Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Document And Entity Information [Abstract] | ||
Entity Central Index Key | 0000850429 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | Q1 | |
Amendment Flag | false | |
Entity File Number | 1-10258 | |
Entity Incorporation, State or Country Code | 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, no par value | |
Trading Symbol | TG | |
Security Exchange Name | NYSE | |
Entity Interactive Data Current | Yes | |
Entity Registrant Name | Tredegar Corporation | |
Entity Common Stock, Shares Outstanding | 33,677,433 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Operating Lease, Liability, Noncurrent | $ 14,424 | $ 14,949 |
Common Stock, Shares Held in Employee Trust, Shares | 105,636 | 105,067 |
Taxes Payable | $ 1,206 | $ 706 |
Accounts and other receivables, allowance for doubtful accounts and sales returns | $ 2,806 | $ 2,797 |
Common stock, shares issued | 33,669,561 | 33,457,176 |
Common stock, shares outstanding | 33,669,561 | 33,457,176 |
Disposal Group, Including Discontinued Operation, Assets, Current | $ 3,285 | $ 1,339 |
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 151 | 151 |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 6,438 | 7,521 |
Accounts Receivable, after Allowance for Credit Loss | 87,648 | 86,327 |
Current assets: | ||
Cash and cash equivalents | 21,859 | 11,846 |
Income Taxes Receivable, Current | 2,266 | 2,807 |
Inventories | 70,623 | 66,437 |
Prepaid expenses and other | 14,426 | 19,679 |
Total current assets | 200,107 | 188,435 |
Property, plant and equipment, at cost | 479,605 | 475,619 |
Less accumulated depreciation | (313,987) | (309,074) |
Net property, plant and equipment | 165,618 | 166,545 |
Operating Lease, Right-of-Use Asset | 15,482 | 16,037 |
Investment in kaleo | 35,000 | 34,600 |
Intangible Assets, Net (Excluding Goodwill) | 18,012 | 18,820 |
Goodwill | 67,708 | 67,708 |
Deferred Tax Assets, Net, Noncurrent | 17,295 | 19,068 |
Other assets | 3,131 | 3,506 |
Total assets | 522,504 | 514,870 |
Current liabilities: | ||
Accounts payable | 94,477 | 89,702 |
Accrued expenses | 33,411 | 40,741 |
Operating Lease, Liability, Current | 2,066 | 2,082 |
Total current liabilities | 137,598 | 140,752 |
Operating Lease, Liability, Noncurrent | 14,424 | 14,949 |
Long-term debt | 143,000 | 134,000 |
Liability, Pension and Other Postretirement and Postemployment Benefits, Noncurrent | 105,998 | 110,585 |
Other non-current liabilities | 5,497 | 5,529 |
Total liabilities | 406,517 | 405,815 |
Shareholders’ equity: | ||
Common Stock, Value, Issued | 51,557 | 50,066 |
Common Stock Held in Trust | (2,097) | (2,087) |
Foreign currency translation adjustment | (86,797) | (84,149) |
Gain (loss) on derivative financial instruments | 2,028 | 2,264 |
Pension and other postretirement benefit adjustments | (93,200) | (96,519) |
Retained earnings | 244,496 | 239,480 |
Total shareholders’ equity | 115,987 | 109,055 |
Total liabilities and shareholders’ equity | $ 522,504 | $ 514,870 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts and other receivables, allowance for doubtful accounts and sales returns | $ 2,806 | $ 2,797 |
Common stock, shares issued | 33,669,561 | 33,457,176 |
Common stock, shares outstanding | 33,669,561 | 33,457,176 |
Common Stock, Shares Held in Employee Trust, Shares | 105,636 | 105,067 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Gross Sales | $ 184,822 | $ 192,136 |
Revenues and other items: | ||
Other income (expense), net | 760 | (26,130) |
Total revenues, net of other expenses | 185,582 | 166,006 |
Costs and expenses: | ||
Selling, general and administrative | 18,384 | 20,044 |
Research and development | 1,721 | 2,170 |
Amortization of identifiable intangibles | 723 | 758 |
Accrued pension and post-retirement benefits | 3,540 | 3,567 |
Interest expense | 822 | 555 |
Asset impairments and costs associated with exit and disposal activities, net of adjustments | 169 | 61 |
Goodwill, Impairment Loss | 0 | 13,696 |
Total | 172,867 | 192,895 |
Income (loss) from continuing operations before income taxes | 12,715 | (26,889) |
Income taxes from continuing operations | 3,097 | (6,226) |
Net income (loss) from continuing operations | 9,618 | (20,663) |
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | (587) | (1,658) |
Net income (loss) | $ 9,031 | $ (22,321) |
Basic: | ||
Continuing operations | $ 0.29 | $ (0.62) |
Discontinued operations | (0.02) | (0.05) |
Basic earnings (loss) per share | 0.27 | (0.67) |
Diluted: | ||
Continuing operations | 0.29 | (0.62) |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | (0.02) | (0.05) |
Diluted earnings (loss) per share | $ 0.27 | $ (0.67) |
Shares used to compute earnings (loss) per share: | ||
Basic | 33,406 | 33,313 |
Diluted | 33,644 | 33,313 |
Product [Member] | ||
Costs and expenses: | ||
Cost of goods sold | $ 141,285 | $ 145,169 |
Shipping and Handling [Member] | ||
Costs and expenses: | ||
Cost of goods sold | $ 6,223 | $ 6,875 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 9,031 | $ (22,321) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | (2,648) | (11,529) |
Derivative financial instruments adjustment | (236) | (3,775) |
Amortization of prior service costs and net gains or losses | 3,319 | 2,931 |
Other comprehensive income (loss) | 435 | (12,373) |
Comprehensive income (loss) | 9,466 | (34,694) |
Amortization of prior service costs and net gains or losses, tax | 924 | 836 |
Other Comprehensive Income, Other, Net of Tax | 435 | (12,373) |
Foreign currency translation adjustment, tax (benefit) | (272) | (1,283) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 9,466 | (34,694) |
Other Comprehensive Income, Other, Net of Tax | 435 | (12,373) |
Net Income (Loss) Attributable to Parent | $ 9,031 | $ (22,321) |
Consolidated Statements Of Co_2
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Amortization of prior service costs and net gains or losses, tax | $ 924 | $ 836 |
Foreign currency translation adjustment, tax (benefit) | 272 | 1,283 |
Derivative financial instruments adjustment, tax (benefit) | $ 188 | $ 1,226 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 9,031 | $ (22,321) |
Adjustments for noncash items: | ||
Depreciation | 5,463 | 7,557 |
Amortization of identifiable intangibles | 723 | 758 |
Amortization of Leased Asset | 549 | 696 |
Payment for Pension and Other Postretirement Benefits | (3,886) | (1,967) |
Deferred income taxes | 1,017 | (9,804) |
Accrued pension and post-retirement benefits | 3,540 | 3,567 |
(Gain) loss on investment in kaléo accounted for under the fair value method | 400 | (26,100) |
Asset Impairment Charges | (299) | 0 |
Changes in assets and liabilities: | ||
Accounts and other receivables | (2,126) | (2,849) |
Inventories | (5,442) | (6,982) |
Income taxes recoverable/payable | 1,102 | 3,478 |
Prepaid expenses and other | 2,798 | (294) |
Accounts payable and accrued expenses | (2,517) | 3,588 |
Operating Leases, Rent Expense | (535) | (741) |
Other, net | 553 | 595 |
Net Cash Provided by (Used in) Operating Activities | 9,870 | 15,077 |
Cash flows from investing activities: | ||
Capital expenditures | (5,259) | (4,854) |
Net cash used in investing activities | (5,259) | (4,854) |
Cash flows from financing activities: | ||
Borrowings | 32,000 | 16,500 |
Debt principal payments | (23,000) | (15,500) |
Payments of Ordinary Dividends, Common Stock | (4,025) | (4,005) |
Proceeds From Stock Options Exercised And Other | 915 | |
Payment, Tax Withholding, Share-based Payment Arrangement | 586 | |
Net cash provided by (used in) financing activities | 5,890 | (3,591) |
Effect of exchange rate changes on cash | (488) | (2,995) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 10,013 | 3,637 |
Cash, cash equivalents, and restricted cash at beginning of period | 11,846 | 31,422 |
Cash, cash equivalents, and restricted cash at end of period | $ 21,859 | $ 35,059 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings | Trust for Savings Restoration Plan | Foreign Currency Translation | Gain (Loss) on Derivative Financial Instruments | Pension & Other Post-retirement Benefit Adjustment |
Beginning Balance at Dec. 31, 2019 | $ 376,749 | $ 45,514 | $ 530,478 | $ (1,592) | $ (100,663) | $ (1,307) | $ (95,681) |
Net Income (Loss) Attributable to Parent | (22,321) | (22,321) | |||||
Foreign currency translation adjustment (net of tax benefit of $272) | (11,529) | (11,529) | |||||
Derivative financial instruments adjustment (net of tax benefit of $188) | (3,775) | (3,775) | |||||
Amortization of prior service costs and net gains or losses (net of tax of $924) | 2,931 | 2,931 | |||||
Cash dividends declared ($0.12 per share) | (4,005) | (4,005) | |||||
Stock-based compensation expense | 1,126 | 1,126 | |||||
Repurchase of employee common stock for tax withholdings | (586) | (586) | |||||
Tredegar common stock purchased by trust for savings restoration plan | 9 | (9) | |||||
Ending Balance at Mar. 31, 2020 | 338,590 | 46,054 | 504,161 | (1,601) | (112,192) | (5,082) | (92,750) |
Foreign currency translation adjustment, tax (benefit) | 1,283 | ||||||
