Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | Richmond, Virginia |
Auditor Firm ID | 185 |
Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 08, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Entity File Number | 1-10258 | ||
Entity Registrant Name | TREDEGAR CORPORATION | ||
Entity Address, State or Province | VA | ||
Entity Tax Identification Number | 54-1497771 | ||
Entity Address, Address Line One | 1100 Boulders Parkway, | ||
Entity Address, City or Town | Richmond, | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 23225 | ||
City Area Code | 804 | ||
Local Phone Number | 330-1000 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | TG | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 278,307,771 | ||
Entity Common Stock, Shares Outstanding | 34,430,769 | ||
Documents Incorporated by Reference | Portions of the Tredegar Corporation Proxy Statement for the 2024 Annual Meeting of Shareholders (the “Proxy Statement”) are incorporated by reference into Part III of this Form 10-K. | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000850429 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | FY |
Document And Entity Information
Document And Entity Information (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Cover [Abstract] | |
Document Financial Statement Error Correction [Flag] | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 9,660 | $ 19,232 |
Cash and cash equivalents | 3,795 | 0 |
Accounts Receivable, after Allowance for Credit Loss | 67,938 | 84,544 |
Income taxes recoverable | 1,182 | 733 |
Inventories | 82,037 | 127,771 |
Prepaid expenses and other | 12,065 | 10,304 |
Total current assets | 176,677 | 242,584 |
Property, plant and equipment, at cost: | ||
Land and land improvements | 4,867 | 4,832 |
Buildings | 73,160 | 71,129 |
Machinery and equipment | 463,019 | 455,960 |
Total property, plant and equipment | 541,046 | 531,921 |
Less: accumulated depreciation | (357,591) | (345,510) |
Net property, plant and equipment | 183,455 | 186,411 |
Right-of-use leased assets | 11,848 | 14,021 |
Identifiable intangible assets, net | 9,851 | 11,690 |
Goodwill | 35,717 | 70,608 |
Deferred income tax assets | 25,034 | 13,900 |
Other assets | 3,879 | 2,879 |
Total assets | 446,461 | 542,093 |
Current liabilities: | ||
Accounts payable | 95,023 | 114,938 |
Accrued expenses | 24,442 | 31,603 |
Lease liability, short-term | 2,107 | 2,035 |
Short-Term Debt | 126,322 | 0 |
Income taxes payable | 1,210 | 1,137 |
Total current liabilities | 249,104 | 149,713 |
Lease liability, long-term | 10,942 | 12,738 |
Long-term debt | 20,000 | 137,000 |
Pension and other postretirement benefit obligations, net | 6,643 | 35,046 |
Other non-current liabilities | 4,119 | 5,834 |
Total liabilities | 290,808 | 340,331 |
Contingencies (Note 16) | ||
Shareholders’ equity: | ||
Common stock, no par value (authorized 150,000,000 shares, issued and outstanding— 34,408,638 shares at December 31, 2023 and 34,000,642 at December 31, 2022) | 61,606 | 58,824 |
Common stock held in trust for savings restoration plan (118,543 shares at December 31, 2023 and 113,316 at December 31, 2022) | (2,233) | (2,188) |
Accumulated other comprehensive income (loss): | ||
Foreign currency translation adjustment | (83,037) | (86,079) |
Gain (loss) on derivative financial instruments | 801 | (2,480) |
Pension and other postretirement benefit adjustments | 539 | (59,036) |
Retained earnings | 177,977 | 292,721 |
Total shareholders’ equity | 155,653 | 201,762 |
Total liabilities and shareholders’ equity | $ 446,461 | $ 542,093 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized (shares) | 150,000,000 | 150,000,000 |
Common stock, shares, issued (shares) | 34,408,638 | 34,000,642 |
Common stock, shares, outstanding (shares) | 34,408,638 | 34,000,642 |
Common stock held in trust for savings restoration plan (shares) | 118,543 | 113,316 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues and other: | |||
Sales | $ 704,825 | $ 938,564 | $ 826,455 |
Other income (expense), net | (2,147) | 1,009 | 20,265 |
Total revenues, net of other expenses | 702,678 | 939,573 | 846,720 |
Costs and expenses: | |||
Selling, general and administrative | 76,207 | 78,790 | 74,964 |
Research and development | 3,761 | 6,214 | 6,347 |
Amortization of identifiable intangibles | 1,897 | 2,520 | 1,704 |
Accrued pension and postretirement benefits | 10,844 | 14,569 | 14,160 |
Interest expense | 11,607 | 4,990 | 3,386 |
Asset impairments and costs associated with exit and disposal activities, net of adjustments | 5,167 | 622 | 1,127 |
Pension settlement loss | 92,291 | 0 | 0 |
Goodwill impairment | 34,891 | 0 | 0 |
Total | 862,708 | 906,729 | 779,610 |
Income (loss) before income taxes | (160,030) | 32,844 | 67,110 |
Income tax expense (benefit) | (54,125) | 4,389 | 9,284 |
Net income (loss) | $ (105,905) | $ 28,455 | $ 57,826 |
Earnings (loss) per share: | |||
Continuing operations (in usd per share) | $ (3.10) | $ 0.84 | $ 1.72 |
Continuing operations (in usd per share) | $ (3.10) | $ 0.84 | $ 1.72 |
Diluted: | |||
Weighted Average Number of Shares Issued, Basic | 34,133 | 33,806 | 33,563 |
Weighted Average Number of Shares Outstanding, Diluted, Adjustment | 34,133 | 33,826 | 33,670 |
Product and Service, Other | |||
Costs and expenses: | |||
Cost of Goods and Services Sold | $ 599,110 | $ 764,042 | $ 649,690 |
Freight | |||
Costs and expenses: | |||
Cost of Goods and Services Sold | $ 26,933 | $ 34,982 | $ 28,232 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (105,905) | $ 28,455 | $ 57,826 |
Other comprehensive income (loss): | |||
Unrealized foreign currency translation adjustment (net of tax expense of $469 in 2023, net of tax expense of $290 in 2022 and net of tax benefit of $365 in 2021) | 3,042 | (287) | (1,643) |
Derivative financial instruments adjustment (net of tax expense of $933 in 2023, net of tax benefit of $336 in 2022 and net of tax benefit of $351 in 2021) | 3,281 | ||
Derivative financial instruments adjustment (net of tax expense of $933 in 2023, net of tax benefit of $336 in 2022 and net of tax benefit of $351 in 2021) | (3,381) | (1,363) | |
Recognition in earnings of actuarial loss for pension settlement (net of tax expense of $41,294) | (50,997) | 0 | 0 |
Net gains (losses) and prior service costs (net of tax expense of $422 in 2023, net of tax benefit of $1,400 in 2022 and net of tax expense of $5,212 in 2021) | 1,513 | (5,064) | 18,720 |
Amortization of prior service costs and net gains or losses (net of tax expense of $1,968 in 2023, net of tax expense of $2,965 in 2022 and net of tax expense of $3,676 in 2021) | 7,065 | 10,641 | 13,186 |
Other comprehensive income (loss) | 65,898 | 1,909 | 28,900 |
Comprehensive income (loss) | $ (40,007) | $ 30,364 | $ 86,726 |
Consolidated Statements Of Co_2
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $ 469 | $ 290 | $ (365) |
Derivative financial instruments adjustment, tax (benefit) | 933 | (336) | (351) |
Tax on Actuarial Loss for Pension Settlement | 41,294 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | 422 | (1,400) | 5,212 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | $ 1,968 | $ 2,965 | $ 3,676 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (105,905) | $ 28,455 | $ 57,826 |
Adjustments for noncash items: | |||
Depreciation | 25,786 | 23,882 | 22,080 |
Amortization of identifiable intangibles | 1,897 | 2,520 | 1,704 |
Goodwill impairment | 34,891 | 0 | 0 |
Reduction of right-of-use lease asset | 2,220 | 2,098 | 2,086 |
Deferred income taxes | (56,098) | 544 | (4,944) |
Accrued pension and postretirement benefits | 10,844 | 14,602 | 14,160 |
Pension settlement loss | 92,291 | 0 | 0 |
Stock-based compensation expense | 1,978 | 3,619 | 5,167 |
Gain (Loss) on Investments | (262) | (1,406) | (12,462) |
Impairment of Richmond, Virginia Technical Center assets | 3,454 | 0 | 0 |
Changes in assets and liabilities: | |||
Accounts and other receivables | 17,400 | 18,569 | (16,993) |
Inventories | 47,607 | (37,771) | (23,132) |
Income taxes recoverable/payable | (406) | (6,423) | 8,956 |
Prepaid expenses and other | 1,204 | (2,526) | 3,612 |
Accounts payable and accrued expenses | (25,165) | (14,916) | 19,835 |
Lease liability | (2,299) | (2,301) | (1,935) |
Pension and postretirement benefit plan contributions | (28,269) | (50,660) | (5,687) |
Other, net | 2,827 | 870 | 310 |
Net cash provided by (used in) operating activities | 23,995 | (20,844) | 70,583 |
Cash flows from investing activities: | |||
Capital expenditures | (26,446) | (36,875) | (27,361) |
Proceeds from the sale of kaléo | 262 | 1,406 | 47,062 |
Proceeds from the sale of assets and other | 0 | 10 | 4,749 |
Net cash provided by (used in) investing activities | (26,184) | (35,459) | 24,450 |
Cash flows from financing activities: | |||
Borrowings | 116,134 | 313,500 | 75,500 |
Repayments of Long-Term Lines of Credit | (107,713) | (249,500) | (136,500) |
Dividends paid | (8,884) | (16,974) | (16,167) |
Debt financing costs | (4,021) | (1,245) | 0 |
Other | 0 | (396) | 325 |
Net cash provided by (used in) financing activities: | (4,484) | 45,385 | (76,842) |
Effect of exchange rate changes on cash | 896 | (371) | 484 |
Increase (decrease) in cash, cash equivalents and restricted cash | (5,777) | (11,289) | 18,675 |
Cash, cash equivalents and restricted cash at beginning of period | 19,232 | 30,521 | 11,846 |
Cash, cash equivalents and restricted cash at end of period | 13,455 | 19,232 | 30,521 |
Supplemental cash flow information: | |||
Interest payments | 10,499 | 4,423 | 2,923 |
Income tax payments, net | $ 2,282 | $ 10,814 | $ 4,706 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings | Trust for Savings Restoration Plan | Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2020 | 33,457,176 | ||||
Beginning balance at Dec. 31, 2020 | $ 109,055 | $ 50,066 | $ 239,480 | $ (2,087) | $ (178,404) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 57,826 | 57,826 | |||
Foreign currency translation adjustment | (1,643) | (1,643) | |||
Derivative financial instruments adjustment | (1,363) | (1,363) | |||
Net gains or (losses) and prior service costs | 18,720 | 18,720 | |||
Amortization of prior service costs and net gains or losses | 13,186 | 13,186 | |||
Recognition in earnings of actuarial loss for pension settlement (net of tax expense of $41,294) | 0 | ||||
Cash dividends declared | (16,167) | (16,167) | |||
Stock-based compensation expense (in shares) | 229,014 | ||||
Stock-based compensation expense | $ 4,783 | $ 4,783 | |||
Repurchase of employee common stock for tax withholdings (in shares) | 67,705 | (17,266) | |||
Repurchase of employee common stock for tax withholdings | $ (590) | $ (590) | |||
Issued upon exercise of stock options (in shares) | 67,705 | ||||
Issued upon exercise of stock options | 915 | $ 915 | |||
Tredegar common stock purchased by trust for savings restoration plan | 0 | 48 | (48) | ||
Ending balance (in shares) at Dec. 31, 2021 | 33,736,629 | ||||
Ending balance at Dec. 31, 2021 | 184,722 | $ 55,174 | 281,187 | (2,135) | (149,504) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 28,455 | 28,455 | |||
Foreign currency translation adjustment | (287) | (287) | |||
Derivative financial instruments adjustment | (3,381) | (3,381) | |||
Net gains or (losses) and prior service costs | (5,064) | (5,064) | |||
Amortization of prior service costs and net gains or losses | 10,641 | 10,641 | |||
Recognition in earnings of actuarial loss for pension settlement (net of tax expense of $41,294) | 0 | ||||
Cash dividends declared | (16,974) | (16,974) | |||
Stock-based compensation expense (in shares) | 294,764 | ||||
Stock-based compensation expense | 4,046 | $ 4,046 | |||
Repurchase of employee common stock for tax withholdings (in shares) | (30,751) | ||||
Repurchase of employee common stock for tax withholdings | (396) | $ (396) | |||
Tredegar common stock purchased by trust for savings restoration plan | 0 | 53 | (53) | ||
Ending balance (in shares) at Dec. 31, 2022 | 34,000,642 | ||||
Ending balance at Dec. 31, 2022 | 201,762 | $ 58,824 | 292,721 | (2,188) | (147,595) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (105,905) | (105,905) | |||
Foreign currency translation adjustment | 3,042 | 3,042 | |||
Derivative financial instruments adjustment | 3,281 | 3,281 | |||
Net gains or (losses) and prior service costs | 1,513 | ||||
Amortization of prior service costs and net gains or losses | 7,065 | 7,065 | |||
Recognition in earnings of actuarial loss for pension settlement (net of tax expense of $41,294) | 50,997 | 50,997 | |||
Cash dividends declared | (8,884) | (8,884) | |||
Stock-based compensation expense (in shares) | 407,996 | ||||
Stock-based compensation expense | 3,036 | $ 3,036 | |||
Repurchase of employee common stock for tax withholdings (in shares) | 0 | ||||
Repurchase of employee common stock for tax withholdings | (254) | $ (254) | |||
Tredegar common stock purchased by trust for savings restoration plan | 0 | 45 | (45) | ||
Ending balance (in shares) at Dec. 31, 2023 | 34,408,638 | ||||
Ending balance at Dec. 31, 2023 | $ 155,653 | $ 61,606 | $ 177,977 | $ (2,233) | $ (81,697) |
Consolidated Statements Of Sh_2
Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared (in usd per share) | $ 0.26 | $ 0.50 | $ 0.48 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations. Tredegar Corporation and subsidiaries (collectively “Tredegar,” “the Company,” “we,” “us” or “our”) is an industrial manufacturer with three primary businesses: custom aluminum extrusions for the North American building & construction, automotive and specialty end-use markets; surface protection films for high-technology applications in the global electronics industry and polyethylene overwrap films used for bathroom tissue and paper towels; and polyester-based films for use in packaging applications that have specialized properties primarily for the Latin American and the United States (“U.S.”) flexible packaging markets. The Company’s business segments are Aluminum Extrusions (also referred to as Bonnell Aluminum), PE Films, and Flexible Packaging Films (also referred to as Terphane). More information on the Company’s business segments is provided in Note 13. On September 1, 2023, the Company announced that it had entered into a definitive agreement to sell Terphane to Oben Group (the “Contingent Terphane Sale”). Completion of the sale is contingent upon the satisfaction of customary closing conditions, including the receipt of certain competition filing approvals by authorities in Brazil and Colombia. On October 27, 2023, the Company filed the requisite competition forms with the Administrative Council for Economic Defense (“CADE”) in Brazil. The regulatory review process is ongoing and in line with the Company’s expectations. CADE’s maximum deadline for completing its review is no later than November 18, 2024. The merger review regarding the transaction was cleared by the Colombian authority in early February 2024. Basis of Presentation and Principles of Consolidation. The consolidated financial statements include the accounts and operations of the Company and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Intercompany balances and transactions have been eliminated in consolidation. 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 for the Aluminum Extrusions segment, which operates on a 52/53-week fiscal year basis. References to Aluminum Extrusions for 2023, 2022 and 2021 relate to the 53-week fiscal years ended December 31, 2023 and 52-week fiscal years ended December 25, 2022 and December 26, 2021, respectively. The Company does not believe the impact of reporting the results of this segment in this manner is material to the consolidated financial results. The Company may fund or receive cash from the Aluminum Extrusions segment based on Aluminum Extrusion’s cash flows from operations during the intervening period from Aluminum Extrusion’s fiscal year end to the Company’s calendar year end. There was no intercompany funding with Aluminum Extrusions between December 25, 2022 and December 31, 2022. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and disclosure of contingent assets and liabilities (if any). On an ongoing basis, the Company evaluates its estimates, including those related to provisions for transaction and credit losses, income taxes, pension, and the valuation of goodwill and intangible assets, among others. Tredegar bases its estimates on historical experience and various other assumptions which the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates. 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 gains of $0.2 million, losses of $0.4 million and losses of $0.5 million in 2023, 2022 and 2021, 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, Cash Equivalents and Restricted cash. Cash, cash equivalents and restricted cash 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, 2023 and 2022, Tredegar had cash, cash equivalents and restricted cash of $13.5 million and $19.2 million, respectively, including funds held in locations outside the U.S. of $9.8 million and $10.3 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. The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts shown in the consolidated statements of cash flows: December 31, December 31, (In thousands) 2023 2022 Cash and cash equivalents $ 9,660 $ 19,232 Restricted cash 3,795 — Total cash, cash equivalents and restricted cash $ 13,455 $ 19,232 Restricted cash as of December 31, 2023 consists of $3.4 million of receipts that have not yet been applied to the ABL Facility (defined below). See Note 7 for additional information. Accounts and Other Receivables, net. Accounts receivables are stated at the amount invoiced to customers less allowances for doubtful accounts. Accounts receivables are non-interest bearing and arise from the sale of products to customers under typical industry trade terms. Notes receivables are immaterial. 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. For receivables that do not have a specific allowance, the loss rate is computed by segment to apply to the remaining receivables balance, using each segment’s historic loss rate. Other receivables include value-added taxes related to certain foreign subsidiaries and other miscellaneous receivables due within one year. For certain customers, the Company has arrangements in place with financial institutions whereby certain customer receivables are sold to the financial institution at a discount and without recourse. Upon sale, the associated receivable is unrecognized, and the discount is recognized. For more information on accounts and other receivables, net, see Note 2. Inventories. Inventories are stated at the lower of cost or market, with cost determined using the last in, first out (“LIFO”) method, the weighted average cost or the first in, first out (“FIFO”) method. 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 immaterial. Depreciation is computed primarily by the straight-line method based on the estimated useful lives of the assets that generally range from 5 to 40 years for buildings and land improvements and 2 to 20 years for machinery and equipment. 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). When assessing goodwill for impairment, accounting guidance allows the Company to first perform a qualitative assessment (“Step 0 analysis”), which evaluates certain qualitative factors, including macroeconomic conditions, industry and market considerations, cost factors and overall financial performance, as well as company and reporting unit factors. If the Company's Step 0 analysis indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the Company would perform a quantitative impairment test (“Step 1 analysis”). During 2023, uncertainty about the timing of a recovery in the consumer electronics market persisted, and manufacturers in the supply chain for consumer electronics continued to experience reduced capacity utilization and inventory corrections. In light of the limited visibility on the timing of a recovery and the expected adverse future impact to the Surface Protection business, coupled with a cautious outlook on new product development opportunities, the Company performed a Step 1 goodwill impairment analysis, as of June 30, 2023 and September 30, 2023, of the Surface Protection component of PE Films. The analyses concluded that the fair value of Surface Protection was less than its carrying value, thus a non-cash partial goodwill impairment of $34.9 million ($27.0 million after deferred income tax benefits) was recognized during 2023. The Company estimated the fair value of Surface Protection by: (i) computing an estimated enterprise value (“EV”) utilizing the discounted cash flow method (the “DCF Method”), (ii) applying adjustments for any surplus or deficient working capital, (iii) adding cash and cash equivalents, and (iv) subtracting interest-bearing debt. The DCF Method was used, incorporating Surface Protection’s latest projections, which reflect updated expected market recovery levels, feasibility of launching new product applications, competitive pricing and cash flows associated with production efficiencies, as well as consideration of cost savings and inventory corrections. As of December 1, 2023, the Company’s reporting units with goodwill were Surface Protection in PE Films and Futura in Aluminum Extrusions. Both of these reporting units have separately identifiable operating net assets (operating assets including goodwill and identifiable intangible assets net of operating liabilities). The Company's Step 0 analysis of these reporting units concluded that it is more likely than not that the fair value of each reporting unit was greater than its carrying value. Therefore, the Step 1 quantitative goodwill impairment tests for these reporting units were not necessary. The Surface Protection and Futura reporting units had goodwill in the amounts of $22.4 million and $13.3 million, respectively, at December 31, 2023. For more information on goodwill and identifiable intangibles, see Note 5. 