11,958	8,590
Raw materials	35,909	23,733
Stores, supplies and other	18,759	17,531
Total	$ 86,907	$ 66,069

Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill [Line Items]
Goodwill impairment charge				$ 0	$ 0	$ 44,465
Goodwill	$ 128,208	$ 117,822		128,208	117,822	117,839
Loss on asset impairments				101,282	1,436	403
Flexible Packaging Films [Member] [Domain]
Goodwill [Line Items]
Goodwill impairment charge			$ 44,500	0	0	44,465
Goodwill, Impairment Loss, Net of Tax			$ 44,500
Flexible Packaging Films [Member]
Goodwill [Line Items]
Assets, Fair Value Disclosure	30,000			30,000
Loss on asset impairments	101,000			101,000
Asset Impairment Charges After Taxes	87,000			87,000
Impairment of Intangible Assets, Finite-lived				17,500
PE Films [Member]
Goodwill [Line Items]
Goodwill	104,142	104,126		104,142	$ 104,126	$ 104,143
Loss on asset impairments	0	200
Asset Impairment Charges After Taxes	300	$ 100
Customer Relationships [Member] \| Personal Care Materials [Member]
Goodwill [Line Items]
Goodwill	46,800			46,800
Trade Names [Member]
Goodwill [Line Items]
Trade names (cost basis of $13,887 in 2017 and $11,175 in 2016)	4,800			4,800
Goodwill [Member] \| Personal Care Materials [Member]
Goodwill [Line Items]
Goodwill	46,800			46,800
Goodwill [Member] \| Surface Protection Films [Member]
Goodwill [Line Items]
Goodwill	57,300			57,300
Goodwill [Member] \| Aacoa [Member]
Goodwill [Line Items]
Goodwill	13,700			13,700
Goodwill [Member] \| Futura [Member]
Goodwill [Line Items]
Goodwill	10,400			10,400
Customer Relationships [Member] \| Flexible Packaging Films [Member]
Goodwill [Line Items]
Impairment of Intangible Assets, Finite-lived				9,444
Finite-lived Intangible Assets, Fair Value Disclosure	800			800
Proprietary Technology [Member] \| Flexible Packaging Films [Member]
Goodwill [Line Items]
Impairment of Intangible Assets, Finite-lived				4,051
Finite-lived Intangible Assets, Fair Value Disclosure	400			400
Trade Names [Member] \| Flexible Packaging Films [Member]
Goodwill [Line Items]
Finite-lived Intangible Assets, Fair Value Disclosure	$ 2,400			2,400
Trade Names [Member] \| PE Films [Member]
Goodwill [Line Items]
Impairment of Intangible Assets, Finite-lived				$ 4,005
Minimum [Member] \| Customer Relationships [Member]
Goodwill [Line Items]
Finite-Lived Intangible Asset, Useful Life				10 years
Minimum [Member] \| Customer Relationships [Member] \| Flexible Packaging Films [Member]
Goodwill [Line Items]
Finite-Lived Intangible Asset, Useful Life				5 years
Minimum [Member] \| Trade Names [Member]
Goodwill [Line Items]
Finite-Lived Intangible Asset, Useful Life				2 years
Maximum [Member] \| Customer Relationships [Member]
Goodwill [Line Items]
Finite-Lived Intangible Asset, Useful Life				12 years
Maximum [Member] \| Customer Relationships [Member] \| Flexible Packaging Films [Member]
Goodwill [Line Items]
Finite-Lived Intangible Asset, Useful Life				13 years
Maximum [Member] \| Proprietary Technology [Member]
Goodwill [Line Items]
Finite-Lived Intangible Asset, Useful Life				15 years
Maximum [Member] \| Trade Names [Member]
Goodwill [Line Items]
Finite-Lived Intangible Asset, Useful Life				12 years

Goodwill And Other Intangible Assets (Schedule Of Goodwill And Other Intangibles) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill And Other Intangible Assets [Line Items]
Goodwill, Impairment Loss		$ 0	$ 0	$ 44,465
Goodwill		128,208	117,822	117,839
Finite-Lived Intangible Assets, Net		40,552
Identifiable intangible assets:
Total carrying value of identifiable intangibles		40,552	33,601
Intangible Assets, Net (Including Goodwill)		168,760	151,423
Customer relationships
Goodwill And Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net		25,444	14,844
Identifiable intangible assets:
Finite-Lived Intangible Assets, Gross		29,647	26,021
Proprietary technology
Goodwill And Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net		1,700	7,582
Identifiable intangible assets:
Finite-Lived Intangible Assets, Gross		6,203	17,366
Trade Names [Member]
Goodwill And Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net		13,408	11,175
Noncompete agreements
Identifiable intangible assets:
Finite-Lived Intangible Assets, Gross		$ 1,854	4,154
Minimum \| Customer relationships
Identifiable intangible assets:
Identifiable Intangible Asset, Useful Life (Yrs)		10 years
Minimum \| Trade Names [Member]
Identifiable intangible assets:
Identifiable Intangible Asset, Useful Life (Yrs)		2 years
Maximum \| Customer relationships
Identifiable intangible assets:
Identifiable Intangible Asset, Useful Life (Yrs)		12 years
Maximum \| Proprietary technology
Identifiable intangible assets:
Identifiable Intangible Asset, Useful Life (Yrs)		15 years
Maximum \| Trade Names [Member]
Identifiable intangible assets:
Identifiable Intangible Asset, Useful Life (Yrs)		12 years
Flexible Packaging Films [Member] [Domain]
Goodwill And Other Intangible Assets [Line Items]
Goodwill, Impairment Loss	$ 44,500	$ 0	$ 0	$ 44,465
Identifiable intangible assets:
Goodwill, Impairment Loss, Net of Tax	$ 44,500

Goodwill And Other Intangible Assets (Reconciliation Of The Beginning And Ending Balance Of Goodwill) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill [Roll Forward]
Goodwill, Impairment Loss		$ 0	$ 0	$ (44,465)
Net carrying value of goodwill, beginning of period		117,822	117,839
Increase (decrease) due to foreign currency translation		16	(17)
Net carrying value of goodwill, end of period		128,208	117,822	117,839
Aluminum Extrusions
Goodwill [Roll Forward]
Net carrying value of goodwill, beginning of period		13,696	13,696
Increase (decrease) due to foreign currency translation		0	0
Net carrying value of goodwill, end of period		24,066	13,696	13,696
PE Films [Member]
Goodwill [Roll Forward]
Net carrying value of goodwill, beginning of period		104,126	104,143
Increase (decrease) due to foreign currency translation		16	(17)
Net carrying value of goodwill, end of period		104,142	104,126	104,143
Flexible Packaging Films [Member] [Domain]
Goodwill [Roll Forward]
Goodwill, Impairment Loss	$ (44,500)	$ 0	$ 0	$ (44,465)

Goodwill And Other Intangible Assets (Schedule of Expected Amortization Expense) (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2017	$ 3,985
2018	3,585
2019	3,585
2020	3,585
2021	$ 3,460