Derivative financial instruments adjustment, tax (benefit) | $ 1,226 | ||||||
Cash dividends declared, per share | $ 0.12 | ||||||
Amortization of prior service costs and net gains or losses, tax | $ 836 | ||||||
Beginning Balance at Dec. 31, 2020 | 109,055 | 50,066 | 239,480 | (2,087) | (84,149) | 2,264 | (96,519) |
Net Income (Loss) Attributable to Parent | 9,031 | ||||||
Foreign currency translation adjustment (net of tax benefit of $272) | (2,648) | (2,648) | |||||
Derivative financial instruments adjustment (net of tax benefit of $188) | (236) | (236) | |||||
Amortization of prior service costs and net gains or losses (net of tax of $924) | 3,319 | 3,319 | |||||
Cash dividends declared ($0.12 per share) | 4,025 | (4,025) | |||||
Stock-based compensation expense | 576 | 576 | |||||
Issued upon exercise of stock options | 915 | ||||||
Tredegar common stock purchased by trust for savings restoration plan | (10) | 10 | |||||
Ending Balance at Mar. 31, 2021 | 115,987 | $ 51,557 | $ 244,496 | $ (2,097) | $ (86,797) | $ 2,028 | $ (93,200) |
Foreign currency translation adjustment, tax (benefit) | 272 | ||||||
Derivative financial instruments adjustment, tax (benefit) | $ 188 | ||||||
Cash dividends declared, per share | $ 0.12 | ||||||
Amortization of prior service costs and net gains or losses, tax | $ 924 |
Consolidated Statements Of Sh_2
Consolidated Statements Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Foreign currency translation adjustment, tax (benefit) | $ 272 | $ 1,283 |
Derivative financial instruments adjustment, tax (benefit) | 188 | 1,226 |
Amortization of prior service costs and net gains or losses, tax | $ 924 | $ 836 |
Cash dividends declared, per share | $ 0.12 | $ 0.12 |
Basis Of Presentation
Basis Of Presentation - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Basis Of Presentation [Abstract] | ||
Basis Of Presentation | In the opinion of management, the accompanying condensed consolidated financial statements of Tredegar Corporation and its subsidiaries (“Tredegar,” “the Company,” “we,” “us” or “our”) contain all adjustments necessary to state fairly, in all material respects, Tredegar’s consolidated financial position as of March 31, 2021, the consolidated results of operations for the three months ended March 31, 2021 and 2020, the consolidated cash flows for the three months ended March 31, 2021 and 2020, and the consolidated changes in shareholders’ equity for the three months ended March 31, 2021 and 2020, in accordance with U.S. generally accepted accounting principles (“GAAP”). All such adjustments, unless otherwise detailed in the notes to the condensed consolidated financial statements, are deemed to be of a normal, recurring nature. The Company operates on a calendar fiscal year except for the Aluminum Extrusions segment, which operates on a 52/53-week fiscal year basis. As such, the fiscal first quarter for 2021 and 2020 for this segment references 13-week periods ended March 28, 2021 and March 29, 2020, respectively. The Company does not believe the impact of reporting the results of this segment as stated above is material to the consolidated financial results. The 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 quarter end and the Company’s fiscal quarter end. There was no intercompany funding with Aluminum Extrusions between March 28, 2021 and March 31, 2021. As of December 31, 2020, the Company’s cash and cash equivalents declined by $3.8 million since the Company made payments to the Aluminum Extrusions segment to fund its working capital during the intervening period. The financial position data as of December 31, 2020 that is included herein was derived from the audited consolidated financial statements provided in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”) but does not include all disclosures required by GAAP. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in the 2020 Form 10-K. On October 30, 2020, the Company completed the sale of its personal care films business (“Personal Care Films”), which was part of its PE Films segment. The transaction excluded the packaging film lines and related operations located at the Pottsville, Pennsylvania manufacturing site (“Pottsville Packaging”), which are now being reported within the Surface Protection component of PE Films. All historical results for Personal Care Films have been presented as discontinued operations. On December 31, 2020, the Company completed the sale of Bright View Technologies, which was part of its PE Films segment. The sale did not represent a strategic shift nor did it have a major effect on the Company's historical and ongoing operations, thus all financial information for Bright View Technologies has been presented in continuing operations. The results of operations for the three months ended March 31, 2021, are not necessarily indicative of the results to be expected for the full year. Accounting Standards Adopted: In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2019-12, which simplifies the accounting for income taxes by eliminating certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, hybrid taxes and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. In the first quarter of 2021, the Company adopted ASU 2019-12 which did not have a material impact on the Company's consolidated financial statements. | |
Cash, Period Increase (Decrease) | $ 3.8 |
Impairment Goodwill Impairment
Impairment Goodwill Impairment (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill Impairment Disclosure [Abstract] | |
Goodwill Disclosure [Text Block] | The Company assesses its long-lived assets for impairment when events and circumstances indicate that the carrying amount of the assets may not be recoverable. Long-lived assets consist primarily of buildings, machinery and equipment. During the three months ended March 31, 2021, the Company did not identify any indicators of impairment for long-lived assets. The Company annually assesses goodwill for impairment on December 1st of each year or more frequently when events or circumstances indicate that the carrying amount of a reporting unit that includes goodwill exceeds its fair value. The Company evaluated whether triggering events occurred during the three months ended March 31, 2021 and 2020 for all reporting units that include goodwill and determined that triggering events did occur during the first three months of 2020 for the Aluminum Extrusions’ reporting units created as a result of acquisitions in 2012 (“AACOA”) and in 2017 (“Futura”). As a result of the impairment testing performed, the Company recognized a goodwill impairment charge of $13.7 million ($10.5 million after taxes), which represented the entire amount of goodwill associated with the AACOA reporting unit. No impairment was identified for Futura. The Company continues to monitor developments related to the COVID-19 pandemic and may perform updated analyses during 2021 as necessary. |
Divestitures and Assets Held fo
Divestitures and Assets Held for Sale | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring Charges [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures | Divestitures Personal Care Films In 2020, the Company completed the sale of Personal Care Films for an aggregate purchase price of approximately $60.5 million, subject to customary adjustments. The Company agreed to provide certain transition services related to finance, human resources and information technology which are expected to end in the first half of 2021. Personal Care Films was previously reported in the PE Films segment. The following table summarizes the financial results of discontinued operations reflected in the consolidated statements of income for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Revenues and other items: Sales $ — $ 36,166 Other income (expense), net — (81) — 36,085 Costs and expenses: Cost of goods sold — 30,142 Freight — 1,705 Selling, general and administrative 1,050 3,125 Research and development — 2,685 Asset impairments and costs associated with exit and disposal activities, net of adjustments — 400 Adjustment to the fair value estimates used in the disposal of Personal Care Films (a) (299) — Total 751 38,057 Income (loss) from discontinued operations before income taxes (751) (1,972) Income tax expense (benefit) (164) (314) Income (loss) from discontinued operations, net of tax $ (587) $ (1,658) (a) Represents a net increase to the estimated fair value of Personal Care Films primarily due to lower costs associated with transition-related services. The assets and liabilities of the discontinued operations reflected in the consolidated balance sheets as of March 31, 2021 and December 31, 2020, respectively were as follows: March 31, December 31, 2021 2020 Assets Prepaid expenses and other (b) $ 3,285 $ 1,339 Other non-current assets 151 151 Total assets of discontinued operations $ 3,436 $ 1,490 Liabilities (a) Accrued expenses (b) $ 6,438 $ 7,521 (a) Pension and other postretirement benefit liabilities related to Personal Care Films have been retained by the Company. (b) The consolidated balance sheet of discontinued operations