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 group, an impairment loss is calculated. Measurement of the impairment loss is the amount by which the carrying amount exceeds the estimated fair value of the asset group. Assets that are held for sale are reported at the lower of their carrying amount or estimated fair value less cost to sell, with an impairment loss recognized for any write-down required. As of December 31, 2023 and 2022, no events, other than the Richmond Technical Center assets that went held for sale in the third quarter of 2023, were identified that indicated long-lived assets may be impaired. Pension Costs and Postretirement Benefit Costs Other than Pensions. Pension costs and postretirement benefit costs other than pensions have been accrued over the period employees provided 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 has been 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. In February 2022, Tredegar announced the initiation of a process to terminate and settle its frozen defined benefit pension plan through lump sum distributions and the purchase of annuity contracts. On November 3, 2023, the pension plan termination and settlement process for the Company was completed. For more information, see Note 8. Revenue Recognition. The Company’s revenue is primarily generated from the sale of finished products to customers. Those sales predominantly contain a single performance obligation and revenue is recognized at the point in time when control of the product is transferred to customers, along with the title, risk of loss and rewards of ownership. Depending on the arrangement with the customer, these criteria are met either at the time the product is shipped or when the product is made available or delivered to the destination specified in the agreement with the customer. Sales revenue is recognized in an amount that reflects the consideration the Company expects to be entitled to in exchange for that finished product. The Company offers various discounts, rebates and allowances to customers, (collectively, “allowances”), all of which are considered when determining the transaction price. Certain allowances are fixed and determinable at the time of sale and are recorded at the time of sale as a reduction to revenues. Other allowances can vary depending on future outcomes such as sales returns and customer sales volume, thus representing variable consideration. Amounts billed to customers related to freight are classified as sales revenue and the cost of freight is 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. See Note 13 for disaggregation of revenue by segment and type. See Note 2 for a table showing accounts and other receivables, net of allowance for bad debts. Revenue expected to be recognized in any future period related to remaining performance obligations, excluding i) revenue pertaining to contracts that have an original expected duration of one year or less, ii) contracts where revenue is recognized as invoiced and iii) variable consideration related to unsatisfied performance obligations, is not expected to materially impact the Company’s financial results. Research and 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. In August 2023, the Company adopted a plan to close the PE Films technical center in Richmond, VA and reduce its efforts to develop and sell films supporting the semiconductor market. Future research and development activities for PE Films will be performed at the facility in Pottsville, PA. PE Films continues to have new business opportunities primarily relating to surface protection films that protect components of flat panel and flexible displays. The Company anticipates all activities to cease at the PE Films technical center in Richmond, VA, by the end of the first quarter of 2024. The Company recognized total expense incurred through December 31, 2023 associated with exit activities of $1.3 million for: (i) severance and related costs ($0.9 million) and (ii) building closure costs ($0.4 million). In addition, the Company recognized a non-cash asset impairment ($3.5 million), accelerated depreciation ($0.3 million) and a gain on the lease modification ($0.1 million). A reconciliation of the beginning and ending balances of accrued expense associated with exit and disposal activities and charges associated with asset impairments reported as "Asset impairments and costs associated with exit and disposal activities, net of adjustments" in the consolidated statements of income for the year ended December 31, 2023 is shown below. (In thousands) Severance Asset impairment Other Total Balance at January 1, 2023 $ — $ — $ — $ — Richmond Technical Center 895 3,454 628 4,977 Charges 895 3,454 628 4,977 Cash Spend 510 — 312 822 Charges against assets — 3,454 188 3,642 Balance at December 31, 2023 $ 385 $ — $ 128 $ 513 Leases. At inception, the Company determines if an arrangement contains a lease and whether that lease meets the classification criteria of a finance or operating lease. The Company has elected to not record short-term leases with an original lease term of one year or less in the consolidated balance sheet. To the extent such leases contain renewal options that the Company intends to exercise, the related Right-of-Use (“ROU”) asset and lease liability are included in the consolidated balance sheet. Some of the Company’s lease arrangements contain lease components (e.g., minimum rent payments) and non-lease components (e.g., maintenance, labor charges, etc.). The Company generally accounts for the lease and non-lease components as a single lease component. Certain of the Company’s lease agreements include rental payments that are adjusted periodically for an index or rate. The leases are initially measured using the projected payments adjusted for the index or rate in effect at the commencement date. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Operating leases are included in “Right-of-use lease assets”, “Lease liabilities - short-term” and “Lease liabilities - long-term” on the consolidated balance sheets. These assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments over the lease term using the Company’s secured incremental borrowing rates, adjusted for term and geographic location using country-based swap rates. As a result of the Company’s review of new and existing lease contracts, there were no instances where the Company could readily determine a rate implicit in the lease. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Variable lease expense is recognized in the period in which the obligation for those payments is incurred. Depending upon the specific use of the ROU asset, lease expense is included in the “Cost of goods sold”, “Freight”, “Selling, general and administrative”, and “Research and development” line items on the consolidated statements of income. Lease income is not material to the results of operations for the years ended December 31, 2023 and 2022, respectively. Additional disclosure regarding Tredegar’s leases is included in Note 4. 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 12). 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, Tredegar only records 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. 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 U.S. federal income taxes and foreign withholding taxes on Terphane Limitada’s undistributed earnings as of December 31, 2023 and December 31, 2022. 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: 2023 2022 2021 Weighted average shares outstanding used to compute basic earnings per share 34,133,078 33,805,530 33,562,684 Incremental shares attributable to stock options and restricted stock — 20,900 107,566 Shares used to compute diluted earnings per share 34,133,078 33,826,430 33,670,250 Incremental shares attributable to stock options and restricted stock are computed under the treasury stock method using the average market price during the related period. The Company had a net loss for the year ended December 31, 2023, so there is no dilutive impact for such shares. If the Company had reported net income for the year ended December 31, 2023, 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 would have been 2,925,091. 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 2,760,983 and 1,582,222 for the years ended December 31, 2022 and 2021, respectively. Stock-Based Employee Compensation Plans. The cost of all share-based payments is recognized using the calculated fair value at the grant date, or the date of any later modification, over the requisite service period under the graded-vesting method. See Note 11 for additional information. 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 in 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. 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 uses regression analysis, unless the hedge qualifies for other methods of assessing effectiveness, to formally assess (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 10. 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; and during the period, realized net actuarial loss for pension settlement all recorded net of deferred income taxes. The changes in accumulated other comprehensive income (loss) by component are summarized as follows: (In thousands) Foreign Currency Translation Gain (Loss) on Derivative Financial Instruments Pension & Other Postretirement Benefit Adjust Total Accumulated Other Comprehensive Income (Loss) Balance at January 1, 2021 $ (84,149) $ 2,264 $ (96,519) $ (178,404) Other comprehensive income (loss) (2,008) 3,800 23,932 25,724 Income tax (expense) benefit 365 (842) (5,212) (5,689) Other comprehensive income (loss), net of tax (1,643) 2,958 18,720 20,035 Reclassification adjustment to net income (loss) — (5,513) 16,862 11,349 Income tax (expense) benefit — 1,192 (3,676) (2,484) Reclassification adjustment to net income (loss), net of tax — (4,321) 13,186 8,865 Other comprehensive income (loss), net of tax (1,643) (1,363) 31,906 28,900 Balance at December 31, 2021 (85,792) 901 (64,613) (149,504) Other comprehensive income (loss) 3 (1,256) (6,464) (7,717) Income tax (expense) benefit (290) (374) 1,400 736 Other comprehensive income (loss), net of tax (287) (1,630) (5,064) (6,981) Reclassification adjustment to net income (loss) — (2,461) 13,606 11,145 Income tax (expense) benefit — 710 (2,965) (2,255) Reclassification adjustment to net income (loss), net of tax — (1,751) 10,641 8,890 Other comprehensive income (loss), net of tax (287) (3,381) 5,577 1,909 Balance at December 31, 2022 (86,079) (2,480) (59,036) (147,595) Other comprehensive income (loss) 3,511 11,794 1,935 17,240 Income tax (expense) benefit (469) (2,977) (422) (3,868) Other comprehensive income (loss), net of tax 3,042 8,817 1,513 13,372 Reclassification adjustment to net income (loss) — (7,580) 101,323 93,743 Income tax (expense) benefit — 2,044 (43,261) (41,217) Reclassification adjustment to net income (loss), net of tax — (5,536) 58,062 52,526 Other comprehensive income (loss), net of tax 3,042 3,281 59,575 65,898 Balance at December 31, 2023 $ (83,037) $ 801 $ 539 $ (81,697) The amounts reclassified out of accumulated other comprehensive income (loss) related to pension and other postretirement benefits are included in the computation of net periodic pension costs, see Note 8 for additional details. Recently Issued Accounting Standards. New accounting pronouncements adopted in 2023: |
Accounts And Other Receivables
Accounts And Other Receivables | 12 Months Ended |
Dec. 31, 2023 | |
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract] | |
Accounts And Other Receivables | 2. ACCOUNTS AND OTHER RECEIVABLES As of December 31, 2023 and 2022, accounts receivable and other receivables, net, include the following: (In thousands) 2023 2022 Customer receivables $ 67,183 $ 83,667 Other receivables 3,056 3,874 Total accounts and other receivables 70,239 87,541 Less: Allowance for bad debts (2,301) (2,997) Total accounts and other receivables, net $ 67,938 $ 84,544 A reconciliation of the beginning and ending balances of the allowance for doubtful accounts for the three years ended December 31, 2023 is as follows: (In thousands) 2023 2022 2021 Balance, beginning of year $ 2,997 $ 1,736 $ 2,797 Charges to expense 882 1,926 1,440 Recoveries 102 2 35 Write-offs and settlements (1,734) (639) (1,246) Foreign exchange and other 54 (28) (1,290) Balance, end of year $ 2,301 $ 2,997 $ 1,736 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory, Net [Abstract] | |
Inventories | 3. INVENTORIES Inventories consist of the following: (In thousands) 2023 2022 Finished goods $ 29,821 $ 34,686 Work-in-process 7,830 15,604 Raw materials 21,939 58,262 Stores, supplies and other 22,447 19,219 Total $ 82,037 $ 127,771 |
Leases, Codification Topic 842
Leases, Codification Topic 842 | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lessee, Operating Leases | 4. LEASES Tredegar has various operating lease agreements with remaining terms up to 9 years, including leases of real estate, office equipment and vehicles. As of December 31, 2023 and 2022, the Company had no finance lease agreements. Some leases include options to purchase the leased asset, terminate the agreement or extend the term of the agreement for one or more years. These options are included in the lease term when it is reasonably certain that the option will be exercised. The following table presents a maturity analysis of the Company’s operating leases as of December 31, 2023: (In thousands) Future Lease Payments 2024 $ 2,635 2025 2,458 2026 2,078 2027 1,786 2028 1,557 Thereafter 4,600 Total undiscounted operating lease payments 15,114 Less: Imputed interest 2,065 Present value of operating lease liabilities $ 13,049 The following table summarizes lease costs, related cash flow and other information for the years ended December 31, 2023 and 2022. These costs are primarily related to long-term operating leases, but also include amounts for variable leases and short-term leases. (In thousands) 2023 2022 Operating lease expense $ 2,882 $ 2,718 Other Information: Weighted-average remaining lease term for operating leases 7 years 8 years Weighted-average discount rate for operating leases 4.46 % 4.27 % |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | 5. GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS A reconciliation of goodwill at December 31, 2023 and 2022 is as follows: (In thousands) Aluminum Extrusions (a) PE Films (a) Total Net carrying value of goodwill at December 31, 2021 $ 13,270 $ 57,338 $ 70,608 Net carrying value of goodwill at December 31, 2022 13,270 57,338 70,608 Goodwill impairment — (34,891) (34,891) Net carrying value of goodwill at December 31, 2023 $ 13,270 $ 22,447 $ 35,717 (a) The goodwill of Aluminum Extrusions and PE Films is carried by the Futura and Surface Protection reporting units, respectively. A reconciliation of identifiable intangibles at December 31, 2023 and 2022 is as follows: (In thousands) Customer Relationships Proprietary Technology Trade Names Total Gross carrying value at December 31, 2022 $ 26,549 $ 3,726 $ 13,394 $ 43,669 Accumulated amortization (15,467) (3,672) (12,840) (31,979) Net carrying value at December 31, 2022 $ 11,082 $ 54 $ 554 $ 11,690 Gross carrying value at December 31, 2023 $ 26,575 $ 3,732 $ 13,460 $ 43,767 Accumulated amortization (17,270) (3,687) (12,959) (33,916) Net carrying value at December 31, 2023 $ 9,305 $ 45 $ 501 $ 9,851 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Liabilities [Abstract] | |
Accrued Expenses | 6. ACCRUED EXPENSES Accrued expenses consist of the following: (In thousands) 2023 2022 Payrolls, related taxes and medical and other benefits 6,261 5,916 Vacation 2,602 3,502 Workers’ compensation and disabilities 2,178 2,051 Group annuity contract premium liability 2,000 — Customer rebates 1,891 1,154 Environmental liabilities 1,563 1,627 Accrued utilities 1,321 2,099 Accrued interest 1,236 407 Incentive compensation 612 6,103 Derivative contract liability 483 3,260 Accrued freight 440 2,298 Other 3,855 3,186 Total $ 24,442 $ 31,603 |
Debt And Credit Agreements
Debt And Credit Agreements | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt And Credit Agreements | 7. DEBT AND CREDIT AGREEMENTS ABL Facility On August 3, 2023, the Company entered into Amendment No. 2 to the Second Amended and Restated Credit Agreement (collectively the “Prior Credit Agreement”), which amended the financial covenants and decreased aggregate borrowings from $375 million to $200 million. On December 27, 2023, the Company entered into Amendment No. 3 (the “ABL Facility”) to the Prior Credit Agreement, which provides the Company with $180 million senior secured asset-based revolving credit facility that will expire on June 30, 2026. The ABL Facility is secured by substantially all assets of the Company and its domestic subsidiaries, including equity in certain material first-tier foreign subsidiaries. Availability for borrowings under the ABL Facility is governed by a borrowing base, determined by the application of specified advance rates against eligible assets, including a portion of trade accounts receivable, inventory, cash and cash equivalents, owned real properties, and owned machinery and equipment. Upon the earlier of March 31, 2025 or the date the Company receives the proceeds from the sale of Terphane (the “ABL Adjustment Date”), the $180 million ABL Facility will be reduced to $125 million. As of December 31, 2023, availability under the ABL Facility was $22.9 million, after reducing the availability by the aggregate outstanding borrowings of $126.3 million, standby letters of credit of $13.1 million, and the Minimum Liquidity (as defined in the ABL Facility) financial covenant. The Company incurred $2.6 million of debt issuance costs in conjunction with the ABL Facility, which are being amortized on a straight-line basis over the remaining term of the ABL Facility. Outstanding borrowings accrue interest at the rates elected by the Company depending on the type of loan and denomination of such borrowing. With respect to revolving loans denominated in U.S. Dollars, the Company may elect interest rates at: • Alternate Base Rate (“ABR”) plus 2.50% before the ABL Adjustment Date and the applicable ABR Spread (as defined in the ABL Facility) after the ABL Adjustment Date are determined in accordance with an excess availability-based pricing grid. ABR is defined, in part, as the greater of (a) the Prime Rate in effect on such day, (b) the Federal Reserve Bank of New York Rate in effect on such day plus ½ of 1% and (c) the Adjusted Term SOFR Rate (defined below) for a one-month period plus 1%; or • The Adjusted Term SOFR Rate plus 3.50% before the ABL Adjustment Date and the applicable Term Benchmark Spread (as defined in the ABL Facility) are determined in accordance with an excess availability-based pricing grid after the ABL Adjustment Date. Adjusted Term SOFR Rate is defined as the Term SOFR Rate plus 0.10%, subject to an initial Floor (as defined in the ABL Facility) of 0%. Interest rate indices for select non-U.S. dollar borrowings, including borrowings denominated in Euro, Pounds Sterling, Swiss Francs and Japanese Yen, remain consistent with the terms of the Prior Credit Agreement. Based upon the quarterly average of daily availability under the ABL Facility, the interest rate pricing grid applicable after the ABL Adjustment Date will be as follows: Pricing under the ABL Facility (Basis Points) Quarter Average of Daily Availability Term Benchmark ABR Commitment > 66% of $125 million aggregate commitment 225.0 125.0 40.0 ≤ 66% but > 33% of $125 million aggregate commitment 250.0 150.0 40.0 ≤ 33% of $125 million aggregate commitment 275.0 175.0 40.0 * The Commitment Fee before the ABL Adjustment Date and after the ABL Adjustment Date remain the same as reflected in this table. Under the terms of the ABL Facility, certain domestic bank accounts are subject to blocked account agreements, each of which contains a springing feature whereby the lenders may exercise control over those accounts during a cash dominion period (any such period, a “Cash Dominion Period”). A Cash Dominion Period was implemented on the date of the closing of the ABL Facility and will remain in effect at all times prior to the ABL Adjustment Date. After the ABL Adjustment Date, a Cash Dominion Period goes into effect if availability under the ABL Facility falls below 12.5% or an Event of Default (as defined in the ABL Facility) occurs. The Company would then be subject to the Cash Dominion Period until the Event of Default is waived or ABL Facility availability is above 12.5% of the $125 million aggregate commitment for 30 consecutive days. Receipts that have not yet been applied to the ABL Facility are classified as restricted cash in the Company’s consolidated balance sheets. The financial covenants in the ABL Facility, which are reported to lenders on a monthly basis, include: • Until the ABL Adjustment Date, the Company is required to maintain (i) minimum Credit EBITDA (as defined in the ABL Facility), as of the end of each fiscal month for the 12-month period then ended (presented below) and (ii) a Minimum Liquidity (as defined in the ABL Facility) of $10.0 million. Minimum Credit EBITDA (In thousands) December 2023 $ 21,070 January 2024 21,110 February 2024 18,750 March 2024 16,640 April 2024 19,780 May 2024 19,660 June 2024 19,450 July 2024 21,860 August 2024 22,830 September 2024 25,370 October 2024 26,070 November 2024 27,640 December 2024 29,640 January 2025 29,740 February 2025 29,850 March 2025 $ 29,980 • Following the ABL Adjustment Date, the foregoing financial covenants will cease to exist and will be replaced with a minimum fixed charge coverage ratio of 1.00:1.00 that will be triggered in the event that availability is less than 10% of $125 million commitment amount and continuing thereafter until availability is greater than 10% of the $125 million commitment amount for 30 consecutive days. In addition to the financial covenants, the ABL Facility contains restrictive covenants, including covenants that restrict the Company’s ability to pay dividends and repurchase shares of its common stock. If at any time the availability under the ABL facility is less than 10% (but on and after the ABL Adjustment Date, 20%) of the maximum aggregate principal amount in effect at such time or an Event of Default occurs, the Company’s current monthly reporting requirements to lenders changes to a weekly cadence until the Event of Default is waived, cured or the availability under the ABL facility is above 10% (but on and after the ABL Adjustment Date, 20%) of the maximum aggregate principal amount for 30 consecutive days. The ABL Facility has customary representations and warranties including, as a condition to each borrowing, that all such representations and warranties are true and correct in all material respects (including a representation that no Material Adverse Effect (as defined in the ABL Facility) has occurred since December 31, 2022). In the event that the Company cannot certify that all conditions to the borrowing have been met, the lenders can restrict the Company’s future borrowings under the ABL Facility. Because a Cash Dominion Period is currently in effect and the Company is required to represent that no Material Adverse Effect has occurred as a condition to borrowing, the outstanding debt under the ABL Facility (all contractual payments due on June 30, 2026) is classified as a current liability in the consolidated balance sheets. In accordance with the ABL Facility, the lenders have been provided with the Company’s financial statements, covenant compliance certificates and projections to facilitate their ongoing assessment of the Company. Accordingly, the Company believes the likelihood that lenders would exercise the subjective acceleration clause whereby prohibiting future borrowings is remote. As of December 31, 2023, the Company was in compliance with all debt covenants. Terphane Brazil Loan On October 26, 2023, Flexible Packaging Film's business unit in Brazil (“Terphane Ltda.”), the Company’s wholly owned subsidiary in Brazil, borrowed $20 million secured by certain of its assets (“Terphane Brazil Loan”). This U.S. Dollar borrowing matures on October 30, 2028, with interest payable quarterly at an annual floating interest rate of the Secured Overnight Financing Rate (“SOFR”) plus 5.99%. The SOFR rate was 5.36% as of December 31, 2023. Quarterly principal payments of $1.7 million begin starting in year 3 of the loan. There are no prepayment penalties. The Company expects that the Terphane Brazil Loan will be repaid (and collateral released) upon the closing of the Contingent Terphane Sale. On October 26, 2023, the Company borrowed $20 million from Terphane Brazil (the “Intercompany Loan”) at the same interest rate as the Terphane Brazil Loan, thereby transferring the funds to the U.S. The Company will repay the Intercompany Loan in conjunction with the closing of the Contingent Terphane Sale. |
Retirement Plans And Other Post
