Divestiture (Notes)

3 Months Ended

Mar. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Divestiture and Plant Closure

Divestiture of Paper Packaging Division

On March 31, 2014, the Company completed the sale of its Paper Packaging Division. Annual net sales by this division were approximately $160 million. Net proceeds of the transaction totaled $79.8 million, subject to customary post-closing adjustments. A $9.4 million pre-tax gain on the sale was recorded as part of other non-operating (income) expense for the three months ended March 31, 2014.

Pressure Sensitive Materials Plant Closure

In March 2014, the Company announced that it will close its plant in Stow, Ohio, one of its Pressure Sensitive Materials manufacturing facilities. Total estimated costs are approximately $30 million, with approximately $26 million in cash payments expected. During the three months ended March 31, 2014, plant closure costs of $25.0 million were recorded. These costs were primarily recorded within cost of products sold ($23.8 million) and included the Company's best estimate of a withdrawal liability for a multi-employer pension plan settlement. Management expects to cease operations at this location in May 2014, with all closure costs and cash payments to be incurred during fiscal 2014.