Goodwill And Other Intangible Assets Goodwill and Other Intangible Assets (Rollforward Schedule of Identifiable Intangibles) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Feb. 15, 2017	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	$ 40,552
PE Films [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	845	$ 959		$ 1,073
Amortization	(114)	(114)
Flexible Packaging Films [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	3,528	24,033		24,518
Amortization	(2,954)	(2,831)
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss)	(51)	2,346
Impairment of Intangible Assets, Finite-lived	(17,500)
Aluminum Extrusions [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	36,179	8,609		9,642
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles			$ 30,700
Amortization	(3,130)	(1,033)
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	25,444	14,844
Customer Relationships [Member] \| PE Films [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	0	0		0
Amortization	0	0
Customer Relationships [Member] \| Flexible Packaging Films [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	831	12,084		12,380
Amortization	(1,793)	(1,700)
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss)	(16)	1,404
Impairment of Intangible Assets, Finite-lived	(9,444)
Customer Relationships [Member] \| Aluminum Extrusions [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	24,613	2,760		3,240
Amortization	(2,147)	(480)
Proprietary Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	1,700	7,582
Proprietary Technology [Member] \| PE Films [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	845	959		1,073
Amortization	(114)	(114)
Proprietary Technology [Member] \| Flexible Packaging Films [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	360	5,574		6,362
Amortization	(1,161)	(1,131)
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss)	(2)	343
Impairment of Intangible Assets, Finite-lived	(4,051)
Proprietary Technology [Member] \| Aluminum Extrusions [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	495	1,049		1,602
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles			0
Amortization	(554)	(553)
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	13,408	11,175
Trade Names [Member] \| PE Films [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	0	0		0
Amortization	0	0
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss)	(33)	599
Impairment of Intangible Assets, Finite-lived	(4,005)
Trade Names [Member] \| Flexible Packaging Films [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	2,337	6,375		5,776
Trade Names [Member] \| Aluminum Extrusions [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	11,071	4,800		$ 4,800
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles			6,700
Amortization	$ (429)	$ 0
Aluminum Extrusions [Member] \| Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles			$ 24,000

Financial Instruments (Narrative) (Details) R$ in Thousands, $ in Thousands, lb in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) lb	Dec. 31, 2016 USD ($) lb	Dec. 31, 2017 BRL (R$)
Derivative [Line Items]
Weight of aluminum that hedged future purchase of aluminum to meet fixed-price forward sales contract obligations, lbs \| lb	8.0	9.6
Amounts of unrealized after-tax gains on derivative instruments	$ 400
Aluminum Futures Contracts
Derivative [Line Items]
Notional amount	8,200	$ 8,000
Cost of Sales [Member] \| Foreign Currency Forwards And Options [Member]
Derivative [Line Items]
Notional amount	$ 15,000		R$ 48,800

Financial Instruments (Summary Of Location And Fair Value Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Net asset (liability)	$ (558)	$ 0
Aluminum Futures Contracts \| Designated as Hedging Instrument \| Prepaid Expenses and Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Asset derivatives	578
Aluminum futures contracts	(16)
Aluminum Futures Contracts \| Designated as Hedging Instrument \| Accrued Expenses
Derivatives, Fair Value [Line Items]
Asset derivatives		308
Aluminum futures contracts		(37)
Aluminum Futures Contracts \| Not Designated as Hedging Instrument [Member] \| Prepaid Expenses and Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Aluminum futures contracts	$ 0
Aluminum Futures Contracts \| Not Designated as Hedging Instrument [Member] \| Accrued Expenses
Derivatives, Fair Value [Line Items]
Asset derivatives		0
Aluminum futures contracts		$ 0

Financial Instruments (Schedule Of Pretax Effect On Net Income (Loss) And Other Comprehensive Income (Loss) Of Derivative Instruments Classified As Cash Flow Hedges) (Details) - Aluminum Futures Contracts [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ 1,501	$ 394	$ (5,055)
Cost of Sales [Member]
Derivatives, Fair Value [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ 1,210	$ (1,630)	$ (3,538)

Financial Instruments Financial Instruments (Summary of Location and Fair Value of Currency Forward Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Net asset (liability)	$ (558)	$ 0
Aluminum Futures Contracts [Member] \| Designated as Hedging Instrument [Member] \| Prepaid Expenses and Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	578
Derivative Liability, Fair Value, Gross Liability	16
Aluminum Futures Contracts [Member] \| Designated as Hedging Instrument [Member] \| Accrued Expenses [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		308
Derivative Liability, Fair Value, Gross Liability		37
Aluminum Futures Contracts [Member] \| Not Designated as Hedging Instrument [Member] \| Prepaid Expenses and Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	0
Aluminum Futures Contracts [Member] \| Not Designated as Hedging Instrument [Member] \| Accrued Expenses [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		0
Derivative Liability, Fair Value, Gross Liability		0
Flexible Packaging Films [Member] [Domain] \| Accrued Expenses [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	(558)
Net asset (liability)		0
Flexible Packaging Films [Member] [Domain] \| Designated as Hedging Instrument [Member] \| Accrued Expenses [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	0	0
Derivative Liability, Fair Value, Gross Liability	(558)	0
Flexible Packaging Films [Member] [Domain] \| Not Designated as Hedging Instrument [Member] \| Accrued Expenses [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	0	0
Derivative Liability, Fair Value, Gross Liability	$ 0	$ 0

Financial Instruments Financial Instruments (Summary of Location and Fair Value of Currency Forward Derivative Financial Instruments - Terphane (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Flexible Packaging Films [Member] [Domain]
Derivatives, Fair Value [Line Items]
Amount of pre-tax gain (loss) recognized in other comprehensive income	$ 0	$ 0	$ 0
Aluminum Futures Contracts [Member]
Derivatives, Fair Value [Line Items]
Amount of pre-tax gain (loss) recognized in other comprehensive income	1,501	394	(5,055)
Selling, General and Administrative Expenses [Member] \| Flexible Packaging Films [Member] [Domain]
Derivatives, Fair Value [Line Items]
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion)	(43)
Amount of pre-tax gain (loss) recognized in other comprehensive income	(561)
Cost of Sales [Member] \| Flexible Packaging Films [Member] [Domain]
Derivatives, Fair Value [Line Items]
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion)	62	62	62
Cost of Sales [Member] \| Aluminum Futures Contracts [Member]
Derivatives, Fair Value [Line Items]
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion)	$ 1,210	$ (1,630)	$ (3,538)

Accrued Expenses (Schedule Of Accrued Expenses) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Accrued Liabilities [Abstract]
Accrued Environmental Loss Contingencies, Current	$ 3,110	$ 2,100
Vacation	8,575	8,254
Payrolls, related taxes and medical and other benefits	6,034	5,519
Incentive compensation	7,958	5,530
Workers’ compensation and disabilities	3,746	3,732
Accrued Utilities, Current	2,177	2,126
Accrued Customer Rebates	1,929	842
Other	5,982	6,956
Total	42,433	38,647
Accrued Severance Liability	783	1,976
Accrued Freight	1,581	1,612
Derivative Assets (Liabilities), at Fair Value, Net	$ 558	$ 0

Accrued Expenses (Schedule Of Reconciliation Of Beginning And Ending Balances Of Accrued Expenses Associated With Asset Impairments And Costs Associated With Exit And Disposal Activities) (Details)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2017

USD ($)

Dec. 31, 2017

USD ($)

Dec. 31, 2016

USD ($)

Dec. 31, 2015

USD ($)

$ 101,282

$ 1,436

$ 403

Accrued Freight

$ 1,581

1,581

1,612

2,408

1,867

447

102,488

2,684

3,850

Cash spend

(2,198)

(1,540)

(2,027)

Charges against assets

(101,595)

(603)

(403)

1,103

2,408

1,867

Severance(a)

1,854

1,462

246

589

1,535

2,568

Cash spend

(1,816)

(1,143)

(1,352)

627

1,854

1,462

Asset Impairments(b)

101,595

603

403

Charges against assets

(101,595)

(603)

(403)

Other

554

^[1]

405

^[1]

201

^[1]

304

^[1]

546

^[1]

879

^[1]

Cash spend

(382)

^[1]

(397)

^[1]

(675)

^[1]

Flexible Packaging Films [Member]

476

^[1]

476

^[1]

$ 554

^[1]

$ 405

^[1]

$ 101,000

[1]	{F\|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjg4MzJmZDM1M2EyNDRkYWFhNTVjOTk2N2VkNWQ2YzM1fFRleHRTZWxlY3Rpb246OTIzMkNERTE5MjYwOTU5RDlEMDE5RDlDQTZBQURENkMM}