Retirement Plans And Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Plans And Other Postretirement Benefits | 8. RETIREMENT PLANS AND OTHER POSTRETIREMENT BENEFITS Tredegar sponsored a noncontributory defined benefit (pension) plan covering certain current and former U.S. employees. The plan for salaried and hourly employees was 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 plan participants for benefit calculations 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. On February 10, 2022, Tredegar announced the initiation of a process to terminate and settle its frozen defined benefit pension plan through lump sum distributions and the purchase of annuity contracts. In connection therewith, on February 9, 2022, the Company contributed $50 million to the pension plan. During the third quarter of 2023, the Company remeasured the pension plan, which resulted in a pre-tax pension settlement loss in the consolidated results of operation of $25.6 million. The remeasurement of the pension benefit obligation and plan assets was triggered by $64.5 million of lump sum distributions from the pension plan assets which exceeded the pension plan's service and interest cost. On September 27, 2023, the Company borrowed $30 million under the Prior Credit Agreement in anticipation of the final funding expected for terminating its defined benefit pension plan obligation. On October 31, 2023, the Company used this cash to contribute $27.7 million to fully fund the pension plan with the amount necessary to purchase from Massachusetts Mutual Life Insurance Company a nonparticipating single premium group annuity contract for $157.5 million. On November 3, 2023, the pension plan termination and settlement process was completed, and the Company’s relevant pension plan obligation was transferred to Massachusetts Mutual Life Insurance Company. This completed the pension plan termination process that began in February 2022. As a result of the routine administrative process to transition the pension plan, the Company recognized a $2.0 million charge to adjust the initial purchase price of the nonparticipating single premium group annuity contract. During the fourth quarter of 2023, the Company recognized a pre-tax pension settlement loss of $66.7 million. 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 $1.6 million and $1.7 million at December 31, 2023 and December 31, 2022, respectively. Pension expense recognized for this plan was $0.1 million in 2023, 2022 and 2021. This information has been included in the pension benefit tables below. 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 2023 and 2022, and reconcile the funded status to prepaid or accrued cost at December 31, 2023 and 2022: Pension Benefits Other Post- (In thousands) 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation, beginning of year $ 248,114 $ 316,169 $ 5,726 $ 7,370 Service cost — — 10 18 Interest cost 9,623 8,945 288 207 Effect of actuarial (gains) losses related to the following: Discount rate change (10,751) (61,519) 99 (1,483) Other (6,459) 1,513 12 90 Plan participant contributions — — 490 554 Benefits paid (16,957) (16,994) (913) (1,030) Settlement payments and annuity purchase (221,970) — — — Benefit obligation, end of year $ 1,600 $ 248,114 $ 5,712 $ 5,726 Change in plan assets: Plan assets at fair value, beginning of year $ 218,119 $ 244,612 $ — $ — Actual return on plan assets (7,053) (59,683) — — Employer contributions 27,861 50,184 423 476 Plan participant contributions — — 490 554 Benefits paid (16,957) (16,994) (913) (1,030) Settlement payments and annuity purchase (221,970) — — — Plan assets at fair value, end of year $ — $ 218,119 $ — $ — Funded status of the plans $ (1,600) $ (29,995) $ (5,712) $ (5,726) Amounts recognized in the consolidated balance sheets: Accrued expenses (current) $ 180 $ 180 $ 489 $ 489 Pension and other postretirement benefit obligations, net 1,420 29,815 5,223 5,237 Net amount recognized $ 1,600 $ 29,995 $ 5,712 $ 5,726 The following table sets forth the assumptions used in accounting for the pension and other post-retirement benefits, and the components of net periodic benefit cost: Pension Benefits Other Post- (In thousands, except percentages) 2023 2022 2021 2023 2022 2021 Weighted-average assumptions used to determine benefit obligations: Discount rate 4.89 % 5.07 % 2.90 % 4.98 % 5.17 % 2.86 % Expected long-term return on plan assets n/a 4.99 % 3.05 % n/a n/a n/a Weighted-average assumptions used to determine net periodic benefit cost: Discount rate (a) 5.07%/5.37% 2.90 % 2.57 % 5.17 % 2.86 % 2.54 % Expected long-term return on plan assets n/a 3.05 % 5.00 % n/a n/a n/a Components of net periodic benefit cost: Service cost $ — $ — $ — $ 10 $ 18 $ 21 Interest cost 9,623 8,945 8,398 288 207 195 Expected return on plan assets (8,109) (8,174) (11,316) — — — Amortization of prior service costs and gains or losses 9,245 13,746 17,003 (213) (140) (141) Net periodic benefit cost $ 10,759 $ 14,517 $ 14,085 $ 85 $ 85 $ 75 Pension settlement loss 92,291 — — — — — Total benefit cost $ 103,050 $ 14,517 $ 14,085 $ 85 $ 85 $ 75 (a) Prior to the pension lump sum distributions in August 2023, a discount rate of 5.07% was used to determine the net periodic benefit cost. Subsequent to August 2023, a discount rate of 5.37% was used to determine the net periodic benefit cost until the Company purchased a nonparticipating single premium group annuity contract in October 2023. Net periodic benefit 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, 2023, the effect of a 1% change in the health care cost trend rate assumptions would not impact the post-retirement obligation. Expected benefit payments over the next five years and in the aggregate for 2028—2032 are as follows: (In thousands) Pension Benefits Other Post- 2024 $ 180 $ 481 2025 172 470 2026 165 456 2027 157 445 2028 148 433 2028—2032 620 1,998 The pre-tax amounts recorded in 2023, 2022 and 2021 in accumulated other comprehensive income (loss) consist of: Pension Benefits Other Post-Retirement Benefits (In thousands) 2023 2022 2021 2023 2022 2021 Net actuarial (gain) loss $ 415 $ 103,998 $ 109,893 $ (1,250) $ (1,574) $ (320) The amounts in accumulated other comprehensive income, before related deferred income taxes, which are expected to be recognized as components of net periodic cost during 2024 are approximately $0.1 million of benefit for other post-retirement plans. There were no plan assets as of December 31, 2023. The percentage composition of assets held by the pension plan at December 31, 2022 was as follows: % Composition of Plan Assets 2022 Pension plan: Fixed income mutual fund 13.9 % Private equity and hedge funds 4.8 Collective investment trust 69.9 Cash and cash equivalents 11.4 Total 100.0 % Following the announcement to terminate and settle the pension plan in 2022, the Company contributed $50 million to the pension plan and implemented (through consultation with its investment advisors) a liability-matching bond portfolio investment strategy (including a derivative overlay) that hedged the estimated settlement funding gap, which was approximately $24 million (before plan administration costs) at that time. The overall objective of this hedging program was to minimize the volatility of the estimated settlement funding gap such that, as applicable interest rates moved up or down causing a decrease or increase in the estimated value of the settlement liability, the value of the matching bond portfolio and derivative overlay decreased or increased by a similar amount. Accordingly, the expected long-term rate return of 3.05% used in 2022 and 4.99% used in 2023 contemplated the liability-driven investment strategy. A lower expected return on plan assets increased the amount of expense and vice versa. Decreases in the level of actual plan assets would also serve to increase the amount of pension expense. The total return on plan assets (net of fees and plan expenses), which was primarily affected by the change in fair value of plan assets, current year contributions and current year payments to participants, was approximately negative 15.1% in 2022 and positive 10.4% in 2021. Estimates of the fair value of assets held by the Company’s pension plan were provided by unaffiliated third parties. Investments in collective investment trusts, private equity, hedge funds and certain international equity securities were measured at net asset value, which was a practical expedient for measuring fair value. These assets were therefore excluded from the fair value hierarchy for each of the year presented. At December 31, 2022, the pension plan assets are categorized by level within the fair value measurement hierarchy as follows: (In thousands) Total Quoted Prices Significant Significant Balances at December 31, 2022 Cash and cash equivalents (a) $ 24,796 $ 24,796 $ — $ — Fixed income mutual fund 30,284 30,284 — — Private equity and hedge funds (b) 10,250 — — 10,250 Total plan assets at fair value $ 65,330 $ 55,080 $ — $ 10,250 Investments measured at net asset value: Collective investment trust (c) 152,389 Private equity and hedge funds 141 Total investments measured at net asset value $ 152,530 Securities sold and interest receivable 259 Total plan assets, December 31, 2022 $ 218,119 (a) This category represents investments in cash and cash equivalents, which includes: 1.) cash held in the plan used for investments in U.S. Treasury futures which were entered into to minimize the volatility of the estimated settlement funding gap; and 2.) short term money market fund in which the amortized cost approximates fair value. These investments were highly liquid and therefore were classified as Level 1 securities. (b) Represents the estimated fair market value of the Company’s ownership in private equity and hedge funds which were probable of being sold for an amount different from the net asset value per share in connection with the expected termination of the pension plan. (c) The collective investment trust contains liability hedging fixed income investments and were valued at the net asset value of the collective investment trust. The net asset value was used as a practical expedient to estimate fair value. The net asset value was based on the fair value of the underlying investments held by the fund less its liabilities. (d) Represents investments in certain commodity funds measured using quoted market prices. |
Other Income (Expense), Net (No
Other Income (Expense), Net (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other Income (Expense), Net | 9. OTHER INCOME (EXPENSE), NET Other income (expense), net consists of the following: (In thousands) 2023 2022 2021 Gain on investment in kaléo (a) $ 262 $ 1,406 $ 12,780 One-time tax credit in Brazil for unemployment/social security insurance non-income taxes resulting from a favorable decision by Brazil’s Supreme Court regarding the calculation of such tax — — 8,486 COVID-19-related expenses (b) (9) (350) (624) Group annuity contract premium expense (c) (2,000) — — Other (400) (47) (377) Total $ (2,147) $ 1,009 $ 20,265 (a) In January 2023 and May 2022, additional cash consideration of $0.3 million and $1.4 million, respectively was received related to customary post-closing adjustments. The gain in 2021 includes a $0.3 million dividend received from kaléo in the first quarter of 2021. (b) Costs associated with operating under COVID-19 conditions include employee overtime expenses associated with absenteeism, personal protective equipment supplies and facility maintenance. (c) See Note 8 for more information. On December 27, 2021, the Company completed the sale of its investment interests in kaleo, Inc. (“kaléo”) (Series A-3 Preferred Stock, Series B Preferred Stock and common stock) that, taken together, represented on a fully diluted basis an approximate 18% interest in kaléo. Tredegar received closing cash proceeds of $47.1 million. In May 2021, the Brazil Supreme Court ruled in a leading case related to the amount of Brazilian value-added tax to exclude from the calculation of unemployment/social security insurance non-income taxes (“PIS/COFINS”). As a result, in the second quarter of 2021, the Company recorded a pre-tax gain of $8.5 million for certain excess PIS/COFINS paid from 2003 to 2021, that included applicable interest, which the Company applied to required Brazilian federal tax payments during 2021. The pre-tax gain was recorded in “Other income (expense), net” in the consolidated statements of income. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Derivative Instruments [Abstract] | |
Financial Instruments | 10. DERIVATIVES 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 is based upon Level 2 inputs. If individual derivative instruments with the same counterparty can be settled on a net basis, the Company records the corresponding derivative fair values as a net asset or net liability. In the normal course of business, Aluminum Extrusions enters into fixed-price forward sales contracts with certain customers for the future sale of fixed quantities of aluminum extrusions at scheduled intervals. In order to hedge margin exposure created from the fixing of future sales prices relative to volatile raw material (aluminum) costs, Aluminum Extrusions enters into a combination of forward purchase commitments and futures contracts to acquire or hedge aluminum, based on the scheduled purchases for the firm sales commitments. The fixed-price firm sales commitments and related hedging instruments generally have durations of not more than 12 months, and the notional amount of aluminum futures contracts that hedged future purchases of aluminum to meet fixed-price forward sales contract obligations was $7.7 million (5.6 million pounds of aluminum) at December 31, 2023 and $30.7 million (20.3 million pounds of aluminum) at December 31, 2022. 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, 2023 and 2022: December 31, 2023 December 31, 2022 (In thousands) Balance Sheet Fair Balance Sheet Fair Derivatives Designated as Hedging Instruments Asset derivatives: Prepaid expenses & other $ — Prepaid expenses & other $ 48 Liability derivatives: Accrued expenses (483) Accrued expenses (3,260) Aluminum futures contracts Other non-current liabilities (9) Other non-current liabilities (369) Net asset (liability) $ (492) $ (3,581) In the event that a counterparty to an aluminum fixed-price forward sales contract chooses not to take delivery of its aluminum extrusions, the customer is contractually obligated to compensate Aluminum Extrusions for any losses on the related aluminum futures and/or forward contracts through the date of cancellation. The Company's earnings are exposed to foreign currency exchange risk primarily through the translation of the financial statements of subsidiaries that have a functional currency other than the U.S. Dollar. The Company estimates that the net mismatch translation exposure for the Terphane Ltda. of its sales and raw materials quoted or priced in U.S. Dollars and its variable conversion, fixed conversion and sales, general and administrative costs (before depreciation and amortization) quoted or priced in Brazilian Real is annual net costs of R$139 million Brazilian Real ("R$"). Terphane Ltda. has the following outstanding foreign exchange average forward rate contracts to purchase Brazilian Real and sell U.S. Dollars: USD Notional Amount (000s) Average Forward Rate Contracted on USD/BRL R$ Equivalent Amount (000s) Applicable Month Estimated % of Terphane Ltda. R$ Operating Cost Exposure Hedged $1,784 5.2993 R$9,454 Jan-24 82% $1,766 5.3188 R$9,393 Feb-24 81% $1,781 5.3346 R$9,501 Mar-24 82% $1,827 5.3373 R$9,751 Apr-24 84% $1,798 5.3588 R$9,635 May-24 83% $1,812 5.3708 R$9,732 Jun-24 84% $1,804 5.3848 R$9,714 Jul-24 84% $1,806 5.4014 R$9,755 Aug-24 84% $1,857 5.4107 R$10,048 Sep-24 87% $1,851 5.4225 R$10,037 Oct-24 87% $1,837 5.4403 R$9,994 Nov-24 86% $1,801 5.4580 R$9,830 Dec-24 85% $21,724 5.3786 R$116,844 84% These foreign currency exchange contracts have been designated and qualify as cash flow hedges of Terphane Ltda.’s forecasted sales to customers quoted or priced in U.S. Dollars over that period. By changing the currency risk associated with these U.S. Dollar sales, the derivatives have the effect of offsetting operating costs quoted or priced in Brazilian Real and decreasing the net exposure to Brazilian Real in the consolidated statements of income. The 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, 2023 and 2022: December 31, 2023 December 31, 2022 (In thousands) Balance Sheet Fair Balance Sheet Fair Derivatives Designated as Hedging Instruments Asset derivatives: Prepaid expenses and other $ 2,050 Prepaid expenses and other $ 781 Foreign currency forward contracts Other non-current assets 146 Other non-current assets 33 Liability derivatives: Other non-current liabilities — Other non-current liabilities (3) Net asset (liability) $ 2,196 $ 811 These derivative contracts involve elements of market risk that are not reflected on the consolidated balance sheet, including the risk of dealing with counterparties and their ability to meet the terms of the contracts. The counterparties to any forward purchase commitments are major aluminum brokers and suppliers, and the counterparties to any aluminum futures contracts are major financial institutions. Fixed-price forward sales contracts are only made available to the best and most creditworthy customers. The counterparties to the Company’s foreign currency cash flow hedge contracts are major financial institutions. The pre-tax 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, 2023, 2022, and 2021 is summarized in the tables below: (In thousands) Cash Flow Derivative Hedges Aluminum Futures Contracts Years Ended December 31, 2023 2022 2021 Amount of pre-tax gain (loss) recognized in other comprehensive income $ 7,598 $ (4,525) $ 6,215 Location of gain (loss) reclassified from accumulated other comprehensive income into net income (effective portion) Cost of Cost of Cost of Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion) $ 4,508 $ 1,022 $ 5,787 (In thousands) Cash Flow Derivative Hedges Foreign Currency Forward Contracts Years Ended December 31, 2023 2022 2021 Amount of pre-tax gain (loss) recognized in other comprehensive income $ — $ 4,196 $ — $ 3,269 $ — $ (2,415) Location of gain (loss) reclassified from accumulated other comprehensive income into net income (effective portion) Cost of Selling, general & admin Cost of Selling, general & admin Cost of Selling, general & admin Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion) $ 61 $ 3,011 $ 61 $ 1,378 $ 63 $ (337) As of December 31, 2023, the Company expects $0.8 million of unrealized after-tax net gains on aluminum and foreign currency derivative contracts reported in accumulated other comprehensive income (loss) to be reclassified to earnings within the next 12 months. For the years ended December 31, 2023, 2022 and 2021, net gains or losses realized, from previously unrealized net gains or losses on hedges that had been discontinued, were not material. |
Stock Option And Stock Award Pl
Stock Option And Stock Award Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Option And Stock Award Plans | 11. STOCK OPTION AND STOCK AWARD PLANS As of December 31, 2023, the Company had one stock-based compensation plan that permits the grants of stock options, stock appreciation rights (“SARs”), stock, restricted stock, and stock unit awards. Awards available for grant totaled 342,709 shares at December 31, 2023. 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. Stock options granted by the Company in 2021 vest after 2 years and have a 7-year life or vest after 3 years and have a 5-year life. Stock options exercisable totaled 3,019,333 and 2,719,919 shares at December 31, 2023 and 2022, respectively. A summary of stock options outstanding at December 31, 2023, 2022 and 2021, and changes during those years, is presented below: Option Exercise Price/Share Number of Range Weighted Outstanding at January 1, 2021 2,827,438 $ 10.75 to $ 22.49 $ 13.55 Granted 388,822 16.37 to 16.37 16.37 Forfeited and expired (22,611) 14.47 to 19.64 18.14 Exercised (67,705) 10.75 to 17.29 13.51 Outstanding at December 31, 2021 3,125,944 10.75 to 22.49 13.82 Forfeited and expired (17,203) 14.47 to 19.64 15.33 Outstanding at December 31, 2022 3,108,741 10.75 to 22.49 13.81 Forfeited and expired (89,408) 13.78 to 19.64 19.60 Outstanding at December 31, 2023 3,019,333 $ 10.75 to $ 22.49 $ 13.64 No options were granted in 2023 nor 2022. The assumptions used in the Black-Scholes options-pricing model for valuing Tredegar stock options originally granted in 2021, and the related estimated fair values at the date of grant, were as follows: 2021 Dividend yield 2.6 % Weighted average volatility percentage 48.3 % Weighted average risk-free interest rate 0.9 % Holding period (years) 5 Weighted average exercise price at date of grant (also weighted average market price at date of grant) $ 16.37 Estimated weighted average fair value of options per share at date of grant $ 5.57 Total estimated fair value of stock options granted (in thousands) $ 2,165 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 for U.S. Treasury debt securities appropriate for the expected holding period. The following table summarizes additional information about stock options outstanding and exercisable at December 31, 2023: Options Outstanding at December 31, 2023 Options Exercisable at December 31, 2023 Weighted Average Aggregate Intrinsic Value Aggregate Intrinsic Value Range of Shares Remaining Contractual Life Exercise Shares Weighted Average Exercise Price $ 10.75 to $ 16.37 2,939,509 1.9 years $ 13.47 $ — 2,939,509 $ 13.47 $ — 17.29 to 25.94 79,824 0.2 years 19.90 — 79,824 19.90 — Total 3,019,333 1.9 years $ 13.64 $ — 3,019,333 $ 13.64 $ — The total intrinsic value of stock options exercised was $0.2 million in 2021. There were no stock options exercised in 2023 and 2022. The grant-date fair value of stock option-based awards vested in 2023, 2022 and 2021 was $2.2 million, $5.4 million, and $3.5 million, respectively. As of December 31, 2023, there was no unrecognized compensation cost related to stock option-based awards. Restricted stock grants ordinarily vest three years from the date of grant based upon continued employment. The fair value of restricted stock awards is estimated as of the grant date using the closing stock price on that date. Stock unit awards vest upon the achievement of certain performance targets. The following table summarizes additional information about unvested restricted stock outstanding at December 31, 2023, 2022 and 2021: Unvested Restricted Stock Maximum Unvested Restricted Stock Units Issuable Upon Satisfaction of Certain Performance Criteria Number Weighted Avg. Grant Date Fair Value/Share Grant Date Number Weighted Avg. Grant Date Fair Value/Share Grant Date Outstanding at January 1, 2021 234,979 $ 16.68 $ 3,919 112,502 $ 21.82 $ 2,455 Granted 200,073 15.63 3,127 14,669 15.24 224 Vested (87,636) 15.78 (1,383) (73,930) 17.17 (1,269) Forfeited (11,616) 16.38 (190) (2,523) 17.63 (44) Outstanding at December 31, 2021 335,800 16.30 5,473 50,718 17.63 1,366 Granted 301,969 11.88 3,587 — — — Vested (144,317) 15.10 (2,179) — — — Forfeited (18,474) 14.94 (276) (50,718) 17.63 1,366 Outstanding at December 31, 2022 474,978 13.82 6,564 — — — Granted 454,623 7.67 3,487 — — — Vested (167,077) 11.29 (1,886) — — — Forfeited (26,445) 11.60 (307) — — — Outstanding at December 31, 2023 736,079 $ 10.68 $ 7,861 — $ — $ — As of December 31, 2023, the unrecognized compensation cost related to non-vested restricted stock awards was $3.6 million. This cost is expected to be recognized over the remaining weighted average period of 1.9 years. SARs granted by the Company in 2021 vest after 2 years and have a 7-year life. There were no SARs granted in 2023 or 2022. SARs may be settled in cash upon exercise and therefore are classified as liabilities and included in accrued expenses in the consolidated balance sheet. The fair value of these liability awards is remeasured at each reporting period until the date of settlement. Increases and decreases in stock-based compensation expense are recognized over the vesting period, or immediately, for vested awards. A summary of SARs outstanding at December 31, 2023, 2022 and 2021, and changes during those years, is presented below: Exercise Price/Share Number of Range Weighted Outstanding at January 1, 2021 376,440 $ 10.75 to $ 19.64 $ 11.64 Granted 164,464 16.37 to 16.37 16.37 Forfeited and expired (10,043) 10.75 to 16.37 13.01 Exercised (9,260) 10.75 to 15.25 13.87 Outstanding at December 31, 2021 521,601 10.75 to 16.37 13.55 Forfeited and expired (22,914) 10.75 to 16.37 14.83 Outstanding at December 31, 2022 498,687 10.75 to 16.37 13.49 Forfeited and expired (53,969) 10.75 to 16.37 12.78 Outstanding at December 31, 2023 444,718 $ 10.75 to $ 16.37 $ 13.57 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. INCOME TAXES Income (loss) before income taxes and income tax expense (benefit) are as follows: (In thousands) 2023 2022 2021 Income (loss) before income taxes: Domestic $ (175,510) $ 3,259 $ 22,774 Foreign 15,480 29,585 44,336 Total $ (160,030) $ 32,844 $ 67,110 Current income tax expense (benefit): Federal $ 19 $ 2 $ 1,232 State — 772 764 Foreign 1,954 3,071 13,521 Total 1,973 3,845 15,517 Deferred income tax expense (benefit): Federal (57,220) 24 (7,862) State (280) (537) 125 Foreign 1,402 1,057 1,504 Total (56,098) 544 (6,233) Total income tax expense (benefit) $ (54,125) $ 4,389 $ 9,284 The significant differences between the U.S. federal statutory rate and the effective income tax rate are as follows: 2023 2022 2021 (In thousands, except percentages) Amount % Amount % Amount % Income tax expense (benefit) at federal statutory rate $ (33,622) 21.0 $ 6,882 21.0 $ 14,116 21.0 Stranded taxes released with termination of pension (21,912) 13.7 — — — — Changes in estimates related to prior year tax provision (1,322) 0.8 (175) (0.5) (383) (0.6) Brazilian tax incentive (876) 0.5 (3,873) (11.8) (7,019) (10.4) Research and development tax credit (766) 0.5 (1,489) (4.5) (928) (1.4) Tax on Prodepe tax incentive (488) 0.3 (1,024) (3.1) 2,858 4.3 State taxes, net of federal income tax benefit (437) 0.3 48 0.1 933 1.4 Foreign currency translation variation on intercompany loans — — — — 1,374 2.0 Dividend received deduction net of foreign withholding tax — — — — (109) (0.2) Foreign derived intangible income deduction — — (763) (2.3) — — Tax contingency accruals and tax settlements 1 — 88 0.3 202 0.3 Changes in federal valuation allowance 237 (0.1) — — (5,415) (8.1) Non-deductible other 594 (0.4) 381 1.2 1,053 1.6 Foreign rate differences 1,746 (1.1) 2,924 8.9 8,269 12.3 U.S. tax on foreign branch income 2,720 (1.7) 1,390 4.1 (5,667) (8.4) Income tax expense (benefit) at effective income tax rate $ (54,125) 33.8 $ 4,389 13.4 $ 9,284 13.8 Provision (benefit) for income taxes for the year ended December 31, 2023 was $(54.1) million compared to $4.4 million for the year ended December 31, 2022. The effective tax rates for the years ended December 31, 2023 and 2022 were 33.8% and 13.4%, respectively. The change in effective tax rate is primarily attributed to tax benefits previously recorded in other comprehensive income (loss) that were released as a result of the pension plan termination, partially offset by a reduction in Brazilian tax incentives as a percentage of income. The stranded taxes released with the termination of the pension plan represent the effect of the change in federal and state tax rates on pension-related deferred tax items initially recorded in other comprehensive income. The related stranded taxes were released in full in 2023. The effective tax rate in 2022 was impacted by a large discrete benefit recorded in the first quarter of 2022, resulting from the implementation of new U.S. tax regulations associated with foreign tax credits published by the U.S. Treasury and Internal Revenue Service (“IRS”) on January 4, 2022. These regulations overhauled various components of the foreign tax credit regime including the determination of creditable foreign taxes and limit the amount of foreign taxes that are creditable against U.S. income taxes. As the result of these regulations, future Brazilian income tax under Brazil tax law in place at that time would have been deductible, but not creditable, in the U.S. The accounting rules require a reduction of the U.S. deferred tax liability previously established related to anticipated future income from Brazil. The IRS released guidance in 2023 that provides temporary relief for tax years after 2021 from the regulations published by the U.S. Treasury and Internal Revenue Service on January 4, 2022. As a result of the IRS guidance released in 2023, the reduction in the first quarter of 2022 of the U.S. deferred tax liability previously established related to anticipated future income from Brazil was reversed in 2023. The effective tax rate in 2021 was impacted by the strong earnings of Terphane Ltda, which are included in Tredegar’s U.S. consolidated tax return and, the tax impact of the local statutory tax rates of Tredegar’s foreign subsidiaries being higher than the current U.S. tax rate of 21%, the benefit of tax incentives in Brazil and the release of the valuation allowance for capital loss carryforwards. Tredegar accrues U.S. federal income taxes on unremitted earnings of all foreign subsidiaries where required. However; 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. Because of the accumulation of significant losses related to foreign currency translations at Terphane Ltda., there were no deferred income tax liabilities associated with the U.S. federal income taxes and foreign withholding taxes on Terphane Ltda.’s undistributed earnings as of December 31, 2023 and 2022. 