as of March 31, 2021 includes $0.4 million of other receivables related to the settlement of customary post-closing adjustments, deferred assets of $2.9 million and deferred obligations of $4.6 million related to transition services, accrued severance of $1.3 million, and other miscellaneous accrued expenses of $0.5 million. The consolidated balance sheet of discontinued operations as of December 31, 2020 includes $0.4 million of other receivables related to the settlement of customary post-closing adjustments, deferred assets of $0.9 million and deferred obligations of $5.3 million related to transition services, accrued severance of $2.1 million, and other miscellaneous accrued expenses of $0.2 million. The following table provides significant operating and investing cash flow information for discontinued operations: Three Months Ended March 31, (In thousands) 2021 2020 Operating activities Depreciation and amortization $ — $ 2,231 Asset impairment — 271 Other (299) — Total (299) 2,502 Investing activities Capital expenditures $ — $ (795) Assets Held For Sale In July 2019, the Company committed to a plan to close its manufacturing facility in Lake Zurich, Illinois, which historically was reported by the Company within the Personal Care Films component of its PE Films segment. In 2020, the held for sale criteria was met since the Company expects the sale of the facility to be completed within one year. The disposal group carrying value of $4.6 million consists of land, building, and building improvements and is reported in "Prepaid expenses and other" in the consolidated balance sheet. These assets were not included as part of the sale of Personal Care Films. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2021 | |
Inventory, Net [Abstract] | |
Inventories | The components of inventories are as follows: (In thousands) March 31, 2021 December 31, 2020 Finished goods $ 16,288 $ 15,251 Work-in-process 11,531 9,098 Raw materials 25,639 25,913 Stores, supplies and other 17,165 16,175 Total $ 70,623 $ 66,437 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Basic earnings per share is computed by dividing net income (loss) from continuing and discontinued operations by the weighted average number of shares of common stock outstanding. Diluted earnings per share is computed by dividing net income (loss) from continuing and discontinued operations by the weighted average common and potentially dilutive common equivalent shares outstanding, determined as follows: Three Months Ended March 31, (In thousands) 2021 2020 Weighted average shares outstanding used to compute basic earnings per share 33,406 33,313 Incremental dilutive shares attributable to stock options and restricted stock 238 — Shares used to compute diluted earnings per share 33,644 33,313 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Comprehensive Income (Loss) Note [Text Block] | The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2021: (In thousands) Foreign Gain (loss) on Pension and other post-retirement benefit adjustments Total Beginning balance, January 1, 2021 $ (84,149) $ 2,264 $ (96,519) $ (178,404) Other comprehensive income (loss) before reclassifications (2,648) 273 — (2,375) Amounts reclassified from accumulated other comprehensive income (loss) — (509) 3,319 2,810 Net other comprehensive income (loss) - current period (2,648) (236) 3,319 435 Ending balance, March 31, 2021 $ (86,797) $ 2,028 $ (93,200) $ (177,969) The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2020: (In thousands) Foreign Gain (loss) on Pension and other post-retirement benefit adjustments Total Beginning balance, January 1, 2020 $ (100,663) $ (1,307) $ (95,681) $ (197,651) Other comprehensive income (loss) before reclassifications (11,529) (4,888) — (16,417) Amounts reclassified from accumulated other comprehensive income (loss) — 1,113 2,931 4,044 Net other comprehensive income (loss) - current period (11,529) (3,775) 2,931 (12,373) Ending balance, March 31, 2020 $ (112,192) $ (5,082) $ (92,750) $ (210,024) Reclassifications of balances out of accumulated other comprehensive income (loss) into net income (loss) for the three months ended March 31, 2021 are summarized as follows: (In thousands) Amount reclassified from other comprehensive income (loss) Location of gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (loss) Gain (loss) on derivative financial instruments: Aluminum future contracts, before taxes $ 640 Cost of sales Foreign currency forward contracts, before taxes (2) Selling, general & administrative Foreign currency forward contracts, before taxes 17 Cost of sales Total, before taxes 655 Income tax expense (benefit) 146 Income tax expense (benefit) Total, net of tax $ 509 Amortization of pension and other post-retirement benefits: Actuarial gain (loss) and prior service costs, before taxes $ (4,243) (a) Income tax expense (benefit) (924) Income tax expense (benefit) Total, net of tax $ (3,319) (a) This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost (see Note 9 for additional detail). Reclassifications of balances out of accumulated other comprehensive income (loss) into net income for the three months ended March 31, 2020 are summarized as follows: (In thousands) Amount reclassified from other comprehensive income (loss) Location of gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (loss) Gain (loss) on derivative financial instruments: Aluminum future contracts, before taxes $ (640) Cost of sales Foreign currency forward contracts, before taxes (794) Selling, general & administrative Foreign currency forward contracts, before taxes 15 Cost of sales Total, before taxes (1,419) Income tax expense (benefit) (306) Income tax expense (benefit) Total, net of tax $ (1,113) Amortization of pension and other post-retirement benefits: Actuarial gain (loss) and prior service costs, before taxes $ (3,767) (a) Income tax expense (benefit) (836) Income tax expense (benefit) Total, net of tax $ (2,931) (a) This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost (see Note 9 for additional detail). | |
Cost of goods sold | The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2021: (In thousands) Foreign Gain (loss) on Pension and other post-retirement benefit adjustments Total Beginning balance, January 1, 2021 $ (84,149) $ 2,264 $ (96,519) $ (178,404) Other comprehensive income (loss) before reclassifications (2,648) 273 — (2,375) Amounts reclassified from accumulated other comprehensive income (loss) — (509) 3,319 2,810 Net other comprehensive income (loss) - current period (2,648) (236) 3,319 435 Ending balance, March 31, 2021 $ (86,797) $ 2,028 $ (93,200) $ (177,969) | The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2020: (In thousands) Foreign Gain (loss) on Pension and other post-retirement benefit adjustments Total Beginning balance, January 1, 2020 $ (100,663) $ (1,307) $ (95,681) $ (197,651) Other comprehensive income (loss) before reclassifications (11,529) (4,888) — (16,417) Amounts reclassified from accumulated other comprehensive income (loss) — 1,113 2,931 4,044 Net other comprehensive income (loss) - current period (11,529) (3,775) 2,931 (12,373) Ending balance, March 31, 2020 $ (112,192) $ (5,082) $ (92,750) $ (210,024) |
Investments
Investments | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments and Other Noncurrent Assets | he Company's aggregate investment of $7.5 million, for an approximate 19% ownership interest, in kaleo, Inc. (“kaléo”), a privately held specialty pharmaceutical company dedicated to building innovative solutions for serious and life-threatening medical conditions, is accounted for under the fair value method in the consolidated financial statements.The estimated fair value of the Company’s investment was $35.0 million as of March 31, 2021 and $34.6 million as of December 31, 2020. kaléo’s stock is not publicly traded. The ultimate value of the Company’s ownership interest in kaléo could be materially different from the estimated fair value and will ultimately be determined and realized only if and when a liquidity event occurs. Amounts recognized associated with the Company’s investment in kaléo are included in “Other income (expense), net” in the consolidated statements of income and separately stated in the net sales and earnings before interest, taxes, depreciation and amortization ("EBITDA") from ongoing operations by segment table in Note 11. The Company estimated the fair value of its investment in kaléo at March 31, 2021 by: (i) computing the weighted average estimated enterprise value (“EV”) utilizing both the discounted cash flow method (the “DCF Method”) and the application of a market multiple to EBITDA (the “EBITDA Multiple Method”), (ii) applying adjustments for any surplus or deficient working capital and estimates of contingent liabilities, (iii) adding cash and cash equivalents, (iv) subtracting interest-bearing debt, (v) subtracting a private company liquidity discount estimated at approximately 20% at March 31, 2021 (versus 20% at both December 31, 2020 and March 31, 2020) of the net result of (i) through (iv), and (vi) applying liquidation preferences and fully diluted ownership percentages to the estimated equity value computed in (i) through (v). The Company’s estimate of kaléo’s EV as of March 31, 2021 and December 31, 2020 was determined by weighting the EBITDA Multiple Method by 20% and the DCF Method by 80%. A heavier weighting towards the DCF Method was used since kaléo’s projections better reflect ongoing pricing pressures and expected changes in market access. The DCF Method projections rely on numerous assumptions and Level 3 inputs. In addition, there are various regulatory and legal enforcement efforts, including an ongoing Department of Justice investigation related to kaléo’s discontinued Evzio business, which could have a material adverse effect on kaléo’s business that require assessment in any valuation method applied. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Summary of Derivative Instruments [Abstract] | |