Debt And Credit Agreements (Narrative) (Details)	12 Months Ended
Debt And Credit Agreements (Narrative) (Details)	Dec. 31, 2017 USD ($)	Mar. 01, 2016 USD ($)	Apr. 23, 2012 USD ($)
Line of Credit Facility [Line Items]
Credit spread over LIBOR, basis points	1.75%
Available credit under the Credit Agreement	$ 248,000,000
Secured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 400,000,000
Line Of Credit Facility Term	5 years
Line of credit facility, option to increase additional amount		50,000,000
Amount borrowed under the Credit Agreement		$ 107,000,000
Line of credit facility, covenant terms, maximum debt to EBITDA ratio	4.00
Line of credit facility, covenant terms, minimum adjusted EBIT-to-interest expense ratio	2.50
Line of credit facility, covenant terms, maximum aggregate distributions	$ 100,000,000
Line of credit facility, covenant terms, percentage of shareholders' equity to net income	50.00%
Credit Facility covenant leverage ratio three times limitation	3.00
Credit Facility limitation on dividend payments at leverage ratio greater than 3.00x	$ 4,000,000
Credit Facility, covenants, 50% of net income limitation when leverage ratio exceeds 3.00x	50.00%
Credit Facility covenant three point five times leverage ratio	350.00%
Credit Facility fixed charge coverage one pt two ratio limitation	120.00%
Unsecured Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity			$ 350,000,000

Debt And Credit Agreements (Schedule Of Borrowings Under Credit Agreement At Various Indebtedness To Adjusted EBITDA Levels) (Details)	12 Months Ended
	Dec. 31, 2017	Mar. 01, 2016 USD ($)
Line of Credit Facility [Line Items]
Credit Spread Over LIBOR	1.75%
Secured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Long-term Line of Credit		$ 107,000,000
Indebtedness To Adjusted Ebitda Ratio Greater Than Three Point Five But Less Than Or Equal To Four [Member]
Line of Credit Facility [Line Items]
Credit Spread Over LIBOR	2.50%
Commitment Fee	0.45%
Indebtedness To Adjusted Ebitda Ratio Greater Than Three But Less Than Or Equal To Three Point Five [Member]
Line of Credit Facility [Line Items]
Credit Spread Over LIBOR	2.25%
Commitment Fee	0.40%
Indebtedness-To-Adjusted EBITDA Ratio Greater Than 2.0x But Less Than Or Equal To 3.0x [Member]
Line of Credit Facility [Line Items]
Credit Spread Over LIBOR	2.00%
Commitment Fee	0.35%
Indebtedness-To-Adjusted EBITDA Ratio Greater Than 1.0x But Less Than Or Equal To 2.0x [Member]
Line of Credit Facility [Line Items]
Credit Spread Over LIBOR	1.75%
Commitment Fee	0.30%
Indebtedness-To-Adjusted EBITDA Ratio Less Than Or Equal To 1.0x [Member]
Line of Credit Facility [Line Items]
Indebtedness-to-Adjusted EBITDA Ratio	1.0
Credit Spread Over LIBOR	1.50%
Commitment Fee	0.25%
Minimum \| Indebtedness To Adjusted Ebitda Ratio Greater Than Three Point Five But Less Than Or Equal To Four [Member]
Line of Credit Facility [Line Items]
Indebtedness-to-Adjusted EBITDA Ratio	3.5
Minimum \| Indebtedness To Adjusted Ebitda Ratio Greater Than Three But Less Than Or Equal To Three Point Five [Member]
Line of Credit Facility [Line Items]
Indebtedness-to-Adjusted EBITDA Ratio	3
Minimum \| Indebtedness-To-Adjusted EBITDA Ratio Greater Than 2.0x But Less Than Or Equal To 3.0x [Member]
Line of Credit Facility [Line Items]
Indebtedness-to-Adjusted EBITDA Ratio	2.0
Minimum \| Indebtedness-To-Adjusted EBITDA Ratio Greater Than 1.0x But Less Than Or Equal To 2.0x [Member]
Line of Credit Facility [Line Items]
Indebtedness-to-Adjusted EBITDA Ratio	1.0
Maximum \| Indebtedness To Adjusted Ebitda Ratio Greater Than Three Point Five But Less Than Or Equal To Four [Member]
Line of Credit Facility [Line Items]
Indebtedness-to-Adjusted EBITDA Ratio	4
Maximum \| Indebtedness To Adjusted Ebitda Ratio Greater Than Three But Less Than Or Equal To Three Point Five [Member]
Line of Credit Facility [Line Items]
Indebtedness-to-Adjusted EBITDA Ratio	3.5
Maximum \| Indebtedness-To-Adjusted EBITDA Ratio Greater Than 2.0x But Less Than Or Equal To 3.0x [Member]
Line of Credit Facility [Line Items]
Indebtedness-to-Adjusted EBITDA Ratio	3.0
Maximum \| Indebtedness-To-Adjusted EBITDA Ratio Greater Than 1.0x But Less Than Or Equal To 2.0x [Member]
Line of Credit Facility [Line Items]
Indebtedness-to-Adjusted EBITDA Ratio	2.0

Debt And Credit Agreements (Summary Of Total Debt Due And Outstanding) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)
Maturities of Total Debt
2020	$ 152,000
2021	0
Total	152,000
Credit Agreement
Maturities of Total Debt
2018	0
2020	152,000
Total	$ 152,000
Secured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, covenant terms, maximum debt to EBITDA ratio	4.00

Stock Option And Stock Award Plans (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	608,520	500,919	881,513	1,164,120
Options may be granted to purchase specified number of common shares under stock option plan, maximum term	10 years
The total intrinsic value of stock options exercised	$ 0.2	$ 0.2	$ 1.0
The grant-date fair value of stock option-based awards vested	$ 0.4	$ 0.4	$ 1.9
Stock options exercisable	385,658	453,067
Total stock options available for grant	1,704,554
Restricted Stock [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Option vesting period	3 years
Stock Option Based Awards [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number	400,000
Unrecognized compensation cost	$ 0.6
Weighted average period for the cost expected to be recognized	1 year 7 months 26 days
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost	$ 0.4
Non-Vested Restricted Stock And Other Stock-Based Awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number	100,000
Unrecognized compensation cost	$ 2.2
Weighted average period for the cost expected to be recognized	1 year 3 months 20 days
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost	$ 1.0
Granted In 2012 And Thereafter \| Employee Options
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Option vesting period	4 years

Stock Option And Stock Award Plans (Summary Of Stock Options Outstanding) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Number of Options
Number of Options, Outstanding, Beginning Balance	500,919	881,513	1,164,120
Number of Options, Granted	209,551	0	0
Number of Options, Forfeited and Expired	(60,685)	(246,394)	(60,207)
Number of Options, Exercised	(41,265)	(134,200)	(222,400)
Number of Options, Outstanding, Ending Balance	608,520	500,919	881,513
Weighted Average
Weighted Average Option Exercise Price/Share, Outstanding, Beginning Balance	$ 21.67	$ 20.22	$ 19.59
Weighted Average Option Exercise Price/Share, Granted	15.65	0.00	0.00
Weighted Average Option Exercise Price/Share, Forfeited and Expired	21.42	18.90	22.30
Weighted Average Option Exercise Price/Share, Exercised	19.84	17.23	16.34
Weighted Average Option Exercise Price/Share, Outstanding, Ending Balance	19.75	21.67	20.22
Minimum
Option Exercise Price/Share Range
Exercise Price, Outstanding, Beginning Balance	17.13	17.13	14.06
Exercise Price, Granted	15.65	0	0
Exercise Price, Forfeited and Expired	17.13	17.13	17.13
Exercise Price, Exercised	19.84	17.13	14.06
Exercise Price, Outstanding, Ending Balance	15.65	17.13	17.13
Maximum
Option Exercise Price/Share Range
Exercise Price, Outstanding, Beginning Balance	30.01	30.01	30.01
Exercise Price, Granted	15.65	0	0
Exercise Price, Forfeited and Expired	30.01	30.01	30.01
Exercise Price, Exercised	19.84	19.84	19.84
Exercise Price, Outstanding, Ending Balance	$ 24.84	$ 30.01	$ 30.01