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 were originally granted for a 10-year period commencing January 1, 2015 and expiring at the end of 2024. Terphane Brazil has been granted an additional three years of tax incentives through the end of 2027. The benefit from the tax incentives was $0.9 million, $3.9 million and $7.0 million in 2023, 2022 and 2021, respectively. Deferred income tax assets and deferred income tax liabilities at December 31, 2023 and 2022, are as follows: (In thousands) 2023 2022 Deferred income tax assets: Pension and other postretirement obligations $ — $ 7,535 Employee benefits 5,821 7,558 Basis difference in capital assets 2,131 2,098 Inventory 2,643 3,952 Asset write-offs, divestitures and environmental accruals 1,025 1,075 U.S. federal and state NOL and credit carryforwards 33,247 24,914 Capitalized R&D expenditures 6,543 4,874 Other 2,364 1,220 Lease liabilities 2,711 3,328 Interest expense limitation 2,592 — Foreign currency translation gain adjustment 591 1,224 Deferred income tax assets before valuation allowance 59,668 57,778 Less: Valuation allowance 15,078 13,807 Total deferred income tax assets 44,590 43,971 Deferred income tax liabilities: Goodwill and identifiable intangibles $ 3,392 $ 10,533 Property, plant and equipment 10,330 14,950 Foregone tax credits on foreign branch income 1,880 719 Right-of-use leased assets 2,409 3,147 Other 1,545 722 Total deferred income tax liabilities 19,556 30,071 Net deferred income tax assets (liabilities) $ 25,034 $ 13,900 Amounts recognized in the consolidated balance sheets: Deferred income tax assets (noncurrent) $ 25,034 $ 13,900 Deferred income tax liabilities (noncurrent) — — Net deferred income tax assets (liabilities) $ 25,034 $ 13,900 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 had U.S. federal and state tax credits of $16.7 million, net operating loss carryforwards of $16.5 million and a deferred interest limitation of $2.6 million at December 31, 2023. The Company had U.S. federal and state tax credits of $15.3 million and net operating loss carryforwards of $9.6 million at December 31, 2022. The U.S. federal net operating loss and deferred interest limitation can be carried forward indefinitely. The U.S. federal foreign tax credits will expire between 2027-2033 and the U.S. federal research and development tax credits will expire by 2044. The U.S. state carryforwards expire at different points over the next 20 years. Valuation allowances of $12.9 million, $10.3 million and $9.4 million at December 31, 2023, 2022 and 2021, respectively, are recorded against the tax benefit on U.S. federal and state tax credits and net operating loss carryforwards generated by domestic subsidiaries that may not be recoverable in the carryforward period. The valuation allowance for unrealized capital losses from investments and other related items was $0.7 million at December 31, 2022 and 2021. 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 carry-forward period change. 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. Valuation allowances of $2.2 million, $2.8 million and $2.5 million at December 31, 2023, 2022 and 2021, respectively, were recorded against certain deferred state tax assets. A reconciliation of the Company’s unrecognized uncertain tax positions since January 1, 2021, is shown below: Years Ended December 31, (In thousands) 2023 2022 2021 Balance at beginning of period $ 628 $ 648 $ 628 Increase (decrease) due to tax positions taken in: Current period 25 2 — Prior period 23 44 40 Reductions due to lapse of statute of limitations (17) (66) (20) Balance at end of period $ 659 $ 628 $ 648 Additional information related to unrecognized uncertain tax positions since January 1, 2021 is summarized below: Years Ended December 31, (In thousands) 2023 2022 2021 Gross unrecognized tax benefits on uncertain tax positions (reflected in current income tax, other noncurrent liability accounts, or deferred tax assets in the balance sheet) $ 659 $ 628 $ 648 Deferred income tax assets related to unrecognized tax benefits on uncertain tax positions (reflected in deferred income tax accounts in the balance sheet) 98 143 48 Net unrecognized tax benefits on uncertain tax positions, which would impact the effective tax rate if recognized 757 771 696 Interest and penalties accrued on deductions taken relating to uncertain tax positions (approximately $20, $16 and $26 reflected in income tax expense in the income statement in 2023, 2022 and 2021, respectively, with the balance shown in current income tax and other noncurrent liability accounts in the balance sheet) 169 149 133 Related deferred income tax assets recognized on interest and penalties (39) (34) (31) Interest and penalties accrued on uncertain tax positions net of related deferred income tax benefits, which would impact the effective tax rate if recognized 130 115 102 Total net unrecognized tax benefits on uncertain tax positions reflected in the balance sheet, which would impact the effective tax rate if recognized $ 887 $ 886 $ 798 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 2020. 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 and are not expected to result in a material change in unrecognized tax positions, including any payments that may be made. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Business Segments | 13. BUSINESS SEGMENTS The Company's business segments are Aluminum Extrusions, PE Films and Flexible Packaging Films. Aluminum Extrusions, also referred to as Bonnell Aluminum, produces high-quality, soft and medium strength alloyed aluminum extrusions, custom fabricated and finished, for the building and construction, automotive and transportation, consumer durables goods, machinery and equipment, electrical and renewable energy, and distribution markets. PE Films produces surface protection films, polyethylene overwrap films and films for other markets. Flexible Packaging Films produces polyester based films for use in packaging applications that have specialized properties, such as heat resistance, strength, barrier protection and the ability to accept high-quality print graphics. The Company’s reportable segments are based on its method of internal reporting, which is generally segregated by differences in products. Accounting standards for presentation of segments require an approach based on the way the Company organizes the segments for making operating decisions and how the chief operating decision maker (“CODM”) assesses performance. EBITDA from ongoing operations is the key profitability measure used by the CODM (Tredegar’s President and Chief Executive Officer) for purposes of assessing financial performance. The Company uses sales less freight (“net sales”) as its measure of revenues from external customers at the segment level. This measure is separately included in the financial information regularly provided to the CODM. Earnings before interest and taxes ("EBIT") from ongoing operations is a non-GAAP financial measure included in the reconciliation of segment financial information to consolidated results for the Company below. Information by business segment and geographic area for the last three years is provided in the segment tables below. There were no accounting transactions between segments and no allocations to segments. Net Sales (In thousands) 2023 2022 2021 Aluminum Extrusions $ 474,803 $ 637,872 $ 539,325 PE Films 76,763 97,571 118,920 Flexible Packaging Films 126,326 168,139 139,978 Total net sales 677,892 903,582 798,223 Add back freight 26,933 34,982 28,232 Sales as shown in consolidated statements of income (loss) $ 704,825 $ 938,564 $ 826,455 Refer to Notes to Financial Tables that follow these tables. EBITDA from Ongoing Operations (In thousands) 2023 2022 2021 Aluminum Extrusions: Ongoing operations: EBITDA $ 37,976 $ 66,800 $ 55,948 Depreciation & amortization (17,927) (17,414) (16,272) EBIT 20,049 49,386 39,676 Plant shutdowns, asset impairments, restructurings and other (a) (3,557) (310) 3,237 PE Films: Ongoing operations: EBITDA 11,217 11,949 27,694 Depreciation & amortization (6,522) (6,280) (6,263) EBIT 4,695 5,669 21,431 Plant shutdowns, asset impairments, restructurings and other (a) (4,972) (646) (371) Goodwill impairment (34,891) — — Flexible Packaging Films: Ongoing operations: EBITDA 4,383 27,452 31,684 Depreciation & amortization (2,865) (2,444) (1,988) EBIT 1,518 25,008 29,696 Plant shutdowns, asset impairments, restructurings and other (a) (113) (91) 8,439 Total (17,271) 79,016 102,108 Interest income 522 57 73 Interest expense 11,607 4,990 3,386 Gain on investment in kaléo (a) 262 1,406 12,780 Stock option-based compensation expense 231 1,424 2,495 Pension settlement loss 92,291 — — Corporate expenses, net (a) 39,414 41,221 41,970 Income (loss) before income taxes (160,030) 32,844 67,110 Income tax expense (benefit) (a) (54,125) 4,389 9,284 Net income (loss) $ (105,905) $ 28,455 $ 57,826 Refer to Notes to Financial Tables that follow these tables. Identifiable Assets (In thousands) 2023 2022 Aluminum Extrusions $ 255,756 $ 293,308 PE Films 56,536 102,431 Flexible Packaging Films 84,062 103,448 Subtotal 396,354 499,187 General corporate 36,652 23,674 Cash, cash equivalents and restricted cash (b) 13,455 19,232 Total $ 446,461 $ 542,093 Depreciation and Amortization Capital Expenditures (In thousands) 2023 2022 2021 2023 2022 2021 Aluminum Extrusions $ 17,927 $ 17,414 $ 15,326 $ 20,339 $ 23,664 $ 18,914 PE Films 6,522 6,280 6,263 1,772 3,289 2,997 Flexible Packaging Films 2,865 2,444 1,988 4,323 8,151 5,603 Subtotal 27,314 26,138 23,577 26,434 35,104 27,514 General corporate (d) 369 264 207 12 1,771 (153) Total $ 27,683 $ 26,402 $ 23,784 $ 26,446 $ 36,875 $ 27,361 Net Sales by Geographic Area (c) (In thousands) 2023 2022 2021 United States $ 537,818 $ 717,049 $ 614,987 Exports from the United States to: Asia 26,239 41,995 59,242 Canada 15,597 15,264 17,776 Europe 1,905 3,885 4,489 Latin America 6,704 6,867 4,937 Operations outside the United States: Brazil 89,077 117,896 96,792 Asia 552 626 — Total $ 677,892 $ 903,582 $ 798,223 Identifiable Assets Property, Plant & Equipment, (In thousands) 2023 2022 2023 2022 United States $ 320,604 $ 413,512 $ 143,729 $ 146,437 Operations outside the United States: Brazil 65,495 72,725 28,121 25,385 China 10,255 12,950 9,361 11,903 General corporate 36,652 23,674 2,244 2,686 Cash, cash equivalents and restricted cash (b) 13,455 19,232 n/a n/a Total $ 446,461 $ 542,093 $ 183,455 $ 186,411 Refer to Notes to Financial Tables that follow these tables. The Company’s facilities in Pottsville, PA (“PV”) and Guangzhou, China (“GZ”) have a tolling arrangement whereby certain surface protection films are manufactured in GZ for a fee with raw materials supplied from PV that are then shipped by GZ directly to customers principally in the Asian market but paid by customers directly to PV. Amounts associated with this intercompany tolling arrangement are reported in the table above as export sales from the U.S. to Asia, and include net sales of $15.9 million in 2023, $20.1 million in 2022 and $32.7 million in 2021. Net Sales by Product Group (In thousands) 2023 2022 2021 Aluminum Extrusions: Nonresidential building & construction $ 264,780 $ 338,981 $ 269,252 Consumer durables 38,897 62,541 53,578 Automotive 48,046 51,286 43,256 Machinery & equipment 43,759 63,326 42,721 Distribution 14,331 29,732 45,639 Residential building & construction 38,388 64,268 52,236 Electrical 26,602 27,738 32,643 Subtotal 474,803 637,872 539,325 PE Films: Surface protection films 47,463 68,140 88,436 Packaging 29,300 29,431 30,484 Subtotal 76,763 97,571 118,920 Flexible Packaging Films 126,326 168,139 139,978 Total $ 677,892 $ 903,582 $ 798,223 (a) See Notes 1, 5, 9 and 12 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) Cash, cash equivalents and restricted cash includes funds held in locations outside the U.S. of $9.8 million and $10.3 million at December 31, 2023 and 2022, respectively. (c) Export sales relate mostly to PE Films. Operations in Brazil relate to Flexible Packaging Films. (d) Corporate depreciation and amortization are included in corporate expenses, net, on the EBITDA from ongoing operations table above. |
Savings Plan
Savings Plan | 12 Months Ended |
Dec. 31, 2023 | |
Savings Plan [Abstract] | |
Savings Plan | 14. SAVINGS PLAN Tredegar has a savings plan that allows eligible employees to voluntarily contribute a percentage of their compensation, up to IRS limitations. Charges recognized for the savings plan were $4.0 million in 2023, $3.9 million in 2022 and $3.3 million in 2021. 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”). The Company’s liability under the restoration plan was $0.4 million at December 31, 2023 (consisting of 79,124 phantom shares of common stock) and $0.7 million at December 31, 2022 (consisting of 70,266 phantom shares of common stock) and valued at the closing market price on those dates. Charges recognized for the restoration plan were immaterial for the years 2023, 2022 and 2021. |
Supply Chain Financing
Supply Chain Financing | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Supply Chain Financing | The Company has supply chain finance service agreements with third-party financial institutions to provide platforms that facilitate the ability of participating suppliers to finance payment obligations from the Company with the third-party financial institution. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not affected by suppliers’ decisions to finance amounts under the supply chain finance agreements. As of December 31, 2023 and 2022, $15.8 million and $25.9 million, respectively, of the Company’s accounts payable were financed by participating suppliers through third-party financial institutions. A reconciliation of the beginning and ending balances of the supply chain financing for the year ended December 31, 2023 is as follows: (In thousands) 2023 Balance, beginning of year $ 25,927 New obligations entered 79,630 Less payments made (90,365) Foreign exchange 588 Balance, end of year $ 15,780 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
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 to maintain compliance with applicable environmental laws and regulations, additional contingencies may be identified continue. If additional contingencies are identified in the future, the Company’s practice is to determine at that time the nature and scope of those contingencies, obtain and accrue estimates of the cost of remediation, and perform remediation. While the Company believes it is currently adequately accrued for known environmental issues, it is possible that unexpected future costs for known or unknown environmental issues 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. 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. 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 considered to be material. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis Of Presentation | Basis of Presentation and Principles of Consolidation. |
Foreign Currency Translation | 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 gains of $0.2 million, losses of $0.4 million and losses of $0.5 million in 2023, 2022 and 2021, 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, Cash Equivalents and Restricted cash. Cash, cash equivalents and restricted cash 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, 2023 and 2022, Tredegar had cash, cash equivalents and restricted cash of $13.5 million and $19.2 million, respectively, including funds held in locations outside the U.S. of $9.8 million and $10.3 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. The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts shown in the consolidated statements of cash flows: December 31, December 31, (In thousands) 2023 2022 Cash and cash equivalents $ 9,660 $ 19,232 Restricted cash 3,795 — Total cash, cash equivalents and restricted cash $ 13,455 $ 19,232 |
Accounts And Other Receivables | Accounts and Other Receivables, net. |
Inventories | Inventories. |
Property, Plant And Equipment | 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 immaterial. Depreciation is computed primarily by the straight-line method based on the estimated useful lives of the assets that generally range from 5 to 40 years for buildings and land improvements and 2 to 20 years for machinery and equipment. |
Goodwill And Other Intangibles | 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). When assessing goodwill for impairment, accounting guidance allows the Company to first perform a qualitative assessment (“Step 0 analysis”), which evaluates certain qualitative factors, including macroeconomic conditions, industry and market considerations, cost factors and overall financial performance, as well as company and reporting unit factors. If the Company's Step 0 analysis indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the Company would perform a quantitative impairment test (“Step 1 analysis”). During 2023, uncertainty about the timing of a recovery in the consumer electronics market persisted, and manufacturers in the supply chain for consumer electronics continued to experience reduced capacity utilization and inventory corrections. In light of the limited visibility on the timing of a recovery and the expected adverse future impact to the Surface Protection business, coupled with a cautious outlook on new product development opportunities, the Company performed a Step 1 goodwill impairment analysis, as of June 30, 2023 and September 30, 2023, of the Surface Protection component of PE Films. The analyses concluded that the fair value of Surface Protection was less than its carrying value, thus a non-cash partial goodwill impairment of $34.9 million ($27.0 million after deferred income tax benefits) was recognized during 2023. The Company estimated the fair value of Surface Protection by: (i) computing an estimated enterprise value (“EV”) utilizing the discounted cash flow method (the “DCF Method”), (ii) applying adjustments for any surplus or deficient working capital, (iii) adding cash and cash equivalents, and (iv) subtracting interest-bearing debt. The DCF Method was used, incorporating Surface Protection’s latest projections, which reflect updated expected market recovery levels, feasibility of launching new product applications, competitive pricing and cash flows associated with production efficiencies, as well as consideration of cost savings and inventory corrections. As of December 1, 2023, the Company’s reporting units with goodwill were Surface Protection in PE Films and Futura in Aluminum Extrusions. Both of these reporting units have separately identifiable operating net assets (operating assets including goodwill and identifiable intangible assets net of operating liabilities). The Company's Step 0 analysis of these reporting units concluded that it is more likely than not that the fair value of each reporting unit was greater than its carrying value. Therefore, the Step 1 quantitative goodwill impairment tests for these reporting units were not necessary. The Surface Protection and Futura reporting units had goodwill in the amounts of $22.4 million and $13.3 million, respectively, at December 31, 2023. For more information on goodwill and identifiable intangibles, see Note 5. |
Impairment Of Long-Lived Assets | Impairment of Long-Lived Assets. The Company reviews long-lived assets for possible impairment when events indicate that an impairment may exist. For assets that are held and used in operations, if events indicate that an asset may be impaired, the Company estimates the future unlevered pre-tax cash flows expected to result from the use of the asset and its eventual disposition. Assets are grouped for this purpose at the lowest level for which there are identifiable and independent cash flows. If the sum of these undiscounted pre-tax cash flows is less than the carrying amount of the asset group, an impairment loss is calculated. Measurement of the impairment loss is the amount by which the carrying amount exceeds the estimated fair value of the asset group. Assets that are held for sale are reported at the lower of their carrying amount or estimated fair value less cost to sell, with an impairment loss recognized for any write-down required. As of December 31, 2023 and 2022, no events, other than the Richmond Technical Center assets that went held for sale in the third quarter of 2023, were identified that indicated long-lived assets may be impaired. |
Pension Costs And Postretirement Benefit Costs Other Than Pensions | Pension Costs and Postretirement Benefit Costs Other than Pensions. Pension costs and postretirement benefit costs other than pensions have been accrued over the period employees provided 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 has been 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. In February 2022, Tredegar announced the initiation of a process to terminate and settle its frozen defined benefit pension plan through lump sum distributions and the purchase of annuity contracts. On November 3, 2023, the pension plan termination and settlement process for the Company was completed. For more information, see Note 8. |
Revenue Recognition | Revenue Recognition. The Company’s revenue is primarily generated from the sale of finished products to customers. Those sales predominantly contain a single performance obligation and revenue is recognized at the point in time when control of the product is transferred to customers, along with the title, risk of loss and rewards of ownership. Depending on the arrangement with the customer, these criteria are met either at the time the product is shipped or when the product is made available or delivered to the destination specified in the agreement with the customer. Sales revenue is recognized in an amount that reflects the consideration the Company expects to be entitled to in exchange for that finished product. The Company offers various discounts, rebates and allowances to customers, (collectively, “allowances”), all of which are considered when determining the transaction price. Certain allowances are fixed and determinable at the time of sale and are recorded at the time of sale as a reduction to revenues. Other allowances can vary depending on future outcomes such as sales returns and customer sales volume, thus representing variable consideration. Amounts billed to customers related to freight are classified as sales revenue and the cost of freight is 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. See Note 13 for disaggregation of revenue by segment and type. See Note 2 for a table showing accounts and other receivables, net of allowance for bad debts. |
