Discontinued operations (Notes)

12 Months Ended

Dec. 31, 2014

Discontinued operations

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

DIVESTITURES

Divestiture of Pressure Sensitive Materials Business

On November 7, 2014, the Company completed the sale its global Pressure Sensitive Materials business. Net proceeds of the transaction totaled $136.9 million, subject to settlement of customary post-closing adjustments in 2015. At September 30, 2014, the Company determined that the Pressure Sensitive Materials business met the criteria to be classified as a discontinued operation, which required retrospective application to certain financial information for all periods presented. The assets and liabilities of the Pressure Sensitive Materials business were reflected as held for sale in the consolidated balance sheet at September 30, 2014.

The following table summarizes the results of the Pressure Sensitive Materials business, reclassified as discontinued operations for the twelve month periods ended December 31, 2014, 2013, and 2012:

	Twelve Months Ended
	December 31,
(in millions)	2014			2013		2012
Net sales	$	480.9		$	553.2	$	555.6
(Loss) income from discontinued operations before income taxes	$	(39.4	)	$	30.6	$	37.4
Provision for income taxes on discontinued operations	8.6			10.5		12.5
(Loss) income from discontinued operations, net of tax	$	(48.0	)	$	20.1	$	24.9

(Loss) income from discontinued operations includes the operating results of our Pressure Sensitive Materials business, goodwill impairment charges, direct transaction costs associated with the divestiture, and plant closure costs associated with the Stow, Ohio plant.

Assets and liabilities classified as held for sale are required to be recorded at the lower of carrying value or fair value less costs to sell. Accordingly, the Company recorded goodwill impairment charges of $44.7 million in the third quarter of 2014 when it became apparent the business would sell for less than its carrying value. There were no indicators of impairment prior to the third quarter of 2014.

In March 2014, the Company announced the closure of its plant in Stow, Ohio, one of its Pressure Sensitive Materials manufacturing facilities. Operations ceased at this location in May 2014. During the twelve months ended December 31, 2014, plant closure costs of $25.0 million were recorded and approximately $20.8 million of cash payments were made. These costs are included within (loss) income from discontinued operation and included a final withdrawal payment for a multi-employer pension plan.

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 $78.7 million. A $9.3 million pre-tax gain on the sale was recorded as part of other non-operating income for the twelve months ended December 31, 2014.

Divestiture of Clysar    

On May 29, 2013, the Company completed the sale of its Clysar thin gauge shrink film plant. Annual net sales of Clysar films were approximately $70 million and were sold primarily through distributors. A $5.5 million pre-tax gain on the sale was recorded as part of other non-operating income for the twelve months ended December 31, 2013. Net proceeds of the transaction totaled $30.0 million.