Derivative Financial Instruments | Tredegar uses derivative financial instruments for the purpose of hedging margin exposure from fixed-price forward sales contracts in Aluminum Extrusions and exposure from currency volatility that exists as part of ongoing business operations 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. 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. The notional amount of aluminum futures contracts that hedged future purchases of aluminum to meet fixed-price forward sales contract obligations was $10.4 million (10.5 million pounds of aluminum) at March 31, 2021 and $12.1 million (13.0 million pounds of aluminum) at December 31, 2020. The table below summarizes the location and gross amounts of aluminum futures contract fair values (Level 2) in the consolidated balance sheets as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (In thousands) Balance Sheet Fair Balance Sheet Fair Derivatives Designated as Hedging Instruments Asset derivatives: Aluminum futures contracts Prepaid expenses and other $ 2,413 Prepaid expenses and other $ 1,560 Liability derivatives: Aluminum futures contracts Accrued expenses — Accrued expenses (22) Net asset $ 2,413 $ 1,538 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 Flexible Packaging Film's business unit in Brazil (“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 ("R$") is annual net costs of R$119 million. Terphane Ltda. has the following outstanding foreign exchange average forward rate contracts to purchase Brazilian Real and sell U.S. Dollars: USD Notional Amount (000s) Average Forward Rate Contracted on USD/BRL R$ Equivalent Amount (000s) Applicable Month Estimated % of Terphane Ltda. R$ Operating Cost Exposure Hedged $1,320 5.4765 R$7,229 Apr-21 73% $1,285 5.4778 R$7,039 May-21 71% $1,395 5.4882 R$7,656 Jun-21 77% $1,450 5.4945 R$7,967 Jul-21 80% $1,430 5.4993 R$7,864 Aug-21 79% $1,520 5.5105 R$8,376 Sep-21 84% $1,400 5.5100 R$7,714 Oct-21 78% $1,495 5.5224 R$8,256 Nov-21 83% $1,170 5.5060 R$6,442 Dec-21 65% $12,465 5.4988 R$68,543 77% 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. Pre-tax accumulated losses of $0.4 million related to the net fair value of the open forward contracts is reported in accumulated other comprehensive income (loss) as of March 31, 2021. 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 March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (In thousands) Balance Sheet Fair Balance Sheet Fair Derivatives Designated as Hedging Instruments Asset derivatives: Foreign currency forward contracts Prepaid expenses and other $ — Prepaid expenses and other $ 853 Liability derivatives: Foreign currency forward contracts Accrued expenses (468) Accrued expenses (466) Net asset (liability) $ (468) $ 387 These derivative contracts involve elements of market risk that are not reflected on the consolidated balance sheet, including the risk of dealing with counterparties and their ability to meet the terms of the contracts. The counterparties to any forward purchase commitments are major aluminum brokers and suppliers, and the counterparties to any aluminum futures contracts are major financial institutions. Fixed-price forward sales contracts are only made available to the best and most credit-worthy customers. The counterparties to the Company’s foreign currency cash flow hedge contracts are major financial institutions. The pretax effect on net income (loss) and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for the three month periods ended March 31, 2021 and 2020 is summarized in the table below: Cash Flow Derivative Hedges Three Months Ended March 31, Aluminum Futures Contracts Foreign Currency Forwards (In thousands) 2021 2020 2021 2020 Amount of pretax gain (loss) recognized in other comprehensive income (loss) $ 1,515 $ (1,594) $ — $ (1,283) $ — $ (4,824) Location of gain (loss) reclassified from accumulated other comprehensive income (loss) into net income (effective portion) Cost of Cost of Cost of Selling, general & admin Cost of Selling, general & admin Amount of pretax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (effective portion) $ 640 $ (640) $ 17 $ (2) $ 15 $ (794) As of March 31, 2021, the Company expects $1.8 million of unrealized after-tax gains on derivative instruments reported in accumulated other comprehensive income (loss) to be reclassified to earnings within the next 12 months. For the three month periods ended March 31, 2021 and 2020, net gains or losses realized, from previously unrealized net gains or losses on hedges that had been discontinued, were not material. |
Pension And Other Post-Retireme
Pension And Other Post-Retirement Benefits | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Pension And Other Post-Retirement Benefits | Tredegar sponsors a noncontributory defined benefit (pension) plan covering certain current and former U.S. employees. 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. The components of net periodic benefit cost for the pension and other postretirement benefit programs reflected in the consolidated statements of income for the three months ended March 31, 2021 and 2020, are shown below: Pension Benefits Other Post-Retirement Benefits Three Months Ended March 31, Three Months Ended March 31, (In thousands) 2021 2020 2021 2020 Service cost $ — $ — $ 9 $ 9 Interest cost 2,102 2,535 50 60 Expected return on plan assets (2,862) (2,804) — — Amortization of prior service costs, (gains) losses and net transition asset 4,265 3,814 (24) (47) Net periodic benefit cost $ 3,505 $ 3,545 $ 35 $ 22 Pension and other postretirement liabilities were $106.7 million and $111.3 million at March 31, 2021 and December 31, 2020, respectively ($0.7 million included in “Accrued expenses” at March 31, 2021 and December 31, 2020, with the remainder included in “Pension and other postretirement benefit obligations, net” in the consolidated balance sheets). As of December 31, 2020, the required minimum pension contributions were $11.7 million for 2021. The United States government enacted the American Rescue Plan Act of 2021 in March 2021, which, among other impacts, has reduced the Company's 2021 required minimum pension contributions to zero as a result of the Company's election of the interest rate relief used in the present value of the pension obligation and extension of the shortfall amortization period that is used to determine the minimum pension funding requirements. Tredegar funds its other postretirement benefits on a claims-made basis; for 2021, the Company anticipates the amount will be consistent with amounts paid for the year ended December 31, 2020, or approximately $0.5 million. |
Other Income (Expense), Net (No
Other Income (Expense), Net (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | Other income (expense), net consists of the following: Three Months Ended March 31, (In thousands) 2021 2020 Gain (loss) on investment in kaléo accounted for under fair value method (b) $ 718 $ (26,100) Transition service fees, net of corporate costs associated with the divested Personal Care business 304 — COVID-19-related expenses, net of relief (a) (19) — Other (243) (30) Total $ 760 $ (26,130) (a) Costs associated with operating under COVID-19 conditions include employee overtime expenses associated with absenteeism, personal protective equipment supplies and facility maintenance. (b) The gain in the first quarter of 2021 includes a $0.3 million dividend received from kaléo. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | The Company’s business segments are Aluminum Extrusions, PE Films, and Flexible Packaging Films. Information by business segment is reported below. There are no accounting transactions between segments and no allocations to segments. All historical results for Personal Care Films have been presented as discontinued operations. The Surface Protection component of the PE Films segment now includes Pottsville Packaging. 