Research & Development ("R&D") Costs | Research and 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. In August 2023, the Company adopted a plan to close the PE Films technical center in Richmond, VA and reduce its efforts to develop and sell films supporting the semiconductor market. Future research and development activities for PE Films will be performed at the facility in Pottsville, PA. PE Films continues to have new business opportunities primarily relating to surface protection films that protect components of flat panel and flexible displays. The Company anticipates all activities to cease at the PE Films technical center in Richmond, VA, by the end of the first quarter of 2024. The Company recognized total expense incurred through December 31, 2023 associated with exit activities of $1.3 million for: (i) severance and related costs ($0.9 million) and (ii) building closure costs ($0.4 million). In addition, the Company recognized a non-cash asset impairment ($3.5 million), accelerated depreciation ($0.3 million) and a gain on the lease modification ($0.1 million). A reconciliation of the beginning and ending balances of accrued expense associated with exit and disposal activities and charges associated with asset impairments reported as "Asset impairments and costs associated with exit and disposal activities, net of adjustments" in the consolidated statements of income for the year ended December 31, 2023 is shown below. (In thousands) Severance Asset impairment Other Total Balance at January 1, 2023 $ — $ — $ — $ — Richmond Technical Center 895 3,454 628 4,977 Charges 895 3,454 628 4,977 Cash Spend 510 — 312 822 Charges against assets — 3,454 188 3,642 Balance at December 31, 2023 $ 385 $ — $ 128 $ 513 |
Lessee, Leases | Leases. At inception, the Company determines if an arrangement contains a lease and whether that lease meets the classification criteria of a finance or operating lease. The Company has elected to not record short-term leases with an original lease term of one year or less in the consolidated balance sheet. To the extent such leases contain renewal options that the Company intends to exercise, the related Right-of-Use (“ROU”) asset and lease liability are included in the consolidated balance sheet. Some of the Company’s lease arrangements contain lease components (e.g., minimum rent payments) and non-lease components (e.g., maintenance, labor charges, etc.). The Company generally accounts for the lease and non-lease components as a single lease component. Certain of the Company’s lease agreements include rental payments that are adjusted periodically for an index or rate. The leases are initially measured using the projected payments adjusted for the index or rate in effect at the commencement date. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Operating leases are included in “Right-of-use lease assets”, “Lease liabilities - short-term” and “Lease liabilities - long-term” on the consolidated balance sheets. These assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments over the lease term using the Company’s secured incremental borrowing rates, adjusted for term and geographic location using country-based swap rates. As a result of the Company’s review of new and existing lease contracts, there were no instances where the Company could readily determine a rate implicit in the lease. |
Income Taxes | 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 12). 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, Tredegar only records 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. 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 U.S. federal income taxes and foreign withholding taxes on Terphane Limitada’s undistributed earnings as of December 31, 2023 and December 31, 2022. 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 | 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: 2023 2022 2021 Weighted average shares outstanding used to compute basic earnings per share 34,133,078 33,805,530 33,562,684 Incremental shares attributable to stock options and restricted stock — 20,900 107,566 Shares used to compute diluted earnings per share 34,133,078 33,826,430 33,670,250 |
Stock-Based Employee Compensation Plans | Stock-Based Employee Compensation Plans. The cost of all share-based payments is recognized using the calculated fair value at the grant date, or the date of any later modification, over the requisite service period under the graded-vesting method. See Note 11 for additional information. |
Financial Instruments | 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 in 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. 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 uses regression analysis, unless the hedge qualifies for other methods of assessing effectiveness, to formally assess (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 10. |
Comprehensive Income (Loss) | Comprehensive Income (Loss). |
Recently Issued Accounting Standards |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: 2023 2022 2021 Weighted average shares outstanding used to compute basic earnings per share 34,133,078 33,805,530 33,562,684 Incremental shares attributable to stock options and restricted stock — 20,900 107,566 Shares used to compute diluted earnings per share 34,133,078 33,826,430 33,670,250 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive income (loss) by component are summarized as follows: (In thousands) Foreign Currency Translation Gain (Loss) on Derivative Financial Instruments Pension & Other Postretirement Benefit Adjust Total Accumulated Other Comprehensive Income (Loss) Balance at January 1, 2021 $ (84,149) $ 2,264 $ (96,519) $ (178,404) Other comprehensive income (loss) (2,008) 3,800 23,932 25,724 Income tax (expense) benefit 365 (842) (5,212) (5,689) Other comprehensive income (loss), net of tax (1,643) 2,958 18,720 20,035 Reclassification adjustment to net income (loss) — (5,513) 16,862 11,349 Income tax (expense) benefit — 1,192 (3,676) (2,484) Reclassification adjustment to net income (loss), net of tax — (4,321) 13,186 8,865 Other comprehensive income (loss), net of tax (1,643) (1,363) 31,906 28,900 Balance at December 31, 2021 (85,792) 901 (64,613) (149,504) Other comprehensive income (loss) 3 (1,256) (6,464) (7,717) Income tax (expense) benefit (290) (374) 1,400 736 Other comprehensive income (loss), net of tax (287) (1,630) (5,064) (6,981) Reclassification adjustment to net income (loss) — (2,461) 13,606 11,145 Income tax (expense) benefit — 710 (2,965) (2,255) Reclassification adjustment to net income (loss), net of tax — (1,751) 10,641 8,890 Other comprehensive income (loss), net of tax (287) (3,381) 5,577 1,909 Balance at December 31, 2022 (86,079) (2,480) (59,036) (147,595) Other comprehensive income (loss) 3,511 11,794 1,935 17,240 Income tax (expense) benefit (469) (2,977) (422) (3,868) Other comprehensive income (loss), net of tax 3,042 8,817 1,513 13,372 Reclassification adjustment to net income (loss) — (7,580) 101,323 93,743 Income tax (expense) benefit — 2,044 (43,261) (41,217) Reclassification adjustment to net income (loss), net of tax — (5,536) 58,062 52,526 Other comprehensive income (loss), net of tax 3,042 3,281 59,575 65,898 Balance at December 31, 2023 $ (83,037) $ 801 $ 539 $ (81,697) |
Accounts And Other Receivables
Accounts And Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract] | |
Schedule Of Accounts And Other Receivable | As of December 31, 2023 and 2022, accounts receivable and other receivables, net, include the following: (In thousands) 2023 2022 Customer receivables $ 67,183 $ 83,667 Other receivables 3,056 3,874 Total accounts and other receivables 70,239 87,541 Less: Allowance for bad debts (2,301) (2,997) Total accounts and other receivables, net $ 67,938 $ 84,544 |
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 for the three years ended December 31, 2023 is as follows: (In thousands) 2023 2022 2021 Balance, beginning of year $ 2,997 $ 1,736 $ 2,797 Charges to expense 882 1,926 1,440 Recoveries 102 2 35 Write-offs and settlements (1,734) (639) (1,246) Foreign exchange and other 54 (28) (1,290) Balance, end of year $ 2,301 $ 2,997 $ 1,736 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory, Net [Abstract] | |
Schedule Of Inventories | Inventories consist of the following: (In thousands) 2023 2022 Finished goods $ 29,821 $ 34,686 Work-in-process 7,830 15,604 Raw materials 21,939 58,262 Stores, supplies and other 22,447 19,219 Total $ 82,037 $ 127,771 |
Leases, Codification Topic 842
Leases, Codification Topic 842 (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | The following table presents a maturity analysis of the Company’s operating leases as of December 31, 2023: (In thousands) Future Lease Payments 2024 $ 2,635 2025 2,458 2026 2,078 2027 1,786 2028 1,557 Thereafter 4,600 Total undiscounted operating lease payments 15,114 Less: Imputed interest 2,065 Present value of operating lease liabilities $ 13,049 |
Lease, Cost | The following table summarizes lease costs, related cash flow and other information for the years ended December 31, 2023 and 2022. These costs are primarily related to long-term operating leases, but also include amounts for variable leases and short-term leases. (In thousands) 2023 2022 Operating lease expense $ 2,882 $ 2,718 Other Information: Weighted-average remaining lease term for operating leases 7 years 8 years Weighted-average discount rate for operating leases 4.46 % 4.27 % |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Reconciliation Of The Beginning And Ending Balance Of Goodwill | A reconciliation of goodwill at December 31, 2023 and 2022 is as follows: (In thousands) Aluminum Extrusions (a) PE Films (a) Total Net carrying value of goodwill at December 31, 2021 $ 13,270 $ 57,338 $ 70,608 Net carrying value of goodwill at December 31, 2022 13,270 57,338 70,608 Goodwill impairment — (34,891) (34,891) Net carrying value of goodwill at December 31, 2023 $ 13,270 $ 22,447 $ 35,717 (a) The goodwill of Aluminum Extrusions and PE Films is carried by the Futura and Surface Protection reporting units, respectively. |
Schedule Of Goodwill And Other Intangibles | (In thousands) Customer Relationships Proprietary Technology Trade Names Total Gross carrying value at December 31, 2022 $ 26,549 $ 3,726 $ 13,394 $ 43,669 Accumulated amortization (15,467) (3,672) (12,840) (31,979) Net carrying value at December 31, 2022 $ 11,082 $ 54 $ 554 $ 11,690 Gross carrying value at December 31, 2023 $ 26,575 $ 3,732 $ 13,460 $ 43,767 Accumulated amortization (17,270) (3,687) (12,959) (33,916) Net carrying value at December 31, 2023 $ 9,305 $ 45 $ 501 $ 9,851 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Liabilities [Abstract] | |
Schedule Of Accrued Expenses | Accrued expenses consist of the following: (In thousands) 2023 2022 Payrolls, related taxes and medical and other benefits 6,261 5,916 Vacation 2,602 3,502 Workers’ compensation and disabilities 2,178 2,051 Group annuity contract premium liability 2,000 — Customer rebates 1,891 1,154 Environmental liabilities 1,563 1,627 Accrued utilities 1,321 2,099 Accrued interest 1,236 407 Incentive compensation 612 6,103 Derivative contract liability 483 3,260 Accrued freight 440 2,298 Other 3,855 3,186 Total $ 24,442 $ 31,603 |
Debt And Credit Agreements (Tab
Debt And Credit Agreements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule Of Borrowings Under Credit Agreement At Various Indebtedness To Adjusted EBITDA Levels | Based upon the quarterly average of daily availability under the ABL Facility, the interest rate pricing grid applicable after the ABL Adjustment Date will be as follows: Pricing under the ABL Facility (Basis Points) Quarter Average of Daily Availability Term Benchmark ABR Commitment > 66% of $125 million aggregate commitment 225.0 125.0 40.0 ≤ 66% but > 33% of $125 million aggregate commitment 250.0 150.0 40.0 ≤ 33% of $125 million aggregate commitment 275.0 175.0 40.0 * The Commitment Fee before the ABL Adjustment Date and after the ABL Adjustment Date remain the same as reflected in this table. |
Schedule Of Minimum Credit EBITDA | The financial covenants in the ABL Facility, which are reported to lenders on a monthly basis, include: • Until the ABL Adjustment Date, the Company is required to maintain (i) minimum Credit EBITDA (as defined in the ABL Facility), as of the end of each fiscal month for the 12-month period then ended (presented below) and (ii) a Minimum Liquidity (as defined in the ABL Facility) of $10.0 million. Minimum Credit EBITDA (In thousands) December 2023 $ 21,070 January 2024 21,110 February 2024 18,750 March 2024 16,640 April 2024 19,780 May 2024 19,660 June 2024 19,450 July 2024 21,860 August 2024 22,830 September 2024 25,370 October 2024 26,070 November 2024 27,640 December 2024 29,640 January 2025 29,740 February 2025 29,850 March 2025 $ 29,980 |
Retirement Plans And Other Po_2
Retirement Plans And Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 and 2022, and reconcile the funded status to prepaid or accrued cost at December 31, 2023 and 2022: Pension Benefits Other Post- (In thousands) 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation, beginning of year $ 248,114 $ 316,169 $ 5,726 $ 7,370 Service cost — — 10 18 Interest cost 9,623 8,945 288 207 Effect of actuarial (gains) losses related to the following: Discount rate change (10,751) (61,519) 99 (1,483) Other (6,459) 1,513 12 90 Plan participant contributions — — 490 554 Benefits paid (16,957) (16,994) (913) (1,030) Settlement payments and annuity purchase (221,970) — — — Benefit obligation, end of year $ 1,600 $ 248,114 $ 5,712 $ 5,726 Change in plan assets: Plan assets at fair value, beginning of year $ 218,119 $ 244,612 $ — $ — Actual return on plan assets (7,053) (59,683) — — Employer contributions 27,861 50,184 423 476 Plan participant contributions — — 490 554 Benefits paid (16,957) (16,994) (913) (1,030) Settlement payments and annuity purchase (221,970) — — — Plan assets at fair value, end of year $ — $ 218,119 $ — $ — Funded status of the plans $ (1,600) $ (29,995) $ (5,712) $ (5,726) Amounts recognized in the consolidated balance sheets: Accrued expenses (current) $ 180 $ 180 $ 489 $ 489 Pension and other postretirement benefit obligations, net 1,420 29,815 5,223 5,237 Net amount recognized $ 1,600 $ 29,995 $ 5,712 $ 5,726 |
Components Of Net Periodic Benefit Income Or Cost For Continuing Operations | The following table sets forth the assumptions used in accounting for the pension and other post-retirement benefits, and the components of net periodic benefit cost: Pension Benefits Other Post- (In thousands, except percentages) 2023 2022 2021 2023 2022 2021 Weighted-average assumptions used to determine benefit obligations: Discount rate 4.89 % 5.07 % 2.90 % 4.98 % 5.17 % 2.86 % Expected long-term return on plan assets n/a 4.99 % 3.05 % n/a n/a n/a Weighted-average assumptions used to determine net periodic benefit cost: Discount rate (a) 5.07%/5.37% 2.90 % 2.57 % 5.17 % 2.86 % 2.54 % Expected long-term return on plan assets n/a 3.05 % 5.00 % n/a n/a n/a Components of net periodic benefit cost: Service cost $ — $ — $ — $ 10 $ 18 $ 21 Interest cost 9,623 8,945 8,398 288 207 195 Expected return on plan assets (8,109) (8,174) (11,316) — — — Amortization of prior service costs and gains or losses 9,245 13,746 17,003 (213) (140) (141) Net periodic benefit cost $ 10,759 $ 14,517 $ 14,085 $ 85 $ 85 $ 75 Pension settlement loss 92,291 — — — — — Total benefit cost $ 103,050 $ 14,517 $ 14,085 $ 85 $ 85 $ 75 (a) Prior to the pension lump sum distributions in August 2023, a discount rate of 5.07% was used to determine the net periodic benefit cost. Subsequent to August 2023, a discount rate of 5.37% was used to determine the net periodic benefit cost until the Company purchased a nonparticipating single premium group annuity contract in October 2023. |
Schedule Of Expected Benefit Payments For Continuing Operations | Expected benefit payments over the next five years and in the aggregate for 2028—2032 are as follows: (In thousands) Pension Benefits Other Post- 2024 $ 180 $ 481 2025 172 470 2026 165 456 2027 157 445 2028 148 433 2028—2032 620 1,998 |
Schedule Of Amounts Recognized Before Related Deferred Income Taxes In Accumulated Other Comprehensive Income | The pre-tax amounts recorded in 2023, 2022 and 2021 in accumulated other comprehensive income (loss) consist of: Pension Benefits Other Post-Retirement Benefits (In thousands) 2023 2022 2021 2023 2022 2021 Net actuarial (gain) loss $ 415 $ 103,998 $ 109,893 $ (1,250) $ (1,574) $ (320) |
Schedule Of Percentage Composition Of Assets Held By Pension Plans | The percentage composition of assets held by the pension plan at December 31, 2022 was as follows: % Composition of Plan Assets 2022 Pension plan: Fixed income mutual fund 13.9 % Private equity and hedge funds 4.8 Collective investment trust 69.9 Cash and cash equivalents 11.4 Total 100.0 % |
Schedule Of Pension Plan Assets Categorized By Level Within Fair Value Measurement Hierarchy | At December 31, 2022, the pension plan assets are categorized by level within the fair value measurement hierarchy as follows: (In thousands) Total Quoted Prices Significant Significant Balances at December 31, 2022 Cash and cash equivalents (a) $ 24,796 $ 24,796 $ — $ — Fixed income mutual fund 30,284 30,284 — — Private equity and hedge funds (b) 10,250 — — 10,250 Total plan assets at fair value $ 65,330 $ 55,080 $ — $ 10,250 Investments measured at net asset value: Collective investment trust (c) 152,389 Private equity and hedge funds 141 Total investments measured at net asset value $ 152,530 Securities sold and interest receivable 259 Total plan assets, December 31, 2022 $ 218,119 (a) This category represents investments in cash and cash equivalents, which includes: 1.) cash held in the plan used for investments in U.S. Treasury futures which were entered into to minimize the volatility of the estimated settlement funding gap; and 2.) short term money market fund in which the amortized cost approximates fair value. These investments were highly liquid and therefore were classified as Level 1 securities. (b) Represents the estimated fair market value of the Company’s ownership in private equity and hedge funds which were probable of being sold for an amount different from the net asset value per share in connection with the expected termination of the pension plan. (c) The collective investment trust contains liability hedging fixed income investments and were valued at the net asset value of the collective investment trust. The net asset value was used as a practical expedient to estimate fair value. The net asset value was based on the fair value of the underlying investments held by the fund less its liabilities. (d) Represents investments in certain commodity funds measured using quoted market prices. |
Other Income and Expenses (Tabl
Other Income and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Other income (expense), net consists of the following: (In thousands) 2023 2022 2021 Gain on investment in kaléo (a) $ 262 $ 1,406 $ 12,780 One-time tax credit in Brazil for unemployment/social security insurance non-income taxes resulting from a favorable decision by Brazil’s Supreme Court regarding the calculation of such tax — — 8,486 COVID-19-related expenses (b) (9) (350) (624) Group annuity contract premium expense (c) (2,000) — — Other (400) (47) (377) Total $ (2,147) $ 1,009 $ 20,265 (a) In January 2023 and May 2022, additional cash consideration of $0.3 million and $1.4 million, respectively was received related to customary post-closing adjustments. The gain in 2021 includes a $0.3 million dividend received from kaléo in the first quarter of 2021. (b) Costs associated with operating under COVID-19 conditions include employee overtime expenses associated with absenteeism, personal protective equipment supplies and facility maintenance. (c) See Note 8 for more information. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Derivative Instruments [Abstract] | |
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, 2023 and 2022: December 31, 2023 December 31, 2022 (In thousands) Balance Sheet Fair Balance Sheet Fair Derivatives Designated as Hedging Instruments Asset derivatives: Prepaid expenses & other $ — Prepaid expenses & other $ 48 Liability derivatives: Accrued expenses (483) Accrued expenses (3,260) Aluminum futures contracts Other non-current liabilities (9) Other non-current liabilities (369) Net asset (liability) $ (492) $ (3,581) 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, 2023 and 2022: December 31, 2023 December 31, 2022 (In thousands) Balance Sheet Fair Balance Sheet Fair Derivatives Designated as Hedging Instruments Asset derivatives: Prepaid expenses and other $ 2,050 Prepaid expenses and other $ 781 Foreign currency forward contracts Other non-current assets 146 Other non-current assets 33 Liability derivatives: Other non-current liabilities — Other non-current liabilities (3) Net asset (liability) $ 2,196 $ 811 |
Schedule Of Pretax Effect On Net Income (Loss) And Other Comprehensive Income (Loss) Of Derivative Instruments Classified As Cash Flow Hedges | The pre-tax 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, 2023, 2022, and 2021 is summarized in the tables below: (In thousands) Cash Flow Derivative Hedges Aluminum Futures Contracts Years Ended December 31, 2023 2022 2021 Amount of pre-tax gain (loss) recognized in other comprehensive income $ 7,598 $ (4,525) $ 6,215 Location of gain (loss) reclassified from accumulated other comprehensive income into net income (effective portion) Cost of Cost of Cost of Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion) $ 4,508 $ 1,022 $ 5,787 (In thousands) Cash Flow Derivative Hedges Foreign Currency Forward Contracts Years Ended December 31, 2023 2022 2021 Amount of pre-tax gain (loss) recognized in other comprehensive income $ — $ 4,196 $ — $ 3,269 $ — $ (2,415) Location of gain (loss) reclassified from accumulated other comprehensive income into net income (effective portion) Cost of Selling, general & admin Cost of Selling, general & admin Cost of Selling, general & admin Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion) $ 61 $ 3,011 $ 61 $ 1,378 $ 63 $ (337) |
Schedule of Derivative Instruments [Table Text Block] | Terphane Ltda. has the following outstanding foreign exchange average forward rate contracts to purchase Brazilian Real and sell U.S. Dollars: USD Notional Amount (000s) Average Forward Rate Contracted on USD/BRL R$ Equivalent Amount (000s) Applicable Month Estimated % of Terphane Ltda. R$ Operating Cost Exposure Hedged $1,784 5.2993 R$9,454 Jan-24 82% $1,766 5.3188 R$9,393 Feb-24 81% $1,781 5.3346 R$9,501 Mar-24 82% $1,827 5.3373 R$9,751 Apr-24 84% $1,798 5.3588 R$9,635 May-24 83% $1,812 5.3708 R$9,732 Jun-24 84% $1,804 5.3848 R$9,714 Jul-24 84% $1,806 5.4014 R$9,755 Aug-24 84% $1,857 5.4107 R$10,048 Sep-24 87% $1,851 5.4225 R$10,037 Oct-24 87% $1,837 5.4403 R$9,994 Nov-24 86% $1,801 5.4580 R$9,830 Dec-24 85% $21,724 5.3786 R$116,844 84% |
Stock Option And Stock Award _2
Stock Option And Stock Award Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary Of Stock Options Outstanding | summary of stock options outstanding at December 31, 2023, 2022 and 2021, and changes during those years, is presented below: Option Exercise Price/Share Number of Range Weighted Outstanding at January 1, 2021 2,827,438 $ 10.75 to $ 22.49 $ 13.55 Granted 388,822 16.37 to 16.37 16.37 Forfeited and expired (22,611) 14.47 to 19.64 18.14 Exercised (67,705) 10.75 to 17.29 13.51 Outstanding at December 31, 2021 3,125,944 10.75 to 22.49 13.82 Forfeited and expired (17,203) 14.47 to 19.64 15.33 Outstanding at December 31, 2022 3,108,741 10.75 to 22.49 13.81 Forfeited and expired (89,408) 13.78 to 19.64 19.60 Outstanding at December 31, 2023 3,019,333 $ 10.75 to $ 22.49 $ 13.64 |
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, 2023: Options Outstanding at December 31, 2023 Options Exercisable at December 31, 2023 Weighted Average Aggregate Intrinsic Value Aggregate Intrinsic Value Range of Shares Remaining Contractual Life Exercise Shares Weighted Average Exercise Price $ 10.75 to $ 16.37 2,939,509 1.9 years $ 13.47 $ — 2,939,509 $ 13.47 $ — 17.29 to 25.94 79,824 0.2 years 19.90 — 79,824 19.90 — Total 3,019,333 1.9 years $ 13.64 $ — 3,019,333 $ 13.64 $ — |