Stock Option And Stock Award Plans (Summary Of Additional Information On Stock Options Outstanding And Exercisable) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Shares	608,520
Options Outstanding, Weighted Average, Remaining Contractual Life (Years)	4 years 10 months 26 days
Options Outstanding, Weighted Average, Exercise Price	$ 19.75
Options Outstanding, Aggregate Intrinsic Value	$ 744,335
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	385,658	453,067
Options Exercisable, Weighted Average Exercise Price	$ 21.88
Options Exercisable, Aggregate Intrinsic Value	$ 429
- To 15.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, Minimum	$ 0
Range of Exercise Prices, Maximum	$ 15
Options Outstanding, Shares	0
Options Outstanding, Weighted Average, Remaining Contractual Life (Years)	0 years
Options Outstanding, Weighted Average, Exercise Price	$ 0.00
Options Outstanding, Aggregate Intrinsic Value	$ 0
Options Exercisable, Shares	0
Options Exercisable, Weighted Average Exercise Price	$ 0.00
Options Exercisable, Aggregate Intrinsic Value	$ 0
15.01 To 17.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, Minimum	$ 15.01
Range of Exercise Prices, Maximum	$ 17.5
Options Outstanding, Shares	209,551
Options Outstanding, Weighted Average, Remaining Contractual Life (Years)	6 years 4 months 26 days
Options Outstanding, Weighted Average, Exercise Price	$ 15.65
Options Outstanding, Aggregate Intrinsic Value	$ 743,906
Options Exercisable, Shares	0
Options Exercisable, Weighted Average Exercise Price	$ 0.00
Options Exercisable, Aggregate Intrinsic Value	$ 0
17.51 To 20.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, Minimum	$ 17.51
Range of Exercise Prices, Maximum	$ 20
Options Outstanding, Shares	171,460
Options Outstanding, Weighted Average, Remaining Contractual Life (Years)	2 years 2 months 13 days
Options Outstanding, Weighted Average, Exercise Price	$ 19.58
Options Outstanding, Aggregate Intrinsic Value	$ 429
Options Exercisable, Shares	171,460
Options Exercisable, Weighted Average Exercise Price	$ 19.58
Options Exercisable, Aggregate Intrinsic Value	$ 429
20.01 To 25.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, Minimum	$ 20.01
Range of Exercise Prices, Maximum	$ 25
Options Outstanding, Shares	227,509
Options Outstanding, Weighted Average, Remaining Contractual Life (Years)	5 years 7 months 9 days
Options Outstanding, Weighted Average, Exercise Price	$ 23.64
Options Outstanding, Aggregate Intrinsic Value	$ 0
Options Exercisable, Shares	214,198
Options Exercisable, Weighted Average Exercise Price	$ 23.71
Options Exercisable, Aggregate Intrinsic Value	$ 0

Stock Option And Stock Award Plans (Summary Of Additional Information On Non-Vested Restricted Stock Outstanding) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, Outstanding, Beginning Balance	207,355	132,353	188,058
Number of Shares, Granted	107,362	144,546	147,666
Number of Shares, Vested	(50,154)	(52,167)	(174,145)
Number of Shares, Forfeited	(57,887)	(17,377)	(29,226)
Number of Shares, Outstanding, Ending Balance	206,676	207,355	132,353
Wgtd. Ave. Grant Date Fair Value/Sh., Beginning Balance	$ 15.90	$ 21.19	$ 22.48
Wgtd. Ave. Grant Date Fair Value/Sh., Granted	18.29	13.47	18.87
Wgtd. Ave. Grant Date Fair Value/Sh., Vested	19.72	21.56	20.57
Wgtd. Ave. Grant Date Fair Value/Sh., Forfeited	16.16	18.97	21.42
Wgtd. Ave. Grant Date Fair Value/Sh., Ending Balance	$ 16.15	$ 15.90	$ 21.19
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Grant Date Fair Value, Outstanding, Beginning Balance	$ 3,297	$ 2,805	$ 4,227
Grant Date Fair Value, Granted	1,964	1,947	2,786
Grant Date Fair Value, Vested	(989)	(1,125)	(3,582)
Grant Date Fair Value, Forfeited	(935)	(330)	(626)
Grant Date Fair Value, Outstanding, Ending Balance	$ 3,337	$ 3,297	$ 2,805
Maximum Non Vested Restricted Stock Units Issuable Upon Satisfaction Of Certain Performance Criteria [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, Outstanding, Beginning Balance	238,429	167,128	129,713
Number of Shares, Granted	46,205	136,986	144,582
Number of Shares, Vested	0	0	0
Number of Shares, Forfeited	(112,501)	(65,685)	(107,167)
Number of Shares, Outstanding, Ending Balance	172,133	238,429	167,128
Wgtd. Ave. Grant Date Fair Value/Sh., Beginning Balance	$ 16.39	$ 22.04	$ 24.99
Wgtd. Ave. Grant Date Fair Value/Sh., Granted	17.38	11.34	18.47
Wgtd. Ave. Grant Date Fair Value/Sh., Vested	0.00	0.00	0.00
Wgtd. Ave. Grant Date Fair Value/Sh., Forfeited	17.73	20.24	20.78
Wgtd. Ave. Grant Date Fair Value/Sh., Ending Balance	$ 15.78	$ 16.39	$ 22.04
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Grant Date Fair Value, Outstanding, Beginning Balance	$ 3,908	$ 3,684	$ 3,241
Grant Date Fair Value, Granted	803	1,553	2,670
Grant Date Fair Value, Vested	0	0	0
Grant Date Fair Value, Forfeited	(1,995)	(1,329)	(2,227)
Grant Date Fair Value, Outstanding, Ending Balance	$ 2,716	$ 3,908	$ 3,684

Retirement Plans And Other Postretirement Benefits (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) employee	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Pension and other postretirement liabilities	$ 98,837	$ 95,370
Percentage of change in health care cost trend rate assumptions would be immaterial	1.00%
Expected pension expense for next twelve months	$ 10,200
Term of estimated benefit payments for fixed income securities, minimum	1 year
Term of estimated benefit payments for fixed income securities, maximum	2 years
Defined benefit, average remaining duration of benefit payments for pension plans	11 years 3 months 20 days
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expect to required contributions	$ 5,300
Unfunded Non-Qualified Supplemental Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation to unfunded plan	2,200	2,200
Pension Cost (Reversal of Cost)	$ 100	100	$ 100
Films Manufacturing Facility In Kerkrade \| Multiemployer Plans, Pension
Defined Benefit Plan Disclosure [Line Items]
Number of employees participating in pension plan \| employee	70
Multi-employer pension plan, pension expenses	$ 400	400	400
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Prior service cost (benefit)	5
Projected benefit obligation to unfunded plan	318,123	303,126	303,852
Multi-employer pension plan, pension expenses	$ 10,134	$ 10,886	$ 12,346