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”) from continuing operations 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. The following table presents net sales and EBITDA from ongoing operations by segment for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, (In thousands) 2021 2020 Net Sales Aluminum Extrusions $ 118,125 $ 117,887 PE Films 27,953 36,800 Flexible Packaging Films 32,521 30,574 Total net sales 178,599 185,261 Add back freight 6,223 6,875 Sales as shown in the consolidated statements of income $ 184,822 $ 192,136 EBITDA from Ongoing Operations Aluminum Extrusions: Ongoing operations: EBITDA $ 13,302 $ 11,677 Depreciation & amortization (4,130) (4,113) EBIT 9,172 7,564 Plant shutdowns, asset impairments, restructurings and other 183 (688) Goodwill impairment — (13,696) PE Films: Ongoing operations: EBITDA 7,213 12,413 Depreciation & amortization (1,420) (1,494) EBIT 5,793 10,919 Plant shutdowns, asset impairments, restructurings and other (124) (28) Flexible Packaging Films: Ongoing operations: EBITDA 9,623 6,553 Depreciation & amortization (466) (428) EBIT 9,157 6,125 Plant shutdowns, asset impairments, restructurings and other (38) — Total 24,143 10,196 Interest income 7 27 Interest expense 822 555 Gain (loss) on investment in kaléo accounted for under fair value method 718 (26,100) Stock option-based compensation costs 468 566 Corporate expenses, net 10,863 9,891 Income (loss) from continuing operations before income taxes 12,715 (26,889) Income tax expense (benefit) 3,097 (6,226) Income (loss) from continuing operations 9,618 (20,663) Income (loss) from discontinued operations, net of tax (587) (1,658) Net income (loss) $ 9,031 $ (22,321) The following table presents identifiable assets by segment at March 31, 2021 and December 31, 2020: (In thousands) March 31, 2021 December 31, 2020 Aluminum Extrusions $ 254,197 $ 244,560 PE Films 118,755 119,013 Flexible Packaging Films 59,680 66,453 Subtotal 432,632 430,026 General corporate 64,577 71,508 Cash and cash equivalents 21,859 11,846 Discontinued operations 3,436 1,490 Total $ 522,504 $ 514,870 The following tables disaggregate the Company’s revenue by geographic area and product group for the three months ended March 31, 2021 and 2020: Net Sales by Geographic Area (a) Three Months Ended March 31, (In thousands) 2021 2020 United States $ 132,897 $ 134,985 Exports from the United States to: Asia 13,362 22,064 Latin America 1,102 986 Canada 5,434 4,629 Europe 955 1,317 Operations outside the United States: Brazil 24,849 21,280 Total $ 178,599 $ 185,261 (a) Export sales relate entirely to PE Films. Operations in Brazil are related to Flexible Packaging Films. 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 $6.9 million and $9.3 million in the first quarters of 2021 and 2020, respectively. Net Sales by Product Group Three Months Ended March 31, (In thousands) 2021 2020 Aluminum Extrusions: Nonresidential building & construction $ 57,229 $ 63,139 Consumer durables 13,152 12,549 Automotive 11,415 9,471 Residential building & construction 12,708 9,815 Electrical 7,180 7,239 Machinery & equipment 8,925 7,936 Distribution 7,516 7,738 Subtotal 118,125 117,887 PE Films: Surface protection films 20,601 28,353 Packaging 7,352 6,769 LED lighting products — 1,678 Subtotal 27,953 36,800 Flexible Packaging Films 32,521 30,574 Total $ 178,599 $ 185,261 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Tredegar recorded tax expense of $3.1 million on pretax income from continuing operations of $12.7 million in the first three months of 2021. Therefore, the effective tax rate in the first three months of 2021 was 24.4%, compared to 23.2% in the first three months of 2020. The quarterly effective tax rate is an estimate based on a proration of the components of the Company’s estimated annual effective tax rate and discrete items recorded during the first three months of the year. The significant differences between the U.S. federal statutory rate and the effective income tax rate for the three months ended March 31, 2021 and 2020 are as follows: (In thousands, except percentages) 2021 2020 Three Months Ended March 31, Amount % Amount % Income tax (benefit) expense at federal statutory rate $ 2,670 21.0 % $ (5,647) 21.0 % Foreign rate differences 982 7.7 % 1,027 (3.8) % U.S. Tax on Foreign Branch Income 508 4.0 % 702 (2.6) % State taxes, net of federal income tax benefit 239 1.9 % (307) 1.1 % Stock-based compensation 191 1.5 % 251 (0.9) % Non-deductible expenses 155 1.2 % 190 (0.7) % Valuation allowance for capital loss carry-forwards 35 0.3 % 40 (0.1) % Changes in estimates related to prior year tax provision — — % (601) 2.2 % Tax impact of dividend received (33) (0.3) % — — % Research and development tax credit (182) (1.4) % (205) 0.8 % Foreign tax incentives (1,468) (11.5) % (1,676) 6.2 % Income tax expense (benefit) at effective income tax rate $ 3,097 24.4 % $ (6,226) 23.2 % Tredegar accrues U.S. federal income taxes on unremitted earnings of foreign subsidiaries where required. However, due to changes in the taxation of dividends under the U.S. Tax Cuts and Jobs Act of 2017, Tredegar will only record U.S. federal income taxes on unremitted earnings of its foreign subsidiaries where Tredegar cannot take steps to eliminate any potential tax on future distributions from its foreign subsidiaries. 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 Ltda.’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 to 15.25% levied on the operating profit on certain of its products. The incentives have been granted for a 13-year period, from the commencement date of January 1, 2015. The benefit from the tax incentives was $1.5 million and $1.7 million in the first three months of 2021 and 2020, respectively. Tredegar and its subsidiaries file income tax returns in the U.S., various states, and jurisdictions outside the U.S. With exceptions for some U.S. states and non-U.S. jurisdictions, Tredegar and its subsidiaries are no longer subject to U.S. federal, state or non-U.S. income tax examinations by tax authorities for years before 2017. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory, Net [Abstract] | |
Schedule of Inventory, Current | The components of inventories are as follows: (In thousands) March 31, 2021 December 31, 2020 Finished goods $ 16,288 $ 15,251 Work-in-process 11,531 9,098 Raw materials 25,639 25,913 Stores, supplies and other 17,165 16,175 Total $ 70,623 $ 66,437 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Diluted earnings per share is computed by dividing net income (loss) from continuing and discontinued operations by the weighted average common and potentially dilutive common equivalent shares outstanding, determined as follows: Three Months Ended March 31, (In thousands) 2021 2020 Weighted average shares outstanding used to compute basic earnings per share 33,406 33,313 Incremental dilutive shares attributable to stock options and restricted stock 238 — Shares used to compute diluted earnings per share 33,644 33,313 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Schedule Of After-Tax Changes In Accumulated Other Comprehensive Income (Loss) | The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2021: (In thousands) Foreign Gain (loss) on Pension and other post-retirement benefit adjustments Total Beginning balance, January 1, 2021 $ (84,149) $ 2,264 $ (96,519) $ (178,404) Other comprehensive income (loss) before reclassifications (2,648) 273 — (2,375) Amounts reclassified from accumulated other comprehensive income (loss) — (509) 3,319 2,810 Net other comprehensive income (loss) - current period (2,648) (236) 3,319 435 Ending balance, March 31, 2021 $ (86,797) $ 2,028 $ (93,200) $ (177,969) | The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2020: (In thousands) Foreign Gain (loss) on Pension and other post-retirement benefit adjustments Total Beginning balance, January 1, 2020 $ (100,663) $ (1,307) $ (95,681) $ (197,651) Other comprehensive income (loss) before reclassifications (11,529) (4,888) — (16,417) Amounts reclassified from accumulated other comprehensive income (loss) — 1,113 2,931 4,044 Net other comprehensive income (loss) - current period (11,529) (3,775) 2,931 (12,373) Ending balance, March 31, 2020 $ (112,192) $ (5,082) $ (92,750) $ (210,024) |