Summary Of Additional Information On Non-Vested Restricted Stock Outstanding | The following table summarizes additional information about unvested restricted stock outstanding at December 31, 2023, 2022 and 2021: Unvested Restricted Stock Maximum Unvested Restricted Stock Units Issuable Upon Satisfaction of Certain Performance Criteria Number Weighted Avg. Grant Date Fair Value/Share Grant Date Number Weighted Avg. Grant Date Fair Value/Share Grant Date Outstanding at January 1, 2021 234,979 $ 16.68 $ 3,919 112,502 $ 21.82 $ 2,455 Granted 200,073 15.63 3,127 14,669 15.24 224 Vested (87,636) 15.78 (1,383) (73,930) 17.17 (1,269) Forfeited (11,616) 16.38 (190) (2,523) 17.63 (44) Outstanding at December 31, 2021 335,800 16.30 5,473 50,718 17.63 1,366 Granted 301,969 11.88 3,587 — — — Vested (144,317) 15.10 (2,179) — — — Forfeited (18,474) 14.94 (276) (50,718) 17.63 1,366 Outstanding at December 31, 2022 474,978 13.82 6,564 — — — Granted 454,623 7.67 3,487 — — — Vested (167,077) 11.29 (1,886) — — — Forfeited (26,445) 11.60 (307) — — — Outstanding at December 31, 2023 736,079 $ 10.68 $ 7,861 — $ — $ — |
Share-based Payment Arrangement, Stock Appreciation Right, Activity | A summary of SARs outstanding at December 31, 2023, 2022 and 2021, and changes during those years, is presented below: Exercise Price/Share Number of Range Weighted Outstanding at January 1, 2021 376,440 $ 10.75 to $ 19.64 $ 11.64 Granted 164,464 16.37 to 16.37 16.37 Forfeited and expired (10,043) 10.75 to 16.37 13.01 Exercised (9,260) 10.75 to 15.25 13.87 Outstanding at December 31, 2021 521,601 10.75 to 16.37 13.55 Forfeited and expired (22,914) 10.75 to 16.37 14.83 Outstanding at December 31, 2022 498,687 10.75 to 16.37 13.49 Forfeited and expired (53,969) 10.75 to 16.37 12.78 Outstanding at December 31, 2023 444,718 $ 10.75 to $ 16.37 $ 13.57 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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) 2023 2022 2021 Income (loss) before income taxes: Domestic $ (175,510) $ 3,259 $ 22,774 Foreign 15,480 29,585 44,336 Total $ (160,030) $ 32,844 $ 67,110 Current income tax expense (benefit): Federal $ 19 $ 2 $ 1,232 State — 772 764 Foreign 1,954 3,071 13,521 Total 1,973 3,845 15,517 Deferred income tax expense (benefit): Federal (57,220) 24 (7,862) State (280) (537) 125 Foreign 1,402 1,057 1,504 Total (56,098) 544 (6,233) Total income tax expense (benefit) $ (54,125) $ 4,389 $ 9,284 |
Summary Of Effective Income Tax Rate For Continuing Operations | 2023 2022 2021 (In thousands, except percentages) Amount % Amount % Amount % Income tax expense (benefit) at federal statutory rate $ (33,622) 21.0 $ 6,882 21.0 $ 14,116 21.0 Stranded taxes released with termination of pension (21,912) 13.7 — — — — Changes in estimates related to prior year tax provision (1,322) 0.8 (175) (0.5) (383) (0.6) Brazilian tax incentive (876) 0.5 (3,873) (11.8) (7,019) (10.4) Research and development tax credit (766) 0.5 (1,489) (4.5) (928) (1.4) Tax on Prodepe tax incentive (488) 0.3 (1,024) (3.1) 2,858 4.3 State taxes, net of federal income tax benefit (437) 0.3 48 0.1 933 1.4 Foreign currency translation variation on intercompany loans — — — — 1,374 2.0 Dividend received deduction net of foreign withholding tax — — — — (109) (0.2) Foreign derived intangible income deduction — — (763) (2.3) — — Tax contingency accruals and tax settlements 1 — 88 0.3 202 0.3 Changes in federal valuation allowance 237 (0.1) — — (5,415) (8.1) Non-deductible other 594 (0.4) 381 1.2 1,053 1.6 Foreign rate differences 1,746 (1.1) 2,924 8.9 8,269 12.3 U.S. tax on foreign branch income 2,720 (1.7) 1,390 4.1 (5,667) (8.4) Income tax expense (benefit) at effective income tax rate $ (54,125) 33.8 $ 4,389 13.4 $ 9,284 13.8 |
Schedule Of Deferred Tax Liabilities And Assets | Deferred income tax assets and deferred income tax liabilities at December 31, 2023 and 2022, are as follows: (In thousands) 2023 2022 Deferred income tax assets: Pension and other postretirement obligations $ — $ 7,535 Employee benefits 5,821 7,558 Basis difference in capital assets 2,131 2,098 Inventory 2,643 3,952 Asset write-offs, divestitures and environmental accruals 1,025 1,075 U.S. federal and state NOL and credit carryforwards 33,247 24,914 Capitalized R&D expenditures 6,543 4,874 Other 2,364 1,220 Lease liabilities 2,711 3,328 Interest expense limitation 2,592 — Foreign currency translation gain adjustment 591 1,224 Deferred income tax assets before valuation allowance 59,668 57,778 Less: Valuation allowance 15,078 13,807 Total deferred income tax assets 44,590 43,971 Deferred income tax liabilities: Goodwill and identifiable intangibles $ 3,392 $ 10,533 Property, plant and equipment 10,330 14,950 Foregone tax credits on foreign branch income 1,880 719 Right-of-use leased assets 2,409 3,147 Other 1,545 722 Total deferred income tax liabilities 19,556 30,071 Net deferred income tax assets (liabilities) $ 25,034 $ 13,900 Amounts recognized in the consolidated balance sheets: Deferred income tax assets (noncurrent) $ 25,034 $ 13,900 Deferred income tax liabilities (noncurrent) — — Net deferred income tax assets (liabilities) $ 25,034 $ 13,900 |
Schedule Of Unrecognized Uncertain Tax Positions | A reconciliation of the Company’s unrecognized uncertain tax positions since January 1, 2021, is shown below: Years Ended December 31, (In thousands) 2023 2022 2021 Balance at beginning of period $ 628 $ 648 $ 628 Increase (decrease) due to tax positions taken in: Current period 25 2 — Prior period 23 44 40 Reductions due to lapse of statute of limitations (17) (66) (20) Balance at end of period $ 659 $ 628 $ 648 |
Schedule Of Additional Information Related To Unrecognized Uncertain Tax Positions | Additional information related to unrecognized uncertain tax positions since January 1, 2021 is summarized below: Years Ended December 31, (In thousands) 2023 2022 2021 Gross unrecognized tax benefits on uncertain tax positions (reflected in current income tax, other noncurrent liability accounts, or deferred tax assets in the balance sheet) $ 659 $ 628 $ 648 Deferred income tax assets related to unrecognized tax benefits on uncertain tax positions (reflected in deferred income tax accounts in the balance sheet) 98 143 48 Net unrecognized tax benefits on uncertain tax positions, which would impact the effective tax rate if recognized 757 771 696 Interest and penalties accrued on deductions taken relating to uncertain tax positions (approximately $20, $16 and $26 reflected in income tax expense in the income statement in 2023, 2022 and 2021, respectively, with the balance shown in current income tax and other noncurrent liability accounts in the balance sheet) 169 149 133 Related deferred income tax assets recognized on interest and penalties (39) (34) (31) Interest and penalties accrued on uncertain tax positions net of related deferred income tax benefits, which would impact the effective tax rate if recognized 130 115 102 Total net unrecognized tax benefits on uncertain tax positions reflected in the balance sheet, which would impact the effective tax rate if recognized $ 887 $ 886 $ 798 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting Information By Segment | Information by business segment and geographic area for the last three years is provided in the segment tables below. There were no accounting transactions between segments and no allocations to segments. Net Sales (In thousands) 2023 2022 2021 Aluminum Extrusions $ 474,803 $ 637,872 $ 539,325 PE Films 76,763 97,571 118,920 Flexible Packaging Films 126,326 168,139 139,978 Total net sales 677,892 903,582 798,223 Add back freight 26,933 34,982 28,232 Sales as shown in consolidated statements of income (loss) $ 704,825 $ 938,564 $ 826,455 Refer to Notes to Financial Tables that follow these tables. EBITDA from Ongoing Operations (In thousands) 2023 2022 2021 Aluminum Extrusions: Ongoing operations: EBITDA $ 37,976 $ 66,800 $ 55,948 Depreciation & amortization (17,927) (17,414) (16,272) EBIT 20,049 49,386 39,676 Plant shutdowns, asset impairments, restructurings and other (a) (3,557) (310) 3,237 PE Films: Ongoing operations: EBITDA 11,217 11,949 27,694 Depreciation & amortization (6,522) (6,280) (6,263) EBIT 4,695 5,669 21,431 Plant shutdowns, asset impairments, restructurings and other (a) (4,972) (646) (371) Goodwill impairment (34,891) — — Flexible Packaging Films: Ongoing operations: EBITDA 4,383 27,452 31,684 Depreciation & amortization (2,865) (2,444) (1,988) EBIT 1,518 25,008 29,696 Plant shutdowns, asset impairments, restructurings and other (a) (113) (91) 8,439 Total (17,271) 79,016 102,108 Interest income 522 57 73 Interest expense 11,607 4,990 3,386 Gain on investment in kaléo (a) 262 1,406 12,780 Stock option-based compensation expense 231 1,424 2,495 Pension settlement loss 92,291 — — Corporate expenses, net (a) 39,414 41,221 41,970 Income (loss) before income taxes (160,030) 32,844 67,110 Income tax expense (benefit) (a) (54,125) 4,389 9,284 Net income (loss) $ (105,905) $ 28,455 $ 57,826 |
Schedule Of Identifiable Assets | Identifiable Assets (In thousands) 2023 2022 Aluminum Extrusions $ 255,756 $ 293,308 PE Films 56,536 102,431 Flexible Packaging Films 84,062 103,448 Subtotal 396,354 499,187 General corporate 36,652 23,674 Cash, cash equivalents and restricted cash (b) 13,455 19,232 Total $ 446,461 $ 542,093 |
Schedule Of Depreciation And Amortization, Capital Expenditures | Depreciation and Amortization Capital Expenditures (In thousands) 2023 2022 2021 2023 2022 2021 Aluminum Extrusions $ 17,927 $ 17,414 $ 15,326 $ 20,339 $ 23,664 $ 18,914 PE Films 6,522 6,280 6,263 1,772 3,289 2,997 Flexible Packaging Films 2,865 2,444 1,988 4,323 8,151 5,603 Subtotal 27,314 26,138 23,577 26,434 35,104 27,514 General corporate (d) 369 264 207 12 1,771 (153) Total $ 27,683 $ 26,402 $ 23,784 $ 26,446 $ 36,875 $ 27,361 |
Schedule Of Net Sales By Geographic Area | Net Sales by Geographic Area (c) (In thousands) 2023 2022 2021 United States $ 537,818 $ 717,049 $ 614,987 Exports from the United States to: Asia 26,239 41,995 59,242 Canada 15,597 15,264 17,776 Europe 1,905 3,885 4,489 Latin America 6,704 6,867 4,937 Operations outside the United States: Brazil 89,077 117,896 96,792 Asia 552 626 — Total $ 677,892 $ 903,582 $ 798,223 |
Schedule Of Identifiable Assets By Geographic Area, Property, Plant & Equipment, Net By Geographic Area | Identifiable Assets Property, Plant & Equipment, (In thousands) 2023 2022 2023 2022 United States $ 320,604 $ 413,512 $ 143,729 $ 146,437 Operations outside the United States: Brazil 65,495 72,725 28,121 25,385 China 10,255 12,950 9,361 11,903 General corporate 36,652 23,674 2,244 2,686 Cash, cash equivalents and restricted cash (b) 13,455 19,232 n/a n/a Total $ 446,461 $ 542,093 $ 183,455 $ 186,411 |
Schedule Of Net Sales By Product Group | Net Sales by Product Group (In thousands) 2023 2022 2021 Aluminum Extrusions: Nonresidential building & construction $ 264,780 $ 338,981 $ 269,252 Consumer durables 38,897 62,541 53,578 Automotive 48,046 51,286 43,256 Machinery & equipment 43,759 63,326 42,721 Distribution 14,331 29,732 45,639 Residential building & construction 38,388 64,268 52,236 Electrical 26,602 27,738 32,643 Subtotal 474,803 637,872 539,325 PE Films: Surface protection films 47,463 68,140 88,436 Packaging 29,300 29,431 30,484 Subtotal 76,763 97,571 118,920 Flexible Packaging Films 126,326 168,139 139,978 Total $ 677,892 $ 903,582 $ 798,223 (a) See Notes 1, 5, 9 and 12 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) Cash, cash equivalents and restricted cash includes funds held in locations outside the U.S. of $9.8 million and $10.3 million at December 31, 2023 and 2022, respectively. (c) Export sales relate mostly to PE Films. Operations in Brazil relate to Flexible Packaging Films. (d) Corporate depreciation and amortization are included in corporate expenses, net, on the EBITDA from ongoing operations table above. |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details). - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Foreign Currency Transaction Gain (Loss), before Tax | $ 200 | $ (400) | $ (500) |
Cash | 13,500 | 19,200 | |
Cash and cash equivalents | 9,660 | 19,232 | |
Goodwill | 35,717 | 70,608 | 70,608 |
Goodwill impairment | $ 34,891 | $ 0 | $ 0 |
Incremental shares excluded from the calculation of incremental shares attributable to stock options and restricted stock | 2,925,091 | 2,760,983 | 1,582,222 |
Business Exit Costs | $ 1,300 | ||
Impairment of Richmond, Virginia Technical Center assets | 3,500 | ||
Restructuring and Related Cost, Accelerated Depreciation | 300 | ||
Gain (Loss) on Termination of Lease | 100 | ||
Restructuring Reserve | 513 | $ 0 | |
Charges | 4,977 | ||
Payments for Restructuring | 822 | ||
Restructuring Reserve, Charges Against Assets | 3,642 | ||
Aluminum Extrusions | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Goodwill | 13,270 | 13,270 | $ 13,270 |
Goodwill impairment | 0 | ||
Closure of PE Films Technical Center | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Restructuring Reserve | 4,977 | ||
Employee Severance [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Restructuring Reserve | 385 | 0 | |
Charges | 895 | ||
Payments for Restructuring | 510 | ||
Restructuring Reserve, Charges Against Assets | 0 | ||
Employee Severance [Member] | Closure of PE Films Technical Center | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Restructuring Reserve | 895 | ||
Asset Impairment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Restructuring Reserve | 0 | 0 | |
Charges | 3,454 | ||
Payments for Restructuring | 0 | ||
Restructuring Reserve, Charges Against Assets | 3,454 | ||
Asset Impairment | Closure of PE Films Technical Center | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Restructuring Reserve | 3,454 | ||
Other Restructuring [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Restructuring Reserve | 128 | 0 | |
Charges | 628 | ||
Payments for Restructuring | 312 | ||
Restructuring Reserve, Charges Against Assets | 188 | ||
Other Restructuring [Member] | Closure of PE Films Technical Center | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Restructuring Reserve | 628 | ||
Employee Severance [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Business Exit Costs | 900 | ||
Other Expense | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Business Exit Costs | 400 | ||
Surface protection films | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Goodwill impairment | 34,900 | ||
Goodwill, Impairment Loss, Net of Tax | 27,000 | ||
Surface protection films | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Goodwill | $ 22,400 | ||
Minimum | Buildings And Land Improvements | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Average useful life | 5 years | ||
Minimum | Machinery and Equipment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Average useful life | 2 years | ||
Maximum | Buildings And Land Improvements | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Average useful life | 40 years | ||
Maximum | Machinery and Equipment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Average useful life | 20 years | ||
Foreign Country | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Cash and cash equivalents | $ 9,800 | $ 10,300 |
Summary Of Significant Accoun_5
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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Weighted average shares outstanding used to compute basic earnings per share | 34,133,078 | 33,805,530 | 33,562,684 |
Incremental shares attributable to stock options and restricted stock | 0 | 20,900 | 107,566 |
Shares used to compute diluted earnings per share | 34,133,078 | 33,826,430 | 33,670,250 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Schedule of Accumulated Other Comprehensive Income (loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | $ 13,372 | $ (6,981) | $ 20,035 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (52,526) | (8,890) | (8,865) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 3,042 | (287) | (1,643) | |
Other comprehensive income (loss) | 65,898 | 1,909 | 28,900 | |
Equity | 155,653 | 201,762 | 184,722 | $ 109,055 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 3,511 | 3 | (2,008) | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Before reclassification, beforeTax | 11,794 | (1,256) | 3,800 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 1,935 | (6,464) | 23,932 | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 17,240 | (7,717) | 25,724 | |
OCI, Foreign Currency Transaction and Translation Gain (Loss), Arising During Period, Tax | (469) | (290) | 365 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Before reclassification, Tax | (2,977) | (374) | (842) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | (422) | 1,400 | (5,212) | |
Other Comprehensive Income (Loss) before Reclassifications, Tax | (3,868) | 736 | (5,689) | |
Unrealized foreign currency translation adjustment (net of tax expense of $469 in 2023, net of tax expense of $290 in 2022 and net of tax benefit of $365 in 2021) | 3,042 | (287) | (1,643) | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Before reclassification, afterTax | 8,817 | (1,630) | 2,958 | |
Net gains (losses) and prior service costs (net of tax expense of $422 in 2023, net of tax benefit of $1,400 in 2022 and net of tax expense of $5,212 in 2021) | 1,513 | (5,064) | 18,720 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 0 | 0 | 0 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (7,580) | (2,461) | (5,513) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 101,323 | 13,606 | 16,862 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 93,743 | 11,145 | 11,349 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI Including Earnings Of Actuarial Loss For Pension Settlement, Tax | (43,261) | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Income Tax (Expense) Benefit, Tax | 2,044 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax | 0 | 0 | 0 | |
Reclassification from AOCI, Current Period, Tax | 710 | 1,192 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | (1,968) | (2,965) | (3,676) | |
Other Comprehensive Income (Loss) Reclassifications, Tax | (41,217) | (2,255) | (2,484) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Including Earnings Of Actuarial Loss For Pension Settlement, after Tax | 58,062 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | 0 | 0 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (5,536) | (1,751) | (4,321) | |
Amortization of prior service costs and net gains or losses (net of tax expense of $1,968 in 2023, net of tax expense of $2,965 in 2022 and net of tax expense of $3,676 in 2021) | 7,065 | 10,641 | 13,186 | |
Other Comprehensive Income (Loss), Derivatives, Net of Tax | 3,281 | |||
Derivative financial instruments adjustment (net of tax expense of $933 in 2023, net of tax benefit of $336 in 2022 and net of tax benefit of $351 in 2021) | (3,381) | (1,363) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 59,575 | 5,577 | 31,906 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Equity | (83,037) | (86,079) | (85,792) | (84,149) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Equity | 801 | (2,480) | 901 | 2,264 |
Pension And Other Postretirement Benefit Adjust | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Equity | 539 | (59,036) | (64,613) | (96,519) |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (147,595) | (149,504) | (178,404) | |
Equity | (81,697) | (147,595) | (149,504) | $ (178,404) |
Net gains (losses) and prior service costs (net of tax expense of $422 in 2023, net of tax benefit of $1,400 in 2022 and net of tax expense of $5,212 in 2021) | (5,064) | 18,720 | ||
Amortization of prior service costs and net gains or losses (net of tax expense of $1,968 in 2023, net of tax expense of $2,965 in 2022 and net of tax expense of $3,676 in 2021) | 7,065 | 10,641 | 13,186 | |
Ending balance | $ (81,697) | $ (147,595) | $ (149,504) |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 13,455 | $ 19,232 | $ 30,521 | $ 11,846 |
Cash and cash equivalents | 9,660 | 19,232 | ||
Cash and cash equivalents | $ 3,795 | $ 0 |
Accounts And Other Receivable_2
Accounts And Other Receivables (Schedule Of Accounts And Other Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract] | ||
Accounts Receivable, Gross, Current | $ 67,183 | $ 83,667 |
Customer receivables | 70,239 | 87,541 |
Accounts Receivable, Allowance for Credit Loss, Current | (2,301) | (2,997) |
Other receivables | 3,056 | 3,874 |
Receivables, Net, Current | $ 67,938 | $ 84,544 |
Accounts And Other Receivable_3
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance, beginning of year | $ 2,997 | $ 1,736 | $ 2,797 |
Charges to expense | 882 | 1,926 | 1,440 |
Recoveries | 102 | 2 | 35 |
Write-offs and settlements | (1,734) | (639) | (1,246) |
Foreign exchange and other | 54 | (28) | (1,290) |
Balance, end of year | $ 2,301 | $ 2,997 | $ 1,736 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory, Net [Abstract] | ||
Inventories stated on the LIFO basis | $ 7.2 | $ 25.3 |
Inventories stated value below replacement costs | 13.2 | 15.6 |
Weighted Average Cost Inventory Amount | 45.3 | 62.9 |
FIFO Inventory Amount | $ 29.6 | $ 39.5 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory, Net [Abstract] | ||
Finished goods | $ 29,821 | $ 34,686 |
Work-in-process | 7,830 | 15,604 |
Raw materials | 21,939 | 58,262 |
Stores, supplies and other | 22,447 | 19,219 |
Total | $ 82,037 | $ 127,771 |
Leases, Codification Topic 84_2
Leases, Codification Topic 842 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Operating Lease, Payments | $ 4,600 | |
Lessee, Operating Lease, Liability, Payments, Due | 15,114 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 2,065 | |
Operating Lease, Liability | 13,049 | |
Operating Leases, Future Minimum Payments Due | 2,635 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 2,458 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 2,078 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 1,786 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 1,557 | |
Operating Lease, Expense | $ 2,882 | $ 2,718 |
Operating Lease, Weighted Average Remaining Lease Term | 7 years | 8 years |
Operating Lease, Weighted Average Discount Rate, Percent | 4.46% | 4.27% |
Lessee, Operating Lease, Term of Contract | 9 years |
Goodwill And Other Intangible_3
Goodwill And Other Intangible Assets (Narrative) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 1,900 |
Goodwill And Other Intangible_4
Goodwill And Other Intangible Assets (Schedule Of Goodwill And Other Intangibles) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill And Other Intangible Assets [Line Items] | |||
Goodwill | $ 35,717 | $ 70,608 | $ 70,608 |
Goodwill impairment | (34,891) | 0 | 0 |
Aluminum Extrusions | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Goodwill | 13,270 | 13,270 | 13,270 |
Goodwill impairment | 0 | ||
PE Films | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Goodwill | 22,447 | $ 57,338 | $ 57,338 |
Goodwill impairment | $ (34,891) |
Goodwill And Other Intangible_5
Goodwill And Other Intangible Assets (Reconciliation Of The Beginning And Ending Balance Of Goodwill) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill [Roll Forward] | ||
Finite-Lived Intangible Assets, Gross | $ 43,767 | $ 43,669 |
Finite-Lived Intangible Assets, Accumulated Amortization | (33,916) | (31,979) |
Finite-Lived Intangible Assets, Net | 9,851 | 11,690 |
Customer-Related Intangible Assets | ||
Goodwill [Roll Forward] | ||
Finite-Lived Intangible Assets, Gross | 26,575 | 26,549 |
Finite-Lived Intangible Assets, Accumulated Amortization | (17,270) | (15,467) |
Finite-Lived Intangible Assets, Net | 9,305 | 11,082 |
Technology-Based Intangible Assets | ||
Goodwill [Roll Forward] | ||
Finite-Lived Intangible Assets, Gross | 3,732 | 3,726 |
Finite-Lived Intangible Assets, Accumulated Amortization | (3,687) | (3,672) |
Finite-Lived Intangible Assets, Net | 45 | 54 |
Trade Names [Member] | ||
Goodwill [Roll Forward] | ||
Finite-Lived Intangible Assets, Gross | 13,460 | 13,394 |
Finite-Lived Intangible Assets, Accumulated Amortization | (12,959) | (12,840) |
Finite-Lived Intangible Assets, Net | $ 501 | $ 554 |
Accrued Expenses (Schedule Of A
Accrued Expenses (Schedule Of Accrued Expenses) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued Liabilities [Abstract] | ||
Incentive compensation | $ 612 | $ 6,103 |
Payrolls, related taxes and medical and other benefits | 6,261 | 5,916 |
Vacation | 2,602 | 3,502 |
Derivative Assets (Liabilities), at Fair Value, Net | 483 | 3,260 |
Accrued Freight | 440 | 2,298 |
Accrued Utilities, Current | 1,321 | 2,099 |
Interest Receivable, Current | 1,236 | 407 |
Workers’ compensation and disabilities | 2,178 | 2,051 |
Group annuity contract premium liability | 2,000 | 0 |
Accrued Environmental Liabilities, Current | 1,563 | 1,627 |
Accrued Customer Rebates | 1,891 | 1,154 |
Other | 3,855 | 3,186 |
Accrued expenses | $ 24,442 | $ 31,603 |
Debt And Credit Agreements (Nar
Debt And Credit Agreements (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jan. 06, 2021 | Dec. 31, 2023 | Dec. 27, 2023 | Aug. 03, 2023 | Aug. 02, 2023 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 180,000 | $ 375,000 | ||||
Line of Credit, Maximum Borrowing Capacity after Modification | $ 180,000 | $ 200,000 | ||||
Line of Credit, Maximum Borrowing Capacity after ABL Adjustment Date | 125,000 | |||||