Retirement Plans And Other Postretirement Benefits (Reconciliation Of Changes In Benefit Obligations And Plan Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assumption Expected Long Term Return On Assets At Year End	6.50%
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assumption Expected Long Term Return On Assets At Year End	6.50%	6.50%	7.00%
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning of year	$ 303,126	$ 303,852
Service cost	194	231	$ 530
Interest cost	12,575	13,323	13,217
Effect of actuarial (gains) losses related to the following:
Discount rate change	21,055	9,296
Retirement rate assumptions and mortality table adjustments	(2,145)	(5,537)
Other	(1,921)	(3,025)
Benefits paid	14,761	15,014
Benefit obligation, end of year	318,123	303,126	303,852
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Plan assets at fair value, beginning of year	214,559	210,642
Actual return on plan assets	21,034	11,199
Employer contributions	5,522	7,732
Benefits paid	14,761	15,014
Plan assets at fair value, end of year	226,354	214,559	210,642
Funded status of the plans	(91,769)	(88,567)
Amounts recognized in the consolidated balance sheets:
Net amount recognized	91,769	88,567
Benefits paid	14,761	15,014
Benefits paid	14,761	15,014
Other Post-Retirement Benefits
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning of year	7,436	7,745
Service cost	33	38	44
Interest cost	301	337	325
Effect of actuarial (gains) losses related to the following:
Discount rate change	471	210
Retirement rate assumptions and mortality table adjustments	15	(433)
Other	(245)	(131)
Plan participant contributions	646	634
Benefits paid	953	964
Benefit obligation, end of year	7,704	7,436	7,745
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Plan assets at fair value, beginning of year	0	0
Actual return on plan assets	0	0
Employer contributions	307	330
Plan participant contributions	646	634
Benefits paid	953	964
Plan assets at fair value, end of year	0	0	$ 0
Funded status of the plans	(7,704)	(7,436)
Amounts recognized in the consolidated balance sheets:
Net amount recognized	7,704	7,436
Plan participant contributions	646	634
Plan participant contributions	646	634
Benefits paid	953	964
Benefits paid	953	964
Accrued Expenses \| Pension Benefits
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Liability, Defined Benefit Plan, Current	182	182
Accrued Expenses \| Other Post-Retirement Benefits
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Liability, Defined Benefit Plan, Current	457	453
Amounts recognized in the consolidated balance sheets:
Liability, Defined Benefit Plan, Noncurrent	7,247	6,983
Other Noncurrent Liabilities [Member] \| Pension Benefits
Amounts recognized in the consolidated balance sheets:
Liability, Defined Benefit Plan, Noncurrent	$ 91,587	$ 88,385

Retirement Plans And Other Postretirement Benefits (Components Of Net Periodic Benefit Income Or Cost For Continuing Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Weighted-average assumptions used to determine benefit obligations:
Defined Benefit Plan Assumption Expected Long Term Return On Assets At Year End	6.50%
Pension Benefits
Weighted-average assumptions used to determine benefit obligations:
Discount rate	3.72%	4.29%	4.55%
Defined Benefit Plan Assumption Expected Long Term Return On Assets At Year End	6.50%	6.50%	7.00%
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate	4.29%	4.55%	4.17%
Expected long-term return on plan assets	6.50%	7.00%	7.50%
Components of net periodic benefit cost:
Service cost	$ 194	$ 231	$ 530
Interest cost	12,575	13,323	13,217
Expected return on plan assets	(14,955)	(15,980)	(17,636)
Amortization of prior service costs and gains or losses	12,320	13,312	16,190
Settlement/curtailment	0		45
Net periodic benefit cost	$ 10,134	$ 10,886	$ 12,346
Other Post-Retirement Benefits
Weighted-average assumptions used to determine benefit obligations:
Discount rate	3.69%	4.24%	4.49%
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate	4.24%	4.49%	4.11%
Components of net periodic benefit cost:
Service cost	$ 33	$ 38	$ 44
Interest cost	301	337	325
Expected return on plan assets	0	0	0
Amortization of prior service costs and gains or losses	(275)	(214)	(194)
Settlement/curtailment	0	0	0
Net periodic benefit cost	$ 59	$ 161	$ 175

Retirement Plans And Other Postretirement Benefits (Schedule Of Expected Benefit Payments For Continuing Operations) (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
2017	$ 16,378
2018	16,916
2019	17,403
2020	17,762
2021	18,075
2022-2026	92,799
Other Post-Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
2017	457
2018	461
2019	462
2020	466
2021	469
2022-2026	$ 2,299

Retirement Plans And Other Postretirement Benefits (Schedule Of Amounts Recognized Before Related Deferred Income Taxes In Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Prior service cost (benefit)	$ 5	$ 10	$ 18
Net actuarial (gain) loss	144,377	145,782	153,570
Other Post-Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Prior service cost (benefit)	0	0	0
Net actuarial (gain) loss	$ (1,238)	$ (1,756)	$ (1,616)

Retirement Plans And Other Postretirement Benefits (Schedule Of Amounts Before Related Deferred Income Taxes In Accumulated Other Comprehensive Income That Are Expected To Be Recognized As Components Of Net Periodic Benefit Or Cost) (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Prior service cost (benefit)	$ 5
Net actuarial (gain) loss	13,706
Other Post-Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Prior service cost (benefit)	0
Net actuarial (gain) loss	$ (218)

Retirement Plans And Other Postretirement Benefits (Schedule Of Percentage Composition Of Assets Held By Pension Plans) (Details)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
% Composition of Plan Assets at December 31, Total for continuing operations	100.00%	100.00%	100.00%
Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
% Composition of Plan Assets at December 31, Total for continuing operations	7.70%	8.00%	12.80%
Large/mid-capitalization equity securities
Defined Benefit Plan Disclosure [Line Items]
% Composition of Plan Assets at December 31, Total for continuing operations	19.00%	14.70%	13.80%
Small-capitalization equity securities
Defined Benefit Plan Disclosure [Line Items]
% Composition of Plan Assets at December 31, Total for continuing operations	6.40%	5.30%	4.00%
International and emerging market equity securities
Defined Benefit Plan Disclosure [Line Items]
% Composition of Plan Assets at December 31, Total for continuing operations	15.10%	11.50%	10.90%
Total equity securities
Defined Benefit Plan Disclosure [Line Items]
% Composition of Plan Assets at December 31, Total for continuing operations	40.50%	31.50%	28.70%
Private equity and hedge funds
Defined Benefit Plan Disclosure [Line Items]
% Composition of Plan Assets at December 31, Total for continuing operations	44.60%	48.40%	52.40%
Other assets
Defined Benefit Plan Disclosure [Line Items]
% Composition of Plan Assets at December 31, Total for continuing operations	7.20%	12.10%	6.10%

Retirement Plans And Other Postretirement Benefits (Schedule Of Targeted Allocation Percentage For Pension Plan Assets And Expected Long-Term Rate Of Return On Assets) (Details)

Dec. 31, 2017

Target % Composition of Plan Assets, Total for continuing operations

100.00%

^[1]

Expected Long-term Return %, Total for continuing operations

6.50%

Fixed income securities

Target % Composition of Plan Assets, Total for continuing operations

12.00%

^[1]

Expected Long-term Return %, Total for continuing operations

2.10%

Large/mid-capitalization equity securities

Target % Composition of Plan Assets, Total for continuing operations

19.00%

^[1]

Expected Long-term Return %, Total for continuing operations

8.30%

Small-capitalization equity securities

Target % Composition of Plan Assets, Total for continuing operations

6.00%

^[1]

Expected Long-term Return %, Total for continuing operations

9.60%

International and emerging market equity securities

Target % Composition of Plan Assets, Total for continuing operations

15.00%

^[1]

Expected Long-term Return %, Total for continuing operations

8.60%

Total equity securities

Target % Composition of Plan Assets, Total for continuing operations

40.00%

^[1]

Expected Long-term Return %, Total for continuing operations

8.60%

Private equity and hedge funds

Target % Composition of Plan Assets, Total for continuing operations

48.00%

^[1]

Expected Long-term Return %, Total for continuing operations

5.90%

[1]	{F\|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjg4MzJmZDM1M2EyNDRkYWFhNTVjOTk2N2VkNWQ2YzM1fFRleHRTZWxlY3Rpb246RDFCQzVGMzgxOUM1MzA2QUMyNDA5RDlDQTZBQTQ3MEMM}