Schedule Of Reclassifications Of Balances Out Of Accumulated Other Comprehensive Income (Loss) Into Net Income | Reclassifications of balances out of accumulated other comprehensive income (loss) into net income (loss) for the three months ended March 31, 2021 are summarized as follows: (In thousands) Amount reclassified from other comprehensive income (loss) Location of gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (loss) Gain (loss) on derivative financial instruments: Aluminum future contracts, before taxes $ 640 Cost of sales Foreign currency forward contracts, before taxes (2) Selling, general & administrative Foreign currency forward contracts, before taxes 17 Cost of sales Total, before taxes 655 Income tax expense (benefit) 146 Income tax expense (benefit) Total, net of tax $ 509 Amortization of pension and other post-retirement benefits: Actuarial gain (loss) and prior service costs, before taxes $ (4,243) (a) Income tax expense (benefit) (924) Income tax expense (benefit) Total, net of tax $ (3,319) (a) This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost (see Note 9 for additional detail). | Reclassifications of balances out of accumulated other comprehensive income (loss) into net income for the three months ended March 31, 2020 are summarized as follows: (In thousands) Amount reclassified from other comprehensive income (loss) Location of gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (loss) Gain (loss) on derivative financial instruments: Aluminum future contracts, before taxes $ (640) Cost of sales Foreign currency forward contracts, before taxes (794) Selling, general & administrative Foreign currency forward contracts, before taxes 15 Cost of sales Total, before taxes (1,419) Income tax expense (benefit) (306) Income tax expense (benefit) Total, net of tax $ (1,113) Amortization of pension and other post-retirement benefits: Actuarial gain (loss) and prior service costs, before taxes $ (3,767) (a) Income tax expense (benefit) (836) Income tax expense (benefit) Total, net of tax $ (2,931) (a) This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost (see Note 9 for additional detail). |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivatives, Fair Value [Line Items] | |
Schedule Of Pretax Effect On Net Income (Loss) And Other Comprehensive Income (Loss) Of Derivative Instruments Classified As Cash Flow Hedges | The pretax effect on net income (loss) and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for the three month periods ended March 31, 2021 and 2020 is summarized in the table below: Cash Flow Derivative Hedges Three Months Ended March 31, Aluminum Futures Contracts Foreign Currency Forwards (In thousands) 2021 2020 2021 2020 Amount of pretax gain (loss) recognized in other comprehensive income (loss) $ 1,515 $ (1,594) $ — $ (1,283) $ — $ (4,824) Location of gain (loss) reclassified from accumulated other comprehensive income (loss) into net income (effective portion) Cost of Cost of Cost of Selling, general & admin Cost of Selling, general & admin Amount of pretax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (effective portion) $ 640 $ (640) $ 17 $ (2) $ 15 $ (794) |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 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 exists as part of ongoing business operations 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. 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. The notional amount of aluminum futures contracts that hedged future purchases of aluminum to meet fixed-price forward sales contract obligations was $10.4 million (10.5 million pounds of aluminum) at March 31, 2021 and $12.1 million (13.0 million pounds of aluminum) at December 31, 2020. The table below summarizes the location and gross amounts of aluminum futures contract fair values (Level 2) in the consolidated balance sheets as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (In thousands) Balance Sheet Fair Balance Sheet Fair Derivatives Designated as Hedging Instruments Asset derivatives: Aluminum futures contracts Prepaid expenses and other $ 2,413 Prepaid expenses and other $ 1,560 Liability derivatives: Aluminum futures contracts Accrued expenses — Accrued expenses (22) Net asset $ 2,413 $ 1,538 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 Flexible Packaging Film's business unit in Brazil (“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 ("R$") is annual net costs of R$119 million. Terphane Ltda. has the following outstanding foreign exchange average forward rate contracts to purchase Brazilian Real and sell U.S. Dollars: USD Notional Amount (000s) Average Forward Rate Contracted on USD/BRL R$ Equivalent Amount (000s) Applicable Month Estimated % of Terphane Ltda. R$ Operating Cost Exposure Hedged $1,320 5.4765 R$7,229 Apr-21 73% $1,285 5.4778 R$7,039 May-21 71% $1,395 5.4882 R$7,656 Jun-21 77% $1,450 5.4945 R$7,967 Jul-21 80% $1,430 5.4993 R$7,864 Aug-21 79% $1,520 5.5105 R$8,376 Sep-21 84% $1,400 5.5100 R$7,714 Oct-21 78% $1,495 5.5224 R$8,256 Nov-21 83% $1,170 5.5060 R$6,442 Dec-21 65% $12,465 5.4988 R$68,543 77% 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. Pre-tax accumulated losses of $0.4 million related to the net fair value of the open forward contracts is reported in accumulated other comprehensive income (loss) as of March 31, 2021. 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 March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (In thousands) Balance Sheet Fair Balance Sheet Fair Derivatives Designated as Hedging Instruments Asset derivatives: Foreign currency forward contracts Prepaid expenses and other $ — Prepaid expenses and other $ 853 Liability derivatives: Foreign currency forward contracts Accrued expenses (468) Accrued expenses (466) Net asset (liability) $ (468) $ 387 These derivative contracts involve elements of market risk that are not reflected on the consolidated balance sheet, including the risk of dealing with counterparties and their ability to meet the terms of the contracts. The counterparties to any forward purchase commitments are major aluminum brokers and suppliers, and the counterparties to any aluminum futures contracts are major financial institutions. Fixed-price forward sales contracts are only made available to the best and most credit-worthy customers. The counterparties to the Company’s foreign currency cash flow hedge contracts are major financial institutions. The pretax effect on net income (loss) and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for the three month periods ended March 31, 2021 and 2020 is summarized in the table below: Cash Flow Derivative Hedges Three Months Ended March 31, Aluminum Futures Contracts Foreign Currency Forwards (In thousands) 2021 2020 2021 2020 Amount of pretax gain (loss) recognized in other comprehensive income (loss) $ 1,515 $ (1,594) $ — $ (1,283) $ — $ (4,824) Location of gain (loss) reclassified from accumulated other comprehensive income (loss) into net income (effective portion) Cost of Cost of Cost of Selling, general & admin Cost of Selling, general & admin Amount of pretax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (effective portion) $ 640 $ (640) $ 17 $ (2) $ 15 $ (794) As of March 31, 2021, the Company expects $1.8 million of unrealized after-tax gains on derivative instruments reported in accumulated other comprehensive income (loss) to be reclassified to earnings within the next 12 months. For the three month periods ended March 31, 2021 and 2020, net gains or losses realized, from previously unrealized net gains or losses on hedges that had been discontinued, were not material. |
Derivative, Description of Hedged Item | Terphane Ltda. has the following outstanding foreign exchange average forward rate contracts to purchase Brazilian Real and sell U.S. Dollars: USD Notional Amount (000s) Average Forward Rate Contracted on USD/BRL R$ Equivalent Amount (000s) Applicable Month Estimated % of Terphane Ltda. R$ Operating Cost Exposure Hedged $1,320 5.4765 R$7,229 Apr-21 73% $1,285 5.4778 R$7,039 May-21 71% $1,395 5.4882 R$7,656 Jun-21 77% $1,450 5.4945 R$7,967 Jul-21 80% $1,430 5.4993 R$7,864 Aug-21 79% $1,520 5.5105 R$8,376 Sep-21 84% $1,400 5.5100 R$7,714 Oct-21 78% $1,495 5.5224 R$8,256 Nov-21 83% $1,170 5.5060 R$6,442 Dec-21 65% $12,465 5.4988 R$68,543 77% |
Aluminum Futures Contracts | |
Derivatives, Fair Value [Line Items] | |
Summary Of Location And Fair Value Of Derivative Financial Instruments | The table below summarizes the location and gross amounts of aluminum futures contract fair values (Level 2) in the consolidated balance sheets as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (In thousands) Balance Sheet Fair Balance Sheet Fair Derivatives Designated as Hedging Instruments Asset derivatives: Aluminum futures contracts Prepaid expenses and other $ 2,413 Prepaid expenses and other $ 1,560 Liability derivatives: Aluminum futures contracts Accrued expenses — Accrued expenses (22) Net asset $ 2,413 $ 1,538 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The table below summarizes the location and gross amounts of aluminum futures contract fair values (Level 2) in the consolidated balance sheets as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (In thousands) Balance Sheet Fair Balance Sheet Fair Derivatives Designated as Hedging Instruments Asset derivatives: Aluminum futures contracts Prepaid expenses and other $ 2,413 Prepaid expenses and other $ 1,560 Liability derivatives: Aluminum futures contracts Accrued expenses — Accrued expenses (22) Net asset $ 2,413 $ 1,538 |
Pension And Other Post-Retire_2
Pension And Other Post-Retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule Of Components Of Net Periodic Benefit Cost For Pension And Other Post-Retirement Benefit Programs | The components of net periodic benefit cost for the pension and other postretirement benefit programs reflected in the consolidated statements of income for the three months ended March 31, 2021 and 2020, are shown below: Pension Benefits Other Post-Retirement Benefits Three Months Ended March 31, Three Months Ended March 31, (In thousands) 2021 2020 2021 2020 Service cost $ — $ — $ 9 $ 9 Interest cost 2,102 2,535 50 60 Expected return on plan assets (2,862) (2,804) — — Amortization of prior service costs, (gains) losses and net transition asset 4,265 3,814 (24) (47) Net periodic benefit cost $ 3,505 $ 3,545 $ 35 $ 22 |