Available credit under the Credit Agreement | 22,900 | |||||
Short-Term Debt | 126,322 | $ 0 | ||||
Letters of Credit Outstanding, Amount | 13,100 | |||||
Debt Issuance Costs, Gross | $ 2,600 | |||||
Debt Instrument, Basis Spread on Variable Rate | 5.99% | |||||
Cash Dominion Availability after ABL Adjustment Date | 12.50% | |||||
Minimum Liquidity under ABL Facility | $ 10,000 | |||||
Minimum Availability before ABL Adjustment Date | 10% | |||||
Minimum Availability after ABL Adjustment Date | 20% | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.36% | |||||
Debt Instrument, Periodic Payment, Principal | $ 1,700 | |||||
Terphane Brazil Loan | ||||||
Line of Credit Facility [Line Items] | ||||||
Other Borrowings | 20,000 | |||||
Tredegar Intercompany | ||||||
Line of Credit Facility [Line Items] | ||||||
Other Borrowings | $ 20,000 | |||||
Line of Credit | Adjusted Base Rate | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||
Line of Credit | Alternate Base Rate | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% |
Debt And Credit Agreements (Sch
Debt And Credit Agreements (Schedule Of Borrowings Under Credit Agreement At Various Indebtedness To Adjusted EBITDA Levels) (Details) | 12 Months Ended |
Dec. 31, 2023 Rate | |
over 66% of $125 million aggregate commitment | |
Line of Credit Facility [Line Items] | |
Credit Spread Over Secured Overnight Financing Rate Basis Points | 22,500% |
Credit Spread over Alternate Base Rate Basis Points | 12,500% |
Line of Credit Facility, Commitment Fee Amount | 40 |
less than 66% but over 33% of $125 million aggregate commitment | |
Line of Credit Facility [Line Items] | |
Credit Spread Over Secured Overnight Financing Rate Basis Points | 25,000% |
Credit Spread over Alternate Base Rate Basis Points | 15,000% |
Line of Credit Facility, Commitment Fee Amount | 40 |
less then 33% of $125 million aggregate commitment | |
Line of Credit Facility [Line Items] | |
Credit Spread Over Secured Overnight Financing Rate Basis Points | 27,500% |
Credit Spread over Alternate Base Rate Basis Points | 17,500% |
Line of Credit Facility, Commitment Fee Amount | 40 |
Debt And Credit Agreements (Sum
Debt And Credit Agreements (Summary Of Total Debt Due And Outstanding) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
December 2023 | |
Debt Instrument [Line Items] | |
Minimum EBITDA | $ 21,070 |
January 2024 | |
Debt Instrument [Line Items] | |
Minimum EBITDA | 21,110 |
February 2024 | |
Debt Instrument [Line Items] | |
Minimum EBITDA | 18,750 |
March 2024 | |
Debt Instrument [Line Items] | |
Minimum EBITDA | 16,640 |
April 2024 | |
Debt Instrument [Line Items] | |
Minimum EBITDA | 19,780 |
May 2024 | |
Debt Instrument [Line Items] | |
Minimum EBITDA | 19,660 |
June 2024 | |
Debt Instrument [Line Items] | |
Minimum EBITDA | 19,450 |
July 2024 | |
Debt Instrument [Line Items] | |
Minimum EBITDA | 21,860 |
August 2024 | |
Debt Instrument [Line Items] | |
Minimum EBITDA | 22,830 |
September 2024 | |
Debt Instrument [Line Items] | |
Minimum EBITDA | 25,370 |
October 2024 | |
Debt Instrument [Line Items] | |
Minimum EBITDA | 26,070 |
November 2024 | |
Debt Instrument [Line Items] | |
Minimum EBITDA | 27,640 |
December 2024 | |
Debt Instrument [Line Items] | |
Minimum EBITDA | 29,640 |
January 2025 | |
Debt Instrument [Line Items] | |
Minimum EBITDA | 29,740 |
February 2025 | |
Debt Instrument [Line Items] | |
Minimum EBITDA | 29,850 |
March 2025 | |
Debt Instrument [Line Items] | |
Minimum EBITDA | $ 29,980 |
Retirement Plans And Other Po_3
Retirement Plans And Other Postretirement Benefits (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Oct. 31, 2023 | Feb. 09, 2022 | Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Pension settlement loss | $ 66,700 | $ 25,600 | $ 92,291 | $ 0 | $ 0 | ||
Pension lump sum distribution | 64,500 | ||||||
Pension Settlement Borrowings | $ 30,000 | ||||||
Group annuity contract premium liability | $ 2,000 | 2,000 | 0 | ||||
Charges recognized | $ 4,000 | $ 3,900 | $ 3,300 | ||||
Percentage of change in health care cost trend rate assumptions would be immaterial | 1% | 1% | |||||
Expected long-term return on plan assets | 15.10% | 10.40% | |||||
Pension Benefits | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Employer contributions | $ 27,700 | $ 50,000 | $ 27,861 | $ 50,184 | |||
Pension settlement loss | 92,291 | 0 | $ 0 | ||||
Defined Benefit Plan, Group Annuity Contract To Transfer Projected Benefit Obligations, Purchase Amount | $ 157,500 | ||||||
Projected benefit obligation to unfunded plan | $ 1,600 | 1,600 | $ 248,114 | $ 316,169 | |||
Settlement Funding Gap | $ 24,000 | ||||||
Expected long-term return on plan assets | 3.05% | 5% | |||||
Unfunded Non-Qualified Supplemental Pension Plan | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Projected benefit obligation to unfunded plan | 1,600 | 1,600 | $ 1,700 | ||||
Charges recognized | 100 | 100 | $ 100 | ||||
Other Post-Retirement Benefits | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Employer contributions | 423 | 476 | |||||
Pension settlement loss | 0 | 0 | 0 | ||||
Projected benefit obligation to unfunded plan | 5,712 | 5,712 | $ 5,726 | $ 7,370 | |||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | $ 100 | $ 100 |
Retirement Plans And Other Po_4
Retirement Plans And Other Postretirement Benefits (Reconciliation Of Changes In Benefit Obligations And Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Oct. 31, 2023 | Feb. 09, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Benefits | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Benefit obligation, beginning of year | $ 248,114 | $ 316,169 | |||
Service cost | 0 | 0 | $ 0 | ||
Interest cost | 9,623 | 8,945 | 8,398 | ||
Effect of actuarial (gains) losses related to the following: | |||||
Discount rate change | (10,751) | (61,519) | |||
Other | (6,459) | 1,513 | |||
Plan participant contributions | 0 | 0 | |||
Benefits paid | 16,957 | 16,994 | |||
Settlement payments and annuity purchase | (221,970) | 0 | |||
Benefit obligation, end of year | 1,600 | 248,114 | 316,169 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Plan assets at fair value, beginning of year | 218,119 | 244,612 | |||
Actual return on plan assets | (7,053) | (59,683) | |||
Employer contributions | $ 27,700 | $ 50,000 | 27,861 | 50,184 | |
Plan participant contributions | 0 | 0 | |||
Benefits paid | 16,957 | 16,994 | |||
Settlement payments and annuity purchase | (221,970) | 0 | |||
Plan assets at fair value, end of year | 0 | 218,119 | 244,612 | ||
Funded status of the plans | (1,600) | (29,995) | |||
Amounts recognized in the consolidated balance sheets: | |||||
Net amount recognized | 1,600 | 29,995 | |||
Other Post-Retirement Benefits | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Benefit obligation, beginning of year | 5,726 | 7,370 | |||
Service cost | 10 | 18 | 21 | ||
Interest cost | 288 | 207 | 195 | ||
Effect of actuarial (gains) losses related to the following: | |||||
Discount rate change | 99 | (1,483) | |||
Other | 12 | 90 | |||
Plan participant contributions | 490 | 554 | |||
Benefits paid | 913 | 1,030 | |||
Settlement payments and annuity purchase | 0 | 0 | |||
Benefit obligation, end of year | 5,712 | 5,726 | 7,370 | ||
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 | 423 | 476 | |||
Plan participant contributions | 490 | 554 | |||
Benefits paid | 913 | 1,030 | |||
Settlement payments and annuity purchase | 0 | 0 | |||
Plan assets at fair value, end of year | 0 | 0 | $ 0 | ||
Funded status of the plans | (5,712) | (5,726) | |||
Amounts recognized in the consolidated balance sheets: | |||||
Net amount recognized | 5,712 | 5,726 | |||
Accrued Expenses | Pension Benefits | |||||
Amounts recognized in the consolidated balance sheets: | |||||
Accrued expenses (current) | 180 | 180 | |||
Accrued Expenses | Other Post-Retirement Benefits | |||||
Amounts recognized in the consolidated balance sheets: | |||||
Accrued expenses (current) | 489 | 489 | |||
Other Noncurrent Liabilities [Member] | Pension Benefits | |||||
Amounts recognized in the consolidated balance sheets: | |||||
Pension and other postretirement benefit obligations, net | 1,420 | 29,815 | |||
Other Noncurrent Liabilities [Member] | Other Post-Retirement Benefits | |||||
Amounts recognized in the consolidated balance sheets: | |||||
Pension and other postretirement benefit obligations, net | $ 5,223 | $ 5,237 |
Retirement Plans And Other Po_5
Retirement Plans And Other Postretirement Benefits (Components Of Net Periodic Benefit Income Or Cost For Continuing Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted-average assumptions used to determine net periodic benefit cost: | |||||
Expected long-term return on plan assets | 15.10% | 10.40% | |||
Components of net periodic benefit cost: | |||||
Pension settlement loss | $ 66,700 | $ 25,600 | $ 92,291 | $ 0 | $ 0 |
Pension Benefits | |||||
Weighted-average assumptions used to determine benefit obligations: | |||||
Discount rate | 4.89% | 4.89% | 5.07% | 2.90% | |
Expected long-term return on plan assets | 4.99% | 3.05% | |||
Weighted-average assumptions used to determine net periodic benefit cost: | |||||
Discount rate(a) | 2.90% | 2.57% | |||
Expected long-term return on plan assets | 3.05% | 5% | |||
Components of net periodic benefit cost: | |||||
Service cost | $ 0 | $ 0 | $ 0 | ||
Interest cost | 9,623 | 8,945 | 8,398 | ||
Expected return on plan assets | (8,109) | (8,174) | (11,316) | ||
Amortization of prior service costs and gains or losses | 9,245 | 13,746 | 17,003 | ||
Net periodic benefit cost | 10,759 | 14,517 | 14,085 | ||
Pension settlement loss | 92,291 | 0 | 0 | ||
Total benefit cost | $ 103,050 | $ 14,517 | $ 14,085 | ||
Pension Benefits | Minimum | |||||
Weighted-average assumptions used to determine net periodic benefit cost: | |||||
Discount rate(a) | 507% | ||||
Pension Benefits | Maximum | |||||
Weighted-average assumptions used to determine net periodic benefit cost: | |||||
Discount rate(a) | 537% | ||||
Other Post-Retirement Benefits | |||||
Weighted-average assumptions used to determine benefit obligations: | |||||
Discount rate | 4.98% | 4.98% | 5.17% | 2.86% | |
Weighted-average assumptions used to determine net periodic benefit cost: | |||||
Discount rate(a) | 5.17% | 2.86% | 2.54% | ||
Components of net periodic benefit cost: | |||||
Service cost | $ 10 | $ 18 | $ 21 | ||
Interest cost | 288 | 207 | 195 | ||
Expected return on plan assets | 0 | 0 | 0 | ||
Amortization of prior service costs and gains or losses | (213) | (140) | (141) | ||
Net periodic benefit cost | 85 | 85 | 75 | ||
Pension settlement loss | 0 | 0 | 0 | ||
Total benefit cost | $ 85 | $ 85 | $ 75 |
Retirement Plans And Other Po_6
Retirement Plans And Other Postretirement Benefits (Schedule Of Expected Benefit Payments For Continuing Operations) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 180 |
2025 | 172 |
2026 | 165 |
2027 | 157 |
2028 | 148 |
2028—2032 | 620 |
Other Post-Retirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 481 |
2025 | 470 |
2026 | 456 |
2027 | 445 |
2028 | 433 |
2028—2032 | $ 1,998 |
Retirement Plans And Other Po_7
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial (gain) loss | $ 415 | $ 103,998 | $ 109,893 |
Other Post-Retirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial (gain) loss | $ (1,250) | $ (1,574) | $ (320) |
Retirement Plans And Other Po_8
Retirement Plans And Other Postretirement Benefits (Schedule Of Percentage Composition Of Assets Held By Pension Plans) (Details) | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | |
% Composition of Plan Assets at December 31, Total for continuing operations | 100% |
Fixed income mutual fund | |
Defined Benefit Plan Disclosure [Line Items] | |
% Composition of Plan Assets at December 31, Total for continuing operations | 13.90% |
Collective investment trust | |
Defined Benefit Plan Disclosure [Line Items] | |
% Composition of Plan Assets at December 31, Total for continuing operations | 69.90% |
Private equity and hedge funds | |
Defined Benefit Plan Disclosure [Line Items] | |
% Composition of Plan Assets at December 31, Total for continuing operations | 4.80% |
Cash and cash equivalents | |
Defined Benefit Plan Disclosure [Line Items] | |
% Composition of Plan Assets at December 31, Total for continuing operations | 11.40% |
Retirement Plans And Other Po_9
Retirement Plans And Other Postretirement Benefits (Schedule Of Pension Plan Assets Categorized By Level Within Fair Value Measurement Hierarchy) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Securities Sold And Interest Receivable | $ 259 |
Total plan assets | 218,119 |
Cash and cash equivalents | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets at fair value | 24,796 |
Fixed income mutual fund | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets at fair value | 30,284 |
Defined Benefit Plan, Common Collective Trust | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets at fair value | 152,389 |
Private equity and hedge funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets at fair value | 141 |
Other Assets | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets at fair value | 10,250 |
Total investments measured at net asset value | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets at fair value | 152,530 |
Total Plan Assets at Fair Value [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets at fair value | 65,330 |
Level 1 | Cash and cash equivalents | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets at fair value | 24,796 |
Level 1 | Fixed income mutual fund | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets at fair value | 30,284 |
Level 1 | Other Assets | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets at fair value | 0 |
Level 1 | Total Plan Assets at Fair Value [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets at fair value | 55,080 |
Level 2 | Cash and cash equivalents | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets at fair value | 0 |
Level 2 | Fixed income mutual fund | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets at fair value | 0 |
Level 2 | Other Assets | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets at fair value | 0 |
Level 2 | Total Plan Assets at Fair Value [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets at fair value | 0 |
Level 3 | Cash and cash equivalents | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets at fair value | 0 |
Level 3 | Fixed income mutual fund | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets at fair value | 0 |
Level 3 | Other Assets | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets at fair value | 10,250 |
Level 3 | Total Plan Assets at Fair Value [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets at fair value | $ 10,250 |
Other Income (Expense), Net (De
Other Income (Expense), Net (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Dec. 27, 2021 | Jan. 31, 2023 | May 31, 2022 | Jun. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Brazil one-time tax credit PIS/COFINS | $ 8,500 | $ 0 | $ 0 | $ 8,486 | |||
Other Nonoperating Expense | (9) | (350) | (624) | ||||
Impairment of Richmond, Virginia Technical Center assets | (2,000) | 0 | 0 | ||||
Other Nonoperating Income (Expense) | (400) | (47) | (377) | ||||
Other Nonoperating Income (Expense), Net - Total | (2,147) | 1,009 | 20,265 | ||||
Investment Income, Dividend | (300) | ||||||
Proceeds from the sale of kaléo | 262 | 1,406 | 47,062 | ||||
kaleo [Member] | |||||||
Unrealized Gain (Loss) on Investments - kaleo | $ (300) | $ (1,400) | $ 262 | $ 1,406 | $ 12,780 | ||
Proceeds from the sale of kaléo | $ 47,100 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) lb in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) lb | Dec. 31, 2022 USD ($) lb | |
Derivative [Line Items] | ||
Weight of aluminum that hedged future purchase of aluminum to meet fixed-price forward sales contract obligations, lbs | lb | 5.6 | 20.3 |
Annual Net Costs Mismatch Translation Exposure - Real vs US Dollar | $ 139 | |
Amounts of unrealized after-tax gains on derivative instruments | 0.8 | |
Aluminum Futures Contracts | ||
Derivative [Line Items] | ||
Derivative, Notional Amount, Net | $ 7.7 | $ 30.7 |
Financial Instruments (Summary
Financial Instruments (Summary Of Location And Fair Value Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Net asset (liability) | $ (483) | $ (3,260) |
Aluminum Futures Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Net asset (liability) | (492) | (3,581) |
Aluminum Futures Contracts | Designated as Hedging Instrument | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 0 | 48 |
Aluminum Futures Contracts | Designated as Hedging Instrument | Accrued Expenses | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives: Aluminum futures contracts | (483) | (3,260) |
Aluminum Futures Contracts | Designated as Hedging Instrument | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives: Aluminum futures contracts | $ (9) | $ (369) |
Financial Instruments Financial
Financial Instruments Financial Instruments (Summary of Location and Fair Value of Currency Forward Derivative Financial Instruments - Terphane (Details). - Terphane Ltda [Member] R$ in Thousands, $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2023 BRL (R$) |
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 21,724 | R$ 116844 |
Foreign Currency Exchange Rate, Translation | 5.3786 | 5.3786 |
Percentage of Coverage Using Cash Flow Hedges | 84% | 84% |
Jan-24 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 1,784 | R$ 9454 |
Foreign Currency Exchange Rate, Translation | 5.2993 | 5.2993 |
Percentage of Coverage Using Cash Flow Hedges | 82% | 82% |
Feb-24 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 1,766 | R$ 9393 |
Foreign Currency Exchange Rate, Translation | 5.3188 | 5.3188 |
Percentage of Coverage Using Cash Flow Hedges | 81% | 81% |
Mar-24 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 1,781 | R$ 9501 |
Foreign Currency Exchange Rate, Translation | 5.3346 | 5.3346 |
Percentage of Coverage Using Cash Flow Hedges | 82% | 82% |
Apr-24 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 1,827 | R$ 9751 |
Foreign Currency Exchange Rate, Translation | 5.3373 | 5.3373 |
Percentage of Coverage Using Cash Flow Hedges | 84% | 84% |
May-24 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 1,798 | R$ 9635 |
Foreign Currency Exchange Rate, Translation | 5.3588 | 5.3588 |
Percentage of Coverage Using Cash Flow Hedges | 83% | 83% |
Jun-24 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 1,812 | R$ 9732 |
Foreign Currency Exchange Rate, Translation | 5.3708 | 5.3708 |
Percentage of Coverage Using Cash Flow Hedges | 84% | 84% |
Jul-24 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 1,804 | R$ 9714 |
Foreign Currency Exchange Rate, Translation | 5.3848 | 5.3848 |
Percentage of Coverage Using Cash Flow Hedges | 84% | 84% |
Aug-24 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 1,806 | R$ 9755 |
Foreign Currency Exchange Rate, Translation | 5.4014 | 5.4014 |
Percentage of Coverage Using Cash Flow Hedges | 84% | 84% |
Sep-24 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 1,857 | R$ 10048 |
Foreign Currency Exchange Rate, Translation | 5.4107 | 5.4107 |
Percentage of Coverage Using Cash Flow Hedges | 87% | 87% |
Oct-24 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 1,851 | R$ 10037 |
Foreign Currency Exchange Rate, Translation | 5.4225 | 5.4225 |
Percentage of Coverage Using Cash Flow Hedges | 87% | 87% |
Nov-24 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 1,837 | R$ 9994 |
Foreign Currency Exchange Rate, Translation | 5.4403 | 5.4403 |
Percentage of Coverage Using Cash Flow Hedges | 86% | 86% |
Dec-24 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 1,801 | R$ 9830 |
Foreign Currency Exchange Rate, Translation | 5.4580 | 5.4580 |
Percentage of Coverage Using Cash Flow Hedges | 85% | 85% |
Financial Instruments Financi_2
Financial Instruments Financial Instruments (Summary of Location and Fair Value of Currency Forward Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Net asset (liability) | $ (483) | $ (3,260) |
Flexible Packaging Films | ||
Derivatives, Fair Value [Line Items] | ||
Net asset (liability) | 2,196 | 811 |
Flexible Packaging Films | Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 2,050 | 781 |
Flexible Packaging Films | Designated as Hedging Instrument [Member] | Other Noncurrent Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 146 | 33 |
Flexible Packaging Films | Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ (3) |
Financial Instruments (Schedule
Financial Instruments (Schedule Of Pretax Effect On Net Income (Loss) And Other Comprehensive Income (Loss) Of Derivative Instruments Classified As Cash Flow Hedges) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Aluminum Futures Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ 7,598 | $ (4,525) | $ 6,215 |
Flexible Packaging Films | |||
Derivatives, Fair Value [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 0 | 0 | 0 |
Cost of Sales [Member] | Aluminum Futures Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 4,508 | 1,022 | 5,787 |
Cost of Sales [Member] | Flexible Packaging Films | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 61 | 61 | 63 |
Selling, General and Administrative Expenses [Member] | Flexible Packaging Films | |||
Derivatives, Fair Value [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 4,196 | 3,269 | (2,415) |
Selling, General and Administrative Expenses [Member] | Foreign Currency Forward Contracts | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 3,011 | $ 1,378 | $ (337) |
Stock Option And Stock Award _3
Stock Option And Stock Award Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Total stock options available for grant | 342,709 | ||
Options may be granted to purchase specified number of common shares under stock option plan, maximum term | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 3,019,333 | 2,719,919 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0.2 | ||
The grant-date fair value of stock option-based awards vested | $ 2.2 | $ 5.4 | 3.5 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 0.5 | $ 0.1 | |
Non-Vested Restricted Stock And Other Stock-Based Awards | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 3.6 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 10 months 24 days |
Stock Option And Stock Award _4
Stock Option And Stock Award Plans (Summary Of Stock Options Outstanding) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Options | |||
Number of Options, Outstanding, Beginning Balance | 3,108,741 | 3,125,944 | 2,827,438 |
Number of Options, Granted | 388,822 | ||
Number of Options, Forfeited and Expired | (89,408) | (17,203) | (22,611) |
Number of Options, Exercised | (67,705) | ||
Number of Options, Outstanding, Ending Balance | 3,019,333 | 3,108,741 | 3,125,944 |
Weighted Average | |||
Weighted Average Option Exercise Price/Share, Outstanding, Beginning Balance | $ 13.81 | $ 13.82 | $ 13.55 |
Weighted Average Option Exercise Price/Share, Granted | 16.37 | ||
Weighted Average Option Exercise Price/Share, Forfeited and Expired | 19.60 | 15.33 | 18.14 |
Weighted Average Option Exercise Price/Share, Exercised | 13.51 | ||
Weighted Average Option Exercise Price/Share, Outstanding, Ending Balance | 13.64 | 13.81 | 13.82 |
Minimum | |||
Option Exercise Price/Share Range | |||
Exercise Price, Outstanding, Beginning Balance | 10.75 | 10.75 | 10.75 |
Exercise Price, Granted | 16.37 | ||
Exercise Price, Forfeited and Expired | 13.78 | 14.47 | 14.47 |
Exercise Price, Exercised | 10.75 | ||
Exercise Price, Outstanding, Ending Balance | 10.75 | 10.75 | 10.75 |
Maximum | |||
Option Exercise Price/Share Range | |||
Exercise Price, Outstanding, Beginning Balance | 22.49 | 22.49 | 22.49 |
Exercise Price, Granted | 16.37 | ||
Exercise Price, Forfeited and Expired | 19.64 | 19.64 | 19.64 |
Exercise Price, Exercised | 17.29 | ||
Exercise Price, Outstanding, Ending Balance | $ 22.49 | $ 22.49 | $ 22.49 |
Stock Option And Stock Award _5
Stock Option And Stock Award Plans (Summary of Assumptions) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) $ / shares | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Dividend yield | 2.60% |
Weighted average volatility percentage | 48.30% |
Weighted average risk-free interest rate | 0.90% |
Weighted average exercise price at date of grant (also weighted average market price at date of grant): | $ 16.37 |
Estimated weighted average fair value of options per share at date of grant | $ 5.57 |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period, Fair Value | $ | $ 2,165 |
Officers | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Holding period (years): | 5 years |
Weighted average exercise price at date of grant (also weighted average market price at date of grant): | $ 16.37 |
Stock Option And Stock Award _6