Retirement Plans And Other Postretirement Benefits (Schedule Of Pension Plan Assets Categorized By Level Within Fair Value Measurement Hierarchy) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Contracts with insurance companies	$ 10,495	$ 10,158
Total plan assets	226,354	214,558
Large/mid-capitalization equity securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	42,920	31,549
Small-capitalization equity securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	14,477	11,389
International and emerging market equity securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	34,153	24,710
Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	17,513	17,213
Private equity and hedge funds
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	100,974	103,686
Other assets
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	5,822	15,853
Total Plan Assets at Fair Value [Member]
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	114,885	100,714
Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	85,002	74,642
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Large/mid-capitalization equity securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	42,920	31,549
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Small-capitalization equity securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	14,477	11,389
Quoted Prices in Active Markets for Identical Assets (Level 1) \| International and emerging market equity securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	16,409	11,410
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	5,374	4,441
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other assets
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	5,822	15,853
Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	29,883	26,072
Significant Other Observable Inputs (Level 2) \| Large/mid-capitalization equity securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	0	0
Significant Other Observable Inputs (Level 2) \| Small-capitalization equity securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	0	0
Significant Other Observable Inputs (Level 2) \| International and emerging market equity securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	17,744	13,300
Significant Other Observable Inputs (Level 2) \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	12,139	12,772
Significant Other Observable Inputs (Level 2) \| Other assets
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	0	0
Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Large/mid-capitalization equity securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Small-capitalization equity securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	0	0
Significant Unobservable Inputs (Level 3) \| International and emerging market equity securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Other assets
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	$ 0	$ 0

Savings Plan (Details) - USD ($)	12 Months Ended
Savings Plan (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 1998	Dec. 31, 1997
Savings Plan [Line Items]
Charges recognized	$ 3,500,000	$ 3,200,000	$ 3,000,000
Number of common stock purchased				7,200	46,671
Amount of common stock purchased				$ 200,000	$ 1,000,000
Savings Plan
Savings Plan [Line Items]
Employee contribution to savings plan	1
Defined Contribution Plan Employer Employee Contribution	$ 1
Maximum matching contribution	5.00%
Percentage of enrollment of base pay	3.00%
Nonqualified Plan [Member]
Savings Plan [Line Items]
Liability under the restoration plan	$ 1,300,000	$ 1,600,000
Liability under the restoration plan, shares	65,548	67,013

Rental Expense And Contractual Commitments (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Leases, Operating [Abstract]
Rental expenses for continuing operations from the consecutive year	$ 4.4	$ 2.9	$ 3.6
Contractual obligations for plant construction and purchases of real property and equipment amounted	$ 4.6

Rental Expense And Contractual Commitments (Schedule Of Rental Commitments Under All Non-Cancelable Operating Leases For Continuing Operation) (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Leases, Operating [Abstract]
2017	$ 3,657
2018	3,532
2019	3,314
2020	2,826
2021	1,991
Remainder	3,109
Total	$ 18,429

Income Taxes (Narrative) (Details) - USD ($)	3 Months Ended			12 Months Ended
Income Taxes (Narrative) (Details) - USD ($)	Dec. 31, 2017	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Taxes [Line Items]
Effective Income Tax Rate Reconciliation, Percent					356.50%	11.60%	(38.50%)
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent					(17.10%)	1.80%	3.10%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent					(4.40%)	2.30%	0.30%
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Percent					(2.10%)	1.20%	(2.10%)
Changes in estimates related to prior year tax provision					$ 320	$ 330	$ 489
Effective Income Tax Rate Reconciliation Capital Loss Carryforwards Valuation Allowance, Amount					$ 83.000	$ 267.000	$ (311.000)
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent					0.00%	(23.70%)	0.10%
Effective Income Tax Rate Reconciliation, Deduction, Qualified Production Activity, Percent					0.00%	(2.70%)	3.60%
Effective Income Tax Rate Reconciliation Unremitted Earnings From Foreign Operations, Amount					$ 0.000	$ (256.000)	$ (502.000)
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent					(4.20%)	1.40%	(1.90%)
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount					$ 633.000	$ 396.000	$ 448.000
Effective Income Tax Rate Reconciliation, Tax Settlement, State and Local, Percent					2.80%	0.40%	(3.10%)
Increase In Value Of kaléo Investment Held Abroad, Percentage					15.60%	(0.70%)	(10.90%)
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent					29.70%	0.00%	0.00%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				21.00%	35.00%	35.00%	35.00%
Effective Tax Rate Reconciliation Worthless Stock Deductions, Amount					$ (61,413.000)	$ 0.000	$ 0.000
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent					411.90%	0.00%	0.00%
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability					$ 3,900,000
Foreign Income Tax Expense (Benefit), Continuing Operations					13,300,000
Deferred Tax Benefit Expense Valuation Allowance Adj Capital Loss Carryforwards					0
excess foreign tax credits repatriation					6,400,000
Valuation allowance	$ 28,499,000				28,499,000	$ 12,694,000
Balance of unrecognized state tax positions	800,000				800,000
Income tax expense (benefit) at federal statutory rate					(5,219)	9,689	$ (8,122)
Impact of U.S. Tax Cuts and Jobs Act					$ (4,433)	0	0
Effective Tax Rate Reconciliation, Escrow Settlement					28.20%
Increase in value of kaléo investment held abroad					$ (2,326)	$ (197)	$ 2,523
Unremitted earnings from foreign operations					0.00%	(0.90%)	2.20%
Domestic Production Activities Deduction					$ 0	$ 735	$ 840
Remitted earnings from foreign operations					0	(6,574)	(18)
State taxes, net of federal income tax benefit					656	647	(67)
Foreign rate differences					$ 2,546	$ 499	$ (719)
Valuation allowance due to foreign losses and impairments					(139.30%)	(1.50%)	0.00%
Income tax expense (benefit) at effective income tax rate					$ 53,163	$ (3,217)	$ (8,928)
State And Foreign Net Operating Loss Carryforwards
Income Taxes [Line Items]
Operating Loss Carryforwards	33,400,000				33,400,000	4,900,000
Valuation allowance	8,500,000				8,500,000	1,500,000	1,500,000
Excess Capital Losses From Investments And Other Related Items
Income Taxes [Line Items]
Valuation allowance	11,200,000				11,200,000	4,400,000	10,900,000
Asset Impairments In Foreign Jurisdictions
Income Taxes [Line Items]
Valuation allowance	15,600,000				$ 15,600,000	$ 0	$ 900,000
Terphane Ltda
Income Taxes [Line Items]
Income tax rate					6.25%
Current effective tax rate					15.25%
Percentage of social contribution on income included in current effective tax rate					9.00%
Hungary
Income Taxes [Line Items]
Income tax rate					9.00%
Brazilian
Income Taxes [Line Items]
Federal statutory income tax rate					34.00%
Income tax rate					25.00%
Percentage of social contribution on income included in federal statutory income tax rate					9.00%
Minimum
Income Taxes [Line Items]
Net Operating Loss Carrforward Expiration Period					10 years
Maximum
Income Taxes [Line Items]
Net Operating Loss Carrforward Expiration Period					20 years
Flexible Packaging Films [Member]
Income Taxes [Line Items]
Effective Tax Rate Reconciliation Worthless Stock Deductions, Amount	54,000,000
Effective Tax Rate Reconciliation Worthless Stock Deductions, Amount, Effect of Tax Rate Change	4,800,000
Foreign Income Tax Expense (Benefit), Continuing Operations		$ 400,000
Worthless Stock Tax Deductible Amount	$ 153,000,000	$ 8,100,000
Foreign Earnings Repatriated			$ 10,700,000

Income Taxes (Schedule Of Income From Continuing Operations Before Income Taxes) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Income (loss) before income taxes:

Domestic

$ 67,549

$ 26,284

$ (9,116)

Foreign

(82,461)

1,399

(14,091)

Income (loss) before income taxes

(14,912)

27,683

(23,207)

Current income tax expense (benefit):

Federal

(20,560)

4,302

12,693

State

800

(709)

973

Foreign

3,247

3,255

6,064

Current income taxes, Total

(16,513)

6,848

19,730

Deferred income tax expense (benefit):

Federal

(23,302)

(2,505)

(9,419)

State

(949)

1,396

(1,035)

Foreign

(12,399)

(2,522)

(348)

Deferred income taxes, Total

(36,650)

(3,631)

(10,802)

Total income tax expense (benefit)

^[1]

$ (53,163)

$ 3,217

$ 8,928

[1]	See Notes 1, 3, 4 and 17 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items.