Other Income (Expense), Net Oth
Other Income (Expense), Net Other Income (Expense), Net Summary Table (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Three Months Ended March 31, (In thousands) 2021 2020 Gain (loss) on investment in kaléo accounted for under fair value method (b) $ 718 $ (26,100) Transition service fees, net of corporate costs associated with the divested Personal Care business 304 — COVID-19-related expenses, net of relief (a) (19) — Other (243) (30) Total $ 760 $ (26,130) (a) Costs associated with operating under COVID-19 conditions include employee overtime expenses associated with absenteeism, personal protective equipment supplies and facility maintenance. (b) The gain in the first quarter of 2021 includes a $0.3 million dividend received from kaléo. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting Information By Segment | The following table presents net sales and EBITDA from ongoing operations by segment for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, (In thousands) 2021 2020 Net Sales Aluminum Extrusions $ 118,125 $ 117,887 PE Films 27,953 36,800 Flexible Packaging Films 32,521 30,574 Total net sales 178,599 185,261 Add back freight 6,223 6,875 Sales as shown in the consolidated statements of income $ 184,822 $ 192,136 EBITDA from Ongoing Operations Aluminum Extrusions: Ongoing operations: EBITDA $ 13,302 $ 11,677 Depreciation & amortization (4,130) (4,113) EBIT 9,172 7,564 Plant shutdowns, asset impairments, restructurings and other 183 (688) Goodwill impairment — (13,696) PE Films: Ongoing operations: EBITDA 7,213 12,413 Depreciation & amortization (1,420) (1,494) EBIT 5,793 10,919 Plant shutdowns, asset impairments, restructurings and other (124) (28) Flexible Packaging Films: Ongoing operations: EBITDA 9,623 6,553 Depreciation & amortization (466) (428) EBIT 9,157 6,125 Plant shutdowns, asset impairments, restructurings and other (38) — Total 24,143 10,196 Interest income 7 27 Interest expense 822 555 Gain (loss) on investment in kaléo accounted for under fair value method 718 (26,100) Stock option-based compensation costs 468 566 Corporate expenses, net 10,863 9,891 Income (loss) from continuing operations before income taxes 12,715 (26,889) Income tax expense (benefit) 3,097 (6,226) Income (loss) from continuing operations 9,618 (20,663) Income (loss) from discontinued operations, net of tax (587) (1,658) Net income (loss) $ 9,031 $ (22,321) |
Schedule Of Identifiable Assets By Segment | The following table presents identifiable assets by segment at March 31, 2021 and December 31, 2020: (In thousands) March 31, 2021 December 31, 2020 Aluminum Extrusions $ 254,197 $ 244,560 PE Films 118,755 119,013 Flexible Packaging Films 59,680 66,453 Subtotal 432,632 430,026 General corporate 64,577 71,508 Cash and cash equivalents 21,859 11,846 Discontinued operations 3,436 1,490 Total $ 522,504 $ 514,870 |
Disaggregation of Revenue [Table Text Block] | The following tables disaggregate the Company’s revenue by geographic area and product group for the three months ended March 31, 2021 and 2020: Net Sales by Geographic Area (a) Three Months Ended March 31, (In thousands) 2021 2020 United States $ 132,897 $ 134,985 Exports from the United States to: Asia 13,362 22,064 Latin America 1,102 986 Canada 5,434 4,629 Europe 955 1,317 Operations outside the United States: Brazil 24,849 21,280 Total $ 178,599 $ 185,261 (a) Export sales relate entirely to PE Films. Operations in Brazil are related to Flexible Packaging Films. 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 $6.9 million and $9.3 million in the first quarters of 2021 and 2020, respectively. Net Sales by Product Group Three Months Ended March 31, (In thousands) 2021 2020 Aluminum Extrusions: Nonresidential building & construction $ 57,229 $ 63,139 Consumer durables 13,152 12,549 Automotive 11,415 9,471 Residential building & construction 12,708 9,815 Electrical 7,180 7,239 Machinery & equipment 8,925 7,936 Distribution 7,516 7,738 Subtotal 118,125 117,887 PE Films: Surface protection films 20,601 28,353 Packaging 7,352 6,769 LED lighting products — 1,678 Subtotal 27,953 36,800 Flexible Packaging Films 32,521 30,574 Total $ 178,599 $ 185,261 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Effective Income Tax Rate For Continuing Operations | The significant differences between the U.S. federal statutory rate and the effective income tax rate for the three months ended March 31, 2021 and 2020 are as follows: (In thousands, except percentages) 2021 2020 Three Months Ended March 31, Amount % Amount % Income tax (benefit) expense at federal statutory rate $ 2,670 21.0 % $ (5,647) 21.0 % Foreign rate differences 982 7.7 % 1,027 (3.8) % U.S. Tax on Foreign Branch Income 508 4.0 % 702 (2.6) % State taxes, net of federal income tax benefit 239 1.9 % (307) 1.1 % Stock-based compensation 191 1.5 % 251 (0.9) % Non-deductible expenses 155 1.2 % 190 (0.7) % Valuation allowance for capital loss carry-forwards 35 0.3 % 40 (0.1) % Changes in estimates related to prior year tax provision — — % (601) 2.2 % Tax impact of dividend received (33) (0.3) % — — % Research and development tax credit (182) (1.4) % (205) 0.8 % Foreign tax incentives (1,468) (11.5) % (1,676) 6.2 % Income tax expense (benefit) at effective income tax rate $ 3,097 24.4 % $ (6,226) 23.2 % |
Basis Of Presentation Trade nam
Basis Of Presentation Trade name accelerated amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of Trade Name Accelerated Amortization [Line Items] | ||
Amortization of identifiable intangibles | $ 723 | $ 758 |
Aluminum Extrusions [Member] | ||
Schedule of Trade Name Accelerated Amortization [Line Items] | ||
Amortization of identifiable intangibles | $ (13,696) |
Basis Of Presentation - Account
Basis Of Presentation - Accounts and Other Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable, after Allowance for Credit Loss | $ 87,648 | $ 86,327 |
Accounts Receivable, before Allowance for Credit Loss, Current | 88,280 | 85,274 |
Other Receivables | 2,174 | 3,850 |
Allowance for Doubtful Accounts, Premiums and Other Receivables | $ 2,806 | $ 2,797 |
Impairment (Details)
Impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Goodwill, Impairment Loss | $ 0 | $ (13,696) |
Goodwill, Impairment Loss, Net of Tax | 10,500 | |
Aluminum Extrusions [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Goodwill, Impairment Loss | $ 0 | $ 13,696 |
Divestitures and Assets Held _2
Divestitures and Assets Held for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Aug. 24, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Prepaid and Other Assets, Current | $ 3,285 | $ 1,339 | ||
Depreciation and Amortization, Discontinued Operations | 0 | $ 2,231 | ||
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | 0 | 30,142 | ||
Disposal Group, Including Discontinued Operation, Freight | 0 | 1,705 | ||
Disposal Group, Including Discontinued Operation, General and Administrative Expense | 1,050 | 3,125 | ||
Disposal Group, Including Discontinued Operation, Research and Develpoment | 0 | 2,685 | ||
Disposal Group, Including Discontinued Operation, Other Expense | 0 | 400 | ||
Asset Impairment Charges | (299) | 0 | ||
Disposal Group, Including Discontinued Operation, Operating Expense | 751 | 38,057 | ||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | (751) | (1,972) | ||
Income Tax Expense (Benefit), Continuing Operations, Discontinued Operations | (164) | (314) | ||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | (587) | (1,658) | ||
Disposal Group, Including Discontinued Operation, Revenue | 0 | 36,166 | ||
Disposal Group, Including Discontinued Operation, Other Income | 0 | 81 | ||
Disposal Group, Including Discontinued Operation, Gross Profit (Loss) | 0 | 36,085 | ||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | (299) | 2,502 | ||
Capital Expenditure, Discontinued Operations | 0 | (795) | ||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 151 | 151 | ||
Disposal Group, Including Discontinued Operation, Assets | 3,436 | 1,490 | ||
Disposal Group, Including Discontinued Operation, Accrued Expenses | 6,438 | (7,521) | ||
Disposal Group, Including Discontinued Operation, Consideration | 60,500 | $ 60,500 | ||
Assets Held-for-sale, Not Part of Disposal Group | 4,600 | |||
Disposal Group, Including Discontinued Operation, Accrued Severance | 1,300 | 2,100 | ||
Disposal Group, Including Discontinued Operation, Deferred Obligation | 4,600 | 5,300 | ||
Disposal Group, Including Discontinued Operation, Other Accrued Expense | 500 | 200 | ||
Disposal Group, Including Discontinued Operation, Deferred Assets | 2,900 | 900 | ||
Disposal Group, Including Discontinued Operation, Other Receivable | 400 | $ 400 | ||
Disposal Group, Including Discontinued Operation, Asset Impairment | 0 | 271 | ||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | $ (299) | $ 2,502 |
Inventories (Schedule Of Compon