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, 2023 | Dec. 31, 2022 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding, Shares | 3,019,333 | |
Options Outstanding, Weighted Average, Remaining Contractual Life (Years) | 1 year 10 months 24 days | |
Options Outstanding, Weighted Average, Exercise Price | $ 13.64 | |
Options Outstanding, Aggregate Intrinsic Value | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 3,019,333 | 2,719,919 |
Options Exercisable, Weighted Average Exercise Price | $ 13.64 | |
Options Exercisable, Aggregate Intrinsic Value | $ 0 | |
- To 15.00 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, Minimum | $ 10.75 | |
Range of Exercise Prices, Maximum | $ 16.37 | |
Options Outstanding, Shares | 2,939,509 | |
Options Outstanding, Weighted Average, Remaining Contractual Life (Years) | 1 year 10 months 24 days | |
Options Outstanding, Weighted Average, Exercise Price | $ 13.47 | |
Options Outstanding, Aggregate Intrinsic Value | $ 0 | |
Options Exercisable, Shares | 2,939,509 | |
Options Exercisable, Weighted Average Exercise Price | $ 13.47 | |
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 | $ 17.29 | |
Range of Exercise Prices, Maximum | $ 25.94 | |
Options Outstanding, Shares | 79,824 | |
Options Outstanding, Weighted Average, Remaining Contractual Life (Years) | 2 months 12 days | |
Options Outstanding, Weighted Average, Exercise Price | $ 19.90 | |
Options Outstanding, Aggregate Intrinsic Value | $ 0 | |
Options Exercisable, Shares | 79,824 | |
Options Exercisable, Weighted Average Exercise Price | $ 19.90 | |
Options Exercisable, Aggregate Intrinsic Value | $ 0 |
Stock Option And Stock Award _7
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of Shares, Forfeited | (9,260) | ||
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 | 474,978 | 335,800 | 234,979 |
Number of Shares, Granted | 454,623 | 301,969 | 200,073 |
Number of Shares, Vested | (167,077) | (144,317) | (87,636) |
Number of Shares, Forfeited | (26,445) | (18,474) | (11,616) |
Number of Shares, Outstanding, Ending Balance | 736,079 | 474,978 | 335,800 |
Wgtd. Ave. Grant Date Fair Value/Sh., Beginning Balance | $ 13.82 | $ 16.30 | $ 16.68 |
Wgtd. Ave. Grant Date Fair Value/Sh., Granted | 7.67 | 11.88 | 15.63 |
Wgtd. Ave. Grant Date Fair Value/Sh., Vested | 11.29 | 15.10 | 15.78 |
Wgtd. Ave. Grant Date Fair Value/Sh., Forfeited | 11.60 | 14.94 | 16.38 |
Wgtd. Ave. Grant Date Fair Value/Sh., Ending Balance | $ 10.68 | $ 13.82 | $ 16.30 |
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 | $ 6,564 | $ 5,473 | $ 3,919 |
Grant Date Fair Value, Granted | 3,487 | 3,587 | 3,127 |
Grant Date Fair Value, Vested | (1,886) | (2,179) | (1,383) |
Grant Date Fair Value, Forfeited | (307) | (276) | (190) |
Grant Date Fair Value, Outstanding, Ending Balance | $ 7,861 | $ 6,564 | $ 5,473 |
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 | 0 | 50,718 | 112,502 |
Number of Shares, Granted | 0 | 0 | 14,669 |
Number of Shares, Vested | 0 | 0 | (73,930) |
Number of Shares, Forfeited | (50,718) | (2,523) | |
Number of Shares, Outstanding, Ending Balance | 0 | 0 | 50,718 |
Wgtd. Ave. Grant Date Fair Value/Sh., Beginning Balance | $ 0 | $ 17.63 | $ 21.82 |
Wgtd. Ave. Grant Date Fair Value/Sh., Granted | 0 | 0 | 15.24 |
Wgtd. Ave. Grant Date Fair Value/Sh., Vested | 0 | 0 | 17.17 |
Wgtd. Ave. Grant Date Fair Value/Sh., Forfeited | 0 | 17.63 | 17.63 |
Wgtd. Ave. Grant Date Fair Value/Sh., Ending Balance | $ 0 | $ 0 | $ 17.63 |
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 | $ 0 | $ 1,366 | $ 2,455 |
Grant Date Fair Value, Granted | 0 | 0 | 224 |
Grant Date Fair Value, Vested | 0 | 0 | (1,269) |
Grant Date Fair Value, Forfeited | 0 | 1,366 | (44) |
Grant Date Fair Value, Outstanding, Ending Balance | $ 0 | $ 0 | $ 1,366 |
Stock Option And Stock Award _8
Stock Option And Stock Award Plans (Summary of SARs) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 444,718 | 498,687 | 521,601 | 376,440 |
Share Based Compensation Arrangement By Share Based Payment Award, non-option equity awards, Outstanding, Weighted AverageExercise Price | $ 13.57 | $ 13.49 | $ 13.55 | $ 11.64 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 164,464 | |||
Share-based Compensation Arrangements by Share-based Payment Award, non-option equity awards, Grants in Period, Weighted Average Exercise Price | $ 16.37 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Modification | (53,969) | (22,914) | 10,043 | |
Share-based Compensation Arrangements by Share-based Payment Award, non-option equity awards, modification, Weighted Average Exercise Price | $ 12.78 | $ 14.83 | $ 13.01 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (9,260) | |||
Share-based Compensation Arrangements by Share-based Payment Award, non-option equity awards, forfeited and expired, Weighted Average Exercise Price | $ 13.87 | |||
Minimum | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award, non-option equity awards, Outstanding, Exercise Price | 10.75 | 10.75 | 10.75 | 10.75 |
Share Based Compensation Arrangements By Share Based Payment Award, non-option equity award, Grants In Period, Exercise Price | 16.37 | |||
Share Based Compensation Arrangements By Share Based Payment Award, non-option equity award, modification, Exercise Price | 10.75 | 10.75 | 10.75 | |
Share Based Compensation Arrangements By Share Based Payment Award, non-option equity award, forfeited and expired, Exercise Price | 10.75 | |||
Maximum | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award, non-option equity awards, Outstanding, Exercise Price | 16.37 | 16.37 | 16.37 | $ 19.64 |
Share Based Compensation Arrangements By Share Based Payment Award, non-option equity award, Grants In Period, Exercise Price | 16.37 | |||
Share Based Compensation Arrangements By Share Based Payment Award, non-option equity award, modification, Exercise Price | $ 16.37 | $ 16.37 | 16.37 | |
Share Based Compensation Arrangements By Share Based Payment Award, non-option equity award, forfeited and expired, Exercise Price | $ 15.25 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||
Income tax expense (benefit) | $ (54,125) | $ 4,389 | $ 9,284 |
Income tax expense (benefit) at effective income tax rate | 33.80% | 13.40% | 13.80% |
Foreign Tax Credit - Brazil | $ 900 | $ 3,900 | $ 7,000 |
Deferred Tax Assets, Tax Credit Carryforwards | 16,700 | 15,300 | |
Operating Loss Carryforwards | 16,500 | 9,600 | |
Deferred Tax Asset, Interest Carryforward | 2,600 | ||
Less: Valuation allowance | 15,078 | 13,807 | |
Deferred Tax Assets, State Taxes | 2,200 | 2,800 | 2,500 |
State And Foreign Net Operating Loss Carryforwards | |||
Income Taxes [Line Items] | |||
Less: Valuation allowance | 12,900 | $ 10,300 | $ 9,400 |
Excess Capital Losses From Investments And Other Related Items | |||
Income Taxes [Line Items] | |||
Less: Valuation allowance | $ 700 | ||
Maximum | |||
Income Taxes [Line Items] | |||
Net Operating Loss Carrforward Expiration Period | 20 years | ||
Terphane Ltda [Member] | |||
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% | ||
Brazilian | |||
Income Taxes [Line Items] | |||
Federal statutory income tax rate | 34% | ||
Income tax rate | 25% | ||
Percentage of social contribution on income included in federal statutory income tax rate | 9% |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income From Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income (loss) before income taxes: | |||
Domestic | $ (175,510) | $ 3,259 | $ 22,774 |
Foreign | 15,480 | 29,585 | 44,336 |
Income (loss) before income taxes | (160,030) | 32,844 | 67,110 |
Current income tax expense (benefit): | |||
Federal | 19 | 2 | 1,232 |
State | 0 | 772 | 764 |
Foreign | 1,954 | 3,071 | 13,521 |
Current income taxes, Total | 1,973 | 3,845 | 15,517 |
Deferred income tax expense (benefit): | |||
Federal | (57,220) | 24 | (7,862) |
State | (280) | (537) | 125 |
Foreign | 1,402 | 1,057 | 1,504 |
Deferred income taxes, Total | (56,098) | 544 | (6,233) |
Total income tax expense (benefit) | $ (54,125) | $ 4,389 | $ 9,284 |
Income Taxes (Summary of Effect
Income Taxes (Summary of Effective Income Tax Rate For Continuing Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense (benefit) at federal statutory rate | $ (33,622) | $ 6,882 | $ 14,116 |
Income tax expense (benefit) at federal statutory rate | 21% | 21% | 21% |
Foreign rate differences | $ 1,746 | $ 2,924 | $ 8,269 |
Foreign rate differences | (1.10%) | 8.90% | 12.30% |
U.S. tax on foreign branch income | $ 2,720 | $ 1,390 | $ (5,667) |
U.S. tax on foreign branch income | (1.70%) | 4.10% | (8.40%) |
Non-deductible other | $ 594 | $ 381 | $ 1,053 |
Non-deductible other | (0.40%) | 1.20% | 1.60% |
Tax contingency accruals and tax settlements | $ 1 | $ 88 | $ 202 |
Tax contingency accruals and tax settlements | 0% | 0.30% | 0.30% |
Changes in federal valuation allowance | $ 237 | $ 0 | $ (5,415) |
Changes in federal valuation allowance | (0.10%) | 0% | (8.10%) |
Foreign currency translation variation on intercompany loans | $ 0 | $ 0 | $ 1,374 |
Foreign currency translation variation on intercompany loans | 0% | 0% | 2% |
Dividend received deduction net of foreign withholding tax | $ 0 | $ 0 | $ 109 |
Dividend received deduction net of foreign withholding tax | 0% | 0% | 0.20% |
Changes in estimates related to prior year tax provision | $ (1,322) | $ (175) | $ (383) |
Changes in estimates related to prior year tax provision | 0.80% | (0.50%) | (0.60%) |
Foreign derived intangible income deduction | $ 0 | $ 763 | $ 0 |
Foreign derived intangible income deduction | 0% | 2.30% | 0% |
Tax on Prodepe tax incentive | $ (488) | $ (1,024) | $ 2,858 |
Tax on Prodepe tax incentive | 0.30% | (3.10%) | 4.30% |
State taxes, net of federal income tax benefit | 0.30% | 0.10% | 1.40% |
State taxes, net of federal income tax benefit | $ (437) | $ 48 | $ 933 |
Research and development tax credit | $ (766) | $ (1,489) | $ (928) |
Research and development tax credit | (0.50%) | 4.50% | 1.40% |
Brazilian tax incentive | $ (876) | $ (3,873) | $ (7,019) |
Brazilian tax incentive | 0.50% | (11.80%) | (10.40%) |
Effective Income Tax Rate Reconciliation, pension settlement, Amount | $ (21,912) | $ 0 | $ 0 |
Effective Income Tax Rate Reconciliation, Pension settlement, percent | 13.70% | 0% | 0% |
Income tax expense (benefit) at effective income tax rate | 33.80% | 13.40% | 13.80% |
Total income tax expense (benefit) | $ (54,125) | $ 4,389 | $ 9,284 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Liabilities And Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred income tax liabilities: | ||
Goodwill and identifiable intangibles | $ 3,392 | $ 10,533 |
deferred tax liabilities, depreciation | 10,330 | 14,950 |
deferred tax liabilites, foreign tax credit on froeign branch income | 1,880 | 719 |
deferred tax liabilites, right-of-use asset | 2,409 | 3,147 |
Deferred Tax Liabilities, Other | 1,545 | 722 |
Total deferred income tax liabilities | 19,556 | 30,071 |
Deferred income tax assets: | ||
Pension and other postretirement obligations | 0 | 7,535 |
Employee benefits | 5,821 | 7,558 |
Basis difference in capital assets | 2,131 | 2,098 |
Inventory | 2,643 | 3,952 |
Asset write-offs, divestitures and environmental accruals | 1,025 | 1,075 |
U.S. federal and state NOL and credit carryforwards | 33,247 | 24,914 |
Capitalized R&D expenditures | 6,543 | 4,874 |
Other | 2,364 | 1,220 |
deferred tax asset, lease liabilities | 2,711 | 3,328 |
deferred tax asset, Interest expense limitation | 2,592 | 0 |
Foreign currency translation gain adjustment | 591 | 1,224 |
Deferred income tax assets before valuation allowance | 59,668 | 57,778 |
Less: Valuation allowance | 15,078 | 13,807 |
Deferred Income Taxes and Other Assets, Noncurrent | 44,590 | 43,971 |
Deferred income tax assets | 25,034 | 13,900 |
Deferred Income Taxes and Other Tax Liabilities, Noncurrent | 0 | 0 |
Net deferred income tax assets (liabilities) | $ 25,034 | $ 13,900 |
Income Taxes (Schedule Of Unrec
Income Taxes (Schedule Of Unrecognized Uncertain Tax Positions) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 628 | $ 648 | $ 628 |
Increase (decrease) due to tax positions taken in, Current period | 25 | 2 | 0 |
Increase (decrease) due to tax positions taken in, Prior period | 23 | 44 | 40 |
Reductions due to lapse of statute of limitations | (17) | (66) | (20) |
Balance at end of period | $ 659 | $ 628 | $ 648 |
Income Taxes (Schedule Of Addit
Income Taxes (Schedule Of Additional Information Related To Unrecognized Uncertain Tax Positions) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Gross unrecognized tax benefits on uncertain tax positions (reflected in current income tax, other noncurrent liability accounts, or deferred tax assets in the balance sheet) | $ 659 | $ 628 | $ 648 | $ 628 |
Deferred income tax assets related to unrecognized tax benefits on uncertain tax positions (reflected in deferred income tax accounts in the balance sheet) | 98 | 143 | 48 | |
Net unrecognized tax benefits on uncertain tax positions, which would impact the effective tax rate if recognized | 757 | 771 | 696 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 169 | 149 | 133 | |
Interest and penalties accrued on deductions taken relating to uncertain tax positions (approximately $20, $16 and $26 reflected in income tax expense in the income statement in 2023, 2022 and 2021, respectively, with the balance shown in current income tax and other noncurrent liability accounts in the balance sheet) | 20 | 16 | 26 | |
Related deferred income tax assets recognized on interest and penalties | (39) | (34) | (31) | |
Interest and penalties accrued on uncertain tax positions net of related deferred income tax benefits, which would impact the effective tax rate if recognized | 130 | 115 | 102 | |
Total net unrecognized tax benefits on uncertain tax positions reflected in the balance sheet, which would impact the effective tax rate if recognized | $ 887 | $ 886 | $ 798 |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Exports From The United States | Asia | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 15.9 | $ 20.1 | $ 32.7 |
Business Segments (Schedule Of
Business Segments (Schedule Of Segment Reporting Information By Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from External Customer [Line Items] | |||||
Net Sales | $ 677,892 | $ 903,582 | $ 798,223 | ||
Sales | 704,825 | 938,564 | 826,455 | ||
Total | (17,271) | 79,016 | 102,108 | ||
Interest income | 522 | 57 | 73 | ||
Interest expense | 11,607 | 4,990 | 3,386 | ||
Stock option-based compensation expense | 231 | 1,424 | 2,495 | ||
Pension settlement loss | $ 66,700 | $ 25,600 | 92,291 | 0 | 0 |
Corporate expenses, net | 39,414 | 41,221 | 41,970 | ||
Income (loss) before income taxes | (160,030) | 32,844 | 67,110 | ||
Income tax expense (benefit) | (54,125) | 4,389 | 9,284 | ||
Net income (loss) | (105,905) | 28,455 | 57,826 | ||
kaleo | |||||
Revenue from External Customer [Line Items] | |||||
Gain (loss) on investment accounted for under the fair value method | 262 | 1,406 | 12,780 | ||
PE Films | |||||
Revenue from External Customer [Line Items] | |||||
Net Sales | 76,763 | 97,571 | 118,920 | ||
Earnings before interest, taxes, depreciation and amortization (EBITDA) | 11,217 | 11,949 | 27,694 | ||
Cost, Depreciation and Amortization | 6,522 | 6,280 | 6,263 | ||
Earnings before interest and taxes (EBIT) | 4,695 | 5,669 | 21,431 | ||
Plant shutdowns, asset impairments, restructurings and other | (4,972) | (646) | (371) | ||
Aluminum Extrusions | |||||
Revenue from External Customer [Line Items] | |||||
Net Sales | 474,803 | 637,872 | 539,325 | ||
Earnings before interest, taxes, depreciation and amortization (EBITDA) | 37,976 | 66,800 | 55,948 | ||
Cost, Depreciation and Amortization | 17,927 | 17,414 | 16,272 | ||
Earnings before interest and taxes (EBIT) | 20,049 | 49,386 | 39,676 | ||
Plant shutdowns, asset impairments, restructurings and other | (3,557) | (310) | 3,237 | ||
Flexible Packaging Films | |||||
Revenue from External Customer [Line Items] | |||||
Net Sales | 126,326 | 168,139 | 139,978 | ||
Plant shutdowns, asset impairments, restructurings and other | (113) | (91) | 8,439 | ||
PET Films | |||||
Revenue from External Customer [Line Items] | |||||
Earnings before interest, taxes, depreciation and amortization (EBITDA) | 4,383 | 27,452 | 31,684 | ||
Cost, Depreciation and Amortization | 2,865 | 2,444 | 1,988 | ||
Earnings before interest and taxes (EBIT) | 1,518 | 25,008 | 29,696 | ||
Freight | |||||
Revenue from External Customer [Line Items] | |||||
Cost of Goods and Services Sold | $ 26,933 | $ 34,982 | $ 28,232 |
Business Segments (Schedule O_2
Business Segments (Schedule Of Identifiable Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue from External Customer [Line Items] | ||||
Total assets | $ 446,461 | $ 542,093 | ||
Cash and cash equivalents | 13,455 | 19,232 | $ 30,521 | $ 11,846 |
Operating Segments | ||||
Revenue from External Customer [Line Items] | ||||
Total assets | 446,461 | 542,093 | ||
Cash and cash equivalents | 13,455 | 19,232 | ||
PE Films | Operating Segments | ||||
Revenue from External Customer [Line Items] | ||||
Total assets | 56,536 | 102,431 | ||
General corporate | ||||
Revenue from External Customer [Line Items] | ||||
Total assets | 36,652 | 23,674 | ||
General corporate | Operating Segments | ||||
Revenue from External Customer [Line Items] | ||||
Total assets | 36,652 | 23,674 | ||
Subtotal | Operating Segments | ||||
Revenue from External Customer [Line Items] | ||||
Total assets | 396,354 | 499,187 | ||
Aluminum Extrusions | Operating Segments | ||||
Revenue from External Customer [Line Items] | ||||
Total assets | 255,756 | 293,308 | ||
Flexible Packaging Films | Operating Segments | ||||
Revenue from External Customer [Line Items] | ||||
Total assets | $ 84,062 | $ 103,448 |
Business Segments (Schedule O_3
Business Segments (Schedule Of Depreciation And Amortization, Capital Expenditures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Capital Expenditures | $ 26,446 | $ 36,875 | $ 27,361 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | 27,683 | 26,402 | 23,784 |
Capital Expenditures | 26,446 | 36,875 | 27,361 |
PE Films | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | 6,522 | 6,280 | 6,263 |
Capital Expenditures | 1,772 | 3,289 | 2,997 |
Aluminum Extrusions | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | 17,927 | 17,414 | 15,326 |
Capital Expenditures | 20,339 | 23,664 | 18,914 |
Subtotal | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | 27,314 | 26,138 | 23,577 |
Capital Expenditures | 26,434 | 35,104 | 27,514 |
General corporate | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | 369 | 264 | 207 |
Capital Expenditures | 12 | 1,771 | (153) |
Flexible Packaging Films | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | 2,865 | 2,444 | 1,988 |
Capital Expenditures | $ 4,323 | $ 8,151 | $ 5,603 |
Business Segments (Schedule O_4
Business Segments (Schedule Of Net Sales By Geographic Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net Sales by Geographic Area, Total | $ 677,892 | $ 903,582 | $ 798,223 |
United States | |||
Segment Reporting Information [Line Items] | |||
Net Sales by Geographic Area, Total | 537,818 | 717,049 | 614,987 |
Exports From The United States | Asia | |||
Segment Reporting Information [Line Items] | |||
Net Sales by Geographic Area, Total | 26,239 | 41,995 | 59,242 |
Exports From The United States | Canada | |||
Segment Reporting Information [Line Items] | |||
Net Sales by Geographic Area, Total | 15,597 | 15,264 | 17,776 |
Exports From The United States | Europe | |||
Segment Reporting Information [Line Items] | |||
Net Sales by Geographic Area, Total | 1,905 | 3,885 | 4,489 |
Exports From The United States | Latin America | |||
Segment Reporting Information [Line Items] | |||
Net Sales by Geographic Area, Total | 6,704 | 6,867 | 4,937 |
Operations Outside The United States | Asia | |||
Segment Reporting Information [Line Items] | |||
Net Sales by Geographic Area, Total | 552 | 626 | 0 |
Operations Outside The United States | Brazil | |||
Segment Reporting Information [Line Items] | |||
Net Sales by Geographic Area, Total | $ 89,077 | $ 117,896 | $ 96,792 |
Business Segments (Schedule O_5
Business Segments (Schedule Of Identifiable Assets By Geographic Area, Property, Plant & Equipment, Net By Geographic Area) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Identifiable Assets by Geographic Area, Total | $ 446,461 | $ 542,093 |
Property, Plant & Equipment, Net by Geographic Area, Total | 183,455 | 186,411 |
Cash, Cash Equivalents, and Federal Funds Sold | 13,455 | 19,232 |
Property, Plant & Equipment, Net of Discontinued operations by Geographic Area, Total | 183,455 | 186,411 |
United States | ||
Segment Reporting Information [Line Items] | ||
Identifiable Assets by Geographic Area, Total | 320,604 | 413,512 |
Property, Plant & Equipment, Net by Geographic Area, Total | 143,729 | 146,437 |
General corporate | ||
Segment Reporting Information [Line Items] | ||
Identifiable Assets by Geographic Area, Total | 36,652 | 23,674 |
Property, Plant & Equipment, Net by Geographic Area, Total | 2,244 | 2,686 |
Operations Outside The United States | Brazil | ||
Segment Reporting Information [Line Items] | ||
Identifiable Assets by Geographic Area, Total | 65,495 | 72,725 |
Property, Plant & Equipment, Net by Geographic Area, Total | 28,121 | 25,385 |
Operations Outside The United States | China | ||
Segment Reporting Information [Line Items] | ||
Identifiable Assets by Geographic Area, Total | 10,255 | 12,950 |
Property, Plant & Equipment, Net by Geographic Area, Total | $ 9,361 | $ 11,903 |
Business Segments (Schedule O_6
Business Segments (Schedule Of Net Sales By Product Group) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from External Customer [Line Items] | |||
Net Sales by Product Group | $ 677,892 | $ 903,582 | $ 798,223 |
Cash and cash equivalents | 9,660 | 19,232 | |
Foreign Country | |||
Revenue from External Customer [Line Items] | |||
Cash and cash equivalents | 9,800 | 10,300 | |
PE Films | |||
Revenue from External Customer [Line Items] | |||
Net Sales by Product Group | 76,763 | 97,571 | 118,920 |
Aluminum Extrusions | |||
Revenue from External Customer [Line Items] | |||
Net Sales by Product Group | 474,803 | 637,872 | 539,325 |
Flexible Packaging Films | |||
Revenue from External Customer [Line Items] | |||
Net Sales by Product Group | 126,326 | 168,139 | 139,978 |
Personal Care Materials | PE Films | |||
Revenue from External Customer [Line Items] | |||
Net Sales by Product Group | 29,300 | 29,431 | 30,484 |
Surface protection films | PE Films | |||
Revenue from External Customer [Line Items] | |||
Net Sales by Product Group | 47,463 | 68,140 | 88,436 |
Subtotal | PE Films | |||
Revenue from External Customer [Line Items] | |||
Net Sales by Product Group | 76,763 | 97,571 | 118,920 |
Nonresidential building & construction | Aluminum Extrusions | |||
Revenue from External Customer [Line Items] | |||
Net Sales by Product Group | 264,780 | 338,981 | 269,252 |
Consumer durables | Aluminum Extrusions | |||
Revenue from External Customer [Line Items] | |||
Net Sales by Product Group | 38,897 | 62,541 | 53,578 |
Residential building & construction | Aluminum Extrusions | |||
Revenue from External Customer [Line Items] | |||
Net Sales by Product Group | 38,388 | 64,268 | 52,236 |
Machinery and Equipment | Aluminum Extrusions | |||
Revenue from External Customer [Line Items] | |||
Net Sales by Product Group | 43,759 | 63,326 | 42,721 |
Automotive | Aluminum Extrusions | |||
Revenue from External Customer [Line Items] | |||
Net Sales by Product Group | 48,046 | 51,286 | 43,256 |
Distribution | Aluminum Extrusions | |||
Revenue from External Customer [Line Items] | |||
Net Sales by Product Group | 14,331 | 29,732 | 45,639 |
Electrical | Aluminum Extrusions | |||
Revenue from External Customer [Line Items] | |||
Net Sales by Product Group | 26,602 | 27,738 | 32,643 |
Subtotal | Aluminum Extrusions | |||
Revenue from External Customer [Line Items] | |||
Net Sales by Product Group | $ 474,803 | $ 637,872 | $ 539,325 |
Savings Plan (Details)
Savings Plan (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 1998 | Dec. 31, 1997 | |
Savings Plan [Line Items] | |||||
Charges recognized | $ 4,000,000 | $ 3,900,000 | $ 3,300,000 | ||
Liability under the restoration plan | $ 400,000 | $ 700,000 | |||
Liability under the restoration plan, shares | 79,124 | 70,266 | |||
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% | ||||
Percentage of enrollment of base pay | 3% |
Supply Chain Financing - (Narra
Supply Chain Financing - (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Supplier Finance Program, Obligation | $ 79,630 | |
Supplier Finance Program, Obligation, Settlement | (90,365) | |
Supplier Finance Program, Obligation, Period Increase (Decrease) | 588 | |
Third-Party Financial Institutions | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Accounts payable | $ 15,780 | $ 25,927 |