Income Taxes (Summary of Effective Income Tax Rate For Continuing Operations) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income tax expense (benefit) at federal statutory rate		$ (5,219)	$ 9,689	$ (8,122)
Federal statutory rate	21.00%	35.00%	35.00%	35.00%
State taxes, net of federal income tax benefit		(4.40%)	2.30%	0.30%
Non-deductible expenses		(4.20%)	1.40%	(1.90%)
Effective Income Tax Rate Reconciliation, Tax Credit, Amount		$ 0	$ 0	$ (120)
Effective Income Tax Rate Reconciliation, Tax Credit, Percent		0.00%	0.00%	0.50%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount		$ 633.000	$ 396.000	$ 448.000
effective income tax rate reconciliation, non-deductible goodwill and asset impairment		(1.50%)	0.00%	(68.10%)
Foreign rate differences		(17.10%)	1.80%	3.10%
effective income tax rate reconciliation, valuation allowance due to foreign losses		$ 20,757	$ (416)	$ 3
Effective Income Tax Rate Reconciliation, Valuation Allowance Due To Foreign Losses And Impairments, Percentage		(139.30%)	(1.50%)	0.00%
Effective Income Tax Rate Reconciliation, Valuation Allowance Due To Foreign Losses, Percentage		(0.60%)	1.00%	1.30%
Research and development tax credit		2.50%	(2.00%)	1.50%
Domestic Production Activities Deduction		0.00%	(2.70%)	3.60%
Changes in estimates related to prior year tax provision		(2.10%)	1.20%	(2.10%)
Goodwill impairment		0.00%	(0.90%)	2.20%
Effective Income Tax Rate Reconciliation Unremitted Earnings From Foreign Operations, Amount		$ 0.000	$ (256.000)	$ (502.000)
Effective Income Tax Rate Reconciliation Capital Loss Carryforwards Valuation Allowance, Amount		83.000	267.000	(311.000)
Effective income tax rate reconciliation, non-deductible goodwill and other impairments, amount		$ 228	$ 13	$ 15,798
Other		411.90%	0.00%	0.00%
Effective income tax rate for continuing operations		356.50%	11.60%	(38.50%)
Effective Tax Rate Reconciliation Worthless Stock Deductions, Amount		$ (61,413.000)	$ 0.000	$ 0.000
Impact of U.S. Tax Cuts and Jobs Act		$ (4,433)	$ 0	$ 0
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent		29.70%	0.00%	0.00%
Effective Income Tax Rate Reconciliation, escrow settlement, amount		$ (4,200.000)
Settlement of Terphane acquisition escrow		28.20%
Increase in value of kaléo investment held abroad		$ (2,326)	$ (197)	$ 2,523
Increase In Value Of kaléo Investment Held Abroad, Percentage		15.60%	(0.70%)	(10.90%)
Effective Income Tax Rate Reconciliation, Tax Settlement, Other, Amount		$ (420)	$ 104	$ 716
Effective Income Tax Rate Reconciliation, Tax Settlement, State and Local, Percent		2.80%	0.40%	(3.10%)
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount		$ (375)	$ (550)	$ (350)
Domestic Production Activities Deduction		0	(735)	(840)
Remitted earnings from foreign operations		$ 0	$ (6,574)	$ (18)
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent		0.00%	(23.70%)	0.10%
Changes in estimates related to prior year tax provision		$ 320	$ 330	$ 489
State taxes, net of federal income tax benefit		656	647	(67)
Foreign rate differences		2,546	499	(719)
Income tax expense (benefit) at effective income tax rate		$ (53,163)	$ 3,217	$ 8,928

Income Taxes (Schedule Of Deferred Tax Liabilities And Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred income tax liabilities:
Amortization of goodwill and identifiable intangibles	$ 22,739	$ 43,546
Depreciation	0	24,178
Foreign currency translation gain adjustment	433	1,424
Deferred Tax Liabilities, Investments	8,602	4,131
Derivative financial instruments	167	493
Total deferred income tax liabilities	31,941	73,772
Deferred Tax Assets, Property, Plant and Equipment	4,917	0
Deferred income tax assets:
Pensions	19,626	30,733
Employee benefits	6,842	10,262
Inventory	2,884	3,622
Excess capital losses	4,695	11,726
Tax benefit on U.S. federal, state and foreign NOL and credit carryforwards	33,384	4,921
Asset write-offs, divestitures and environmental accruals	1,754	2,515
Timing adjustment for unrecognized tax benefits on uncertain tax positions, including portion relating to interest and penalties	184	395
Allowance for doubtful accounts	406	198
Other	261	1,568
Deferred income tax assets before valuation allowance	74,953	65,940
Less: Valuation allowance	28,499	12,694
Net deferred income tax (assets) liabilities	14,513	(20,526)
Deferred Tax Liabilities, Net		(20,526)
Deferred Tax Assets, Net, Noncurrent	16,636	584
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent	46,454	53,246
Pension and other postretirement benefit obligations, net	$ 2,123	$ 21,110

Income Taxes (Schedule Of Unrecognized Uncertain Tax Positions) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of period	$ 3,315	$ 4,049
Increase (decrease) due to tax positions taken in, Current period	27	1,151	$ 518
Increase (decrease) due to tax positions taken in, Prior period	(532)	43	326
Increase (decrease) due to settlements with taxing authorities	(51)	(1,706)	0
Reductions due to lapse of statute of limitations	(797)	(222)	(50)
Balance at end of period	$ 1,962	$ 3,315	$ 4,049

Income Taxes (Schedule Of Additional Information Related To Unrecognized Uncertain Tax Positions) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Gross unrecognized tax benefits on uncertain tax positions (reflected in current income tax and other noncurrent liability accounts in the balance sheet)	$ 1,962	$ 3,315	$ 4,049	$ 3,255
Deferred income tax assets related to unrecognized tax benefits on uncertain tax positions (reflected in deferred income tax accounts in the balance sheet)	(153)	(345)	(858)
Net unrecognized tax benefits on uncertain tax positions, which would impact the effective tax rate if recognized	1,809	2,970	3,191
Interest and penalties accrued on deductions taken relating to uncertain tax positions (approximately $(1), $(262) and $90 reflected in income tax expense in the income statement in 2017, 2016 and 2015, respectively, with the balance shown in current income tax and other noncurrent liability accounts in the balance sheet)	136	135	397
Interest and penalties accrued on deductions taken relating to uncertain tax positions, reflected in income tax expense in the income statement	(1)	(262)	90
Related deferred income tax assets recognized on interest and penalties	(32)	(49)	(148)
Interest and penalties accrued on uncertain tax positions net of related deferred income tax benefits, which would impact the effective tax rate if recognized	104	86	249
Total net unrecognized tax benefits on uncertain tax positions reflected in the balance sheet, which would impact the effective tax rate if recognized	$ 1,913	$ 3,056	$ 3,440

Losses Associated With Plant Shutdowns, Asset Impairments And Restructurings, Unusual Items, Gains From Sale Of Assets And Other Items (Details) - USD ($)

3 Months Ended

12 Months Ended

30 Months Ended

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2017

Dec. 31, 2014

$ 300,000

$ 1,100,000

$ 900,000

$ 300,000

Severance and other employee-related costs after taxes

$ 101,282,000

$ 1,436,000

$ 403,000

200,000

700,000

600,000

200,000

Business Development Expenses

$ 400,000

1,000,000

Business Development Expenses net of taxes

200,000

Business Development Expenses Net Of Tax

600,000

Unrealized gain (loss) on investments under fair value method

33,800,000

1,600,000

(20,500,000)

Losses Associated with Plant Shutdowns, Asset Impairments, Restructurings & Other

93,992,000

^[1]

6,100,000

10,100,000

Losses Associated with Plant Shutdowns, Asset Impairments, Restructurings & Other After Taxes

79,204,000

^[1]

3,900,000

6,400,000

Payments for Restructuring

2,198,000

1,540,000

2,027,000

Restructuring Reserve

$ 1,103,000

$ 2,408,000

1,867,000

1,103,000

2,408,000

1,867,000

$ 1,103,000

$ 447,000

kaleo

Unrealized gain (loss) on investments under fair value method

1,600,000

33,800,000

^[1]

1,600,000

^[1]

(20,500,000)

^[1]

Unrealized gain (loss) on investments, net of tax

1,200,000

24,000,000

(15,700,000)

Alleghany and Bath County, Virginia

Unrealized gain (loss) on investments under fair value method

1,000,000

(1,032,000)

Unrealized Gain (Loss) on Investment Property

(1,032,000)

Unrealized Gain Loss On Investment Property After Tax

(700,000)

700,000

Aluminum Extrusions [Member]

Gain (loss) on sale of equipment

(200,000)

Gain (Loss) on Disposition of Property Plant Equipment, Net of Taxes

(100,000)

Net Gain on Disposition of Property Plant Equipment net of shutdown loss

100,000

Net Gain on Disposition of Property Plant Equipment net of shutdown loss, Net of Taxes

100,000

Other Restructuring [Member] | FilmProductsManufacturingFacilityInLakeZurichIllinois [Member]

Other Restructuring Costs

$ 200,000

$ 300,000

200,000

600,000

$ 800,000

500,000

2,000,000

Other Restructuring Costs after Taxes

100,000

400,000

500,000

300,000

1,300,000

Other Plant Consolidation Expenses - Cost of Goods Sold

100,000

200,000

400,000

700,000

400,000

1,600,000

Other Plant Consolidation Expenses - Cost of Goods Sold, Net of Taxes

100,000

200,000

400,000

200,000

1,000,000

Plant shutdown related expenditures

800,000

1,100,000

1,300,000

1,100,000

800,000

4,300,000

7,300,000

Plant Shutdown Related Expenditures Net, net of taxes

$ 100,000

200,000

400,000

500,000

700,000

900,000

700,000

500,000

2,800,000

300,000

200,000

300,000

400,000

300,000

1,200,000

Accelerated Depreciation Expense

100,000

300,000

400,000

100,000

300,000

100,000

600,000

Accelerated Depreciation Expense taxes

200,000

100,000

400,000

Severance and other employee-related costs after taxes

200,000

800,000

Plant Shutdown Related Expenditures Gross

200,000

300,000

700,000

Asset impairments after taxes

100,000

$ 200,000

300,000

Futura Industries [Member]

Net Business Combination Acquisition, Integration Costs and Other Related Costs

3,300,000

Net Business Combination Acquisition, Integration Costs and Other Related Costs, Net of Taxes

2,000,000

Reversal of Fair Value Inventory Acquisition Write-Up

1,700,000

Acquisition-related expenses

1,500,000

Business Combination, Integration Related Costs

100,000

Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset

700,000

Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset, Net of Taxes

(500,000)

Corporate Segment [Member]

Expected future environmental costs

800,000

Expected future environmental costs after taxes

500,000

Severance and other employee-related costs after taxes

100,000

300,000

200,000

26,000

100,000

200,000

100,000

Corporate [Member] [Domain]

Severance and other employee-related costs after taxes

3,900,000

2,500,000

Severance and other employee-related costs after taxes

300,000

$ (100,000)

100,000

900,000

Severance and other employee-related costs after taxes

200,000

100,000

Production LIne Start-up and Ramp-up Costs

600,000

900,000

1,400,000

Production LIne Start-up and Ramp-up Costs, Net of Taxes

600,000

500,000

800,000

1,300,000

Asset impairments after taxes

300,000

100,000

PE Films [Member] | FilmProductsManufacturingFacilityInLakeZurichIllinois [Member]

Payments for Restructuring

1,900,000

16,000,000

Capital Expenditures Restructuring Project

100,000

11,200,000

Restructuring Reserve

500,000

PE Films [Member] | Other Restructuring [Member] | FilmProductsManufacturingFacilityInLakeZurichIllinois [Member]

Other Restructuring Costs

600,000

Other Plant Consolidation Expenses - Cost of Goods Sold

100,000

Plant shutdown related expenditures

1,000,000

1,200,000

Plant shutdown related expenditures after taxes

(600,000)

(700,000)

800,000

Accelerated Depreciation Expense

400,000

400,000

Aluminum Extrusions [Member]

Severance and other employee-related costs after taxes

100,000

35,000

100,000

Business Development Expenses

600,000

Business Development Expenses net of taxes

400,000

Cast House Explosion pretax income/loss

5,100,000

900,000

400,000

700,000

(1,700,000)

5,300,000

1,900,000

Cast House Explosion income/loss net of taxes

3,200,000

400,000

(1,100,000)

Excess production costs for which recovery from insurance is not assured

600,000

Excess production costs for which recovery from insurance is not assured, net of taxes

400,000

Loss from Catastrophes

200,000

100,000

(50,000)

600,000

Loss from Catastrophes net of taxes

100,000

600,000

200,000

(31,525)

$ 400,000

Insured Event, Gain (Loss)

5,300,000

300,000

100,000

(1,900,000)

Insured Event, Gain (Loss), net of taxes

100,000

(1,200,000)

Tangible Asset Impairment Charges

300,000

Tangible Asset Impairment Charges net of taxes

200,000

Production LIne Start-up and Ramp-up Costs

100,000

300,000

Production LIne Start-up and Ramp-up Costs, Net of Taxes

100,000

200,000

Aluminum Extrusions [Member] | Aluminum Extrusions Manufacturing Facility In Carthage Tennessee [Member] [Member]

Expected future environmental costs

1,500,000

400,000

Expected future environmental costs after taxes

1,000,000

200,000

Professional Fees

400,000

Professional Fees, net of taxes

200,000

Business Development Expenses

1,300,000

200,000

600,000

300,000

Business Development Expenses net of taxes

800,000

100,000

400,000

$ 200,000

Aluminum Extrusions [Member] | Aluminum Extrusions Manufacturing Facility In Newnan Georgia

Expected future environmental costs

500,000

300,000

Expected future environmental costs after taxes

300,000

200,000

Aluminum Extrusions [Member] | Facility Closing | Aluminum Extrusions Manufacturing Facility In Kentland, Indiana

Plant shutdown related expenditures

61,000

200,000

300,000

31,000

300,000

18,000

15,000

Plant Shutdown Related Expenditures Net, net of taxes

39,000

$ 200,000

Plant shutdown related expenditures after taxes

(19,000)

$ (200,000)

$ (11,000)

$ (9,000)

Net Gain on Disposition of Property Plant Equipment net of shutdown loss, Net of Taxes

$ 100,000

Flexible packaging films

Application of Prior Period Brazilian Value-added Tax Credits

101,000,000

300,000

Application of Prior Period Brazilian Value added Tax Credits after Taxes

200,000

Businesss Combination Settlement of Escrow Account

11,900,000

$ 0

Business Combination Settlement of Escrow Account, Net of Taxes

$ 11,900,000

Loss Contingency, Estimate of Possible Loss

3,500,000

Asset impairments after taxes

87,000,000

Assets, Fair Value Disclosure

$ 30,000,000

Business Acquisition, Preacquisition Contingency, Amount of Settlement

100,000

Business Acquisition, Preacquisition Contingency, Amount of Settlement, Net of Taxes

$ 0

Selling, General and Administrative Expenses [Member]