Inventories (Schedule Of Components Of Inventories) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory, Net [Abstract] | ||
Finished goods | $ 16,288 | $ 15,251 |
Work-in-process | 11,531 | 9,098 |
Raw materials | 25,639 | 25,913 |
Stores, supplies and other | 17,165 | 16,175 |
Total | $ 70,623 | $ 66,437 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 411,516 | 682,696 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Weighted average shares outstanding used to compute basic earnings per share | 33,406 | 33,313 |
Incremental dilutive shares attributable to stock options and restricted stock | 238 | 0 |
Shares used to compute diluted earnings per share | 33,644 | 33,313 |
Maturity of Lease Liability Tab
Maturity of Lease Liability Table (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 15,482 | $ 16,037 |
Operating Lease, Liability, Noncurrent | 14,424 | 14,949 |
Operating Lease, Liability, Current | $ 2,066 | $ 2,082 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Schedule Of After-Tax Changes In Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Selling, general and administrative | $ 18,384 | $ 20,044 |
Beginning of Period | (178,404) | (197,651) |
Other comprehensive income (loss) before reclassifications | (2,375) | (16,417) |
Amounts reclassified from accumulated other comprehensive income (loss) | 2,810 | 4,044 |
Net other comprehensive income (loss) - current period | 435 | (12,373) |
End of Period | (177,969) | (210,024) |
Income (loss) from continuing operations before income taxes | 12,715 | (26,889) |
Income Tax Expense (Benefit) | 3,097 | (6,226) |
Net Income (Loss) Attributable to Parent | 9,031 | (22,321) |
Foreign Currency Translation | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning of Period | (84,149) | (100,663) |
Other comprehensive income (loss) before reclassifications | (2,648) | (11,529) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Net other comprehensive income (loss) - current period | (2,648) | (11,529) |
End of Period | (86,797) | (112,192) |
Gain (Loss) on Derivative Financial Instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning of Period | 2,264 | (1,307) |
Other comprehensive income (loss) before reclassifications | 273 | (4,888) |
Amounts reclassified from accumulated other comprehensive income (loss) | (509) | 1,113 |
Net other comprehensive income (loss) - current period | (236) | (3,775) |
End of Period | 2,028 | (5,082) |
Pension & Other Post-retirement Benefit Adjustment | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning of Period | (96,519) | (95,681) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 3,319 | 2,931 |
Net other comprehensive income (loss) - current period | 3,319 | 2,931 |
End of Period | (93,200) | (92,750) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain (Loss) on Derivative Financial Instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Income (loss) from continuing operations before income taxes | 655 | (1,419) |
Income Tax Expense (Benefit) | 146 | (306) |
Net Income (Loss) Attributable to Parent | 509 | (1,113) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension & Other Post-retirement Benefit Adjustment | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Income Tax Expense (Benefit) | (924) | (836) |
Net Income (Loss) Attributable to Parent | (3,319) | (2,931) |
Amortization Of Prior Service Costs And Net Gains Loss | (4,243) | (3,767) |
Aluminum Futures Contracts [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain (Loss) on Derivative Financial Instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Cost of goods sold | 640 | (640) |
Cost of Sales [Member] | Foreign Currency Forward Contracts [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain (Loss) on Derivative Financial Instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Cost of goods sold | $ 17 | $ 15 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Schedule Of Reclassifications Of Balances Out Of Accumulated Other Comprehensive Income (Loss) Into Net Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (177,969) | $ (210,024) | $ (178,404) | $ (197,651) |
Selling, general and administrative | 18,384 | 20,044 | ||
Income before income taxes | (12,715) | 26,889 | ||
Income taxes from continuing operations | (3,097) | 6,226 | ||
Net income (loss) | 9,031 | (22,321) | ||
Foreign Currency Translation | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (86,797) | (112,192) | (84,149) | (100,663) |
Gain (Loss) on Derivative Financial Instruments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 2,028 | (5,082) | 2,264 | (1,307) |
Pension & Other Post-retirement Benefit Adjustment | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (93,200) | (92,750) | $ (96,519) | $ (95,681) |
Reclassification Out Of Accumulated Other Comprehensive Income | Gain (Loss) on Derivative Financial Instruments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income before income taxes | (655) | 1,419 | ||
Income taxes from continuing operations | (146) | 306 | ||
Net income (loss) | 509 | (1,113) | ||
Reclassification Out Of Accumulated Other Comprehensive Income | Gain (Loss) on Derivative Financial Instruments | Aluminum Futures Contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of goods sold | 640 | (640) | ||
Reclassification Out Of Accumulated Other Comprehensive Income | Pension & Other Post-retirement Benefit Adjustment | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Actuarial gain (loss) and prior service costs, before taxes | (4,243) | (3,767) | ||
Income taxes from continuing operations | 924 | 836 | ||
Net income (loss) | (3,319) | (2,931) | ||
Selling, General and Administrative Expenses [Member] | Reclassification Out Of Accumulated Other Comprehensive Income | Gain (Loss) on Derivative Financial Instruments | Foreign Currency Forward Contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Selling, general and administrative | (2) | (794) | ||
Cost of Sales [Member] | Reclassification Out Of Accumulated Other Comprehensive Income | Gain (Loss) on Derivative Financial Instruments | Foreign Currency Forward Contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of goods sold | $ 17 | $ 15 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) 1 - kaleo [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2008 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Equity Method Investment, Ownership Percentage | 19.00% | ||
Total cash invested in private company | $ 7.5 | ||
Carrying value | $ 35 | $ 34.6 | |
Equity Method Investment, Ownership Percentage | 19.00% | ||
Carrying value | $ 35 | $ 34.6 | |
Total cash invested in private company | $ 7.5 | ||
DCF Method for Fair Value Estimate [Member] | |||
Equity Method Investments and Joint Ventures [Abstract] | |||
Weighting of EBITDA Multiple Method versus DCF Method | 80.00% | ||
Weighting of EBITDA Multiple Method versus DCF Method | 80.00% | ||
EBITDA Multiple Method for Fair Value Estimate [Member] | |||
Equity Method Investments and Joint Ventures [Abstract] | |||
Weighting of EBITDA Multiple Method versus DCF Method | 20.00% | ||
Weighting of EBITDA Multiple Method versus DCF Method | 20.00% | ||
Measurement Input, Discount Rate [Member] | DCF Method for Fair Value Estimate [Member] | |||
Equity Method Investments and Joint Ventures [Abstract] | |||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 20.00% | 20.00% | |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 20.00% | 20.00% |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) R$ in Thousands, $ in Thousands, lbs in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021BRL (R$) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($)lbs | Mar. 31, 2021BRL (R$)lbs | Dec. 31, 2020USD ($)lbs | |
Derivative [Line Items] | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 400 | ||||
Amounts of unrealized after tax gains (losses) to be Reclassified within Twelve Months | $ (1,800) | ||||
Aluminum Futures Contracts | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | $ 10,400 | $ 12,100 | |||
Commitment Under Cash Flow Hedges, Mass | lbs | 10.5 | 10.5 | 13 | ||
Terphane Ltda [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | $ 12,465 | R$ 68543 | |||
Accrued Expenses [Member] | Derivatives Designated As Hedging Instruments [Member] | Aluminum Futures Contracts | |||||
Derivative [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 2,413 | $ 1,560 | |||
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 22 | |||
Oct-2018 [Member] | Terphane Ltda [Member] | |||||
Derivative [Line Items] | |||||
Annual Net Costs Mismatch Translation Exposure - Real vs US Dollar | R$ | R$ 119000 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Summary Of Location And Fair Value Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Flexible Packaging Films [Member] [Domain] | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ (468) | $ 387 |
Aluminum Futures Contracts | Prepaid Expenses and Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 2,413 | 1,538 |
Derivatives Designated As Hedging Instruments [Member] | Flexible Packaging Films [Member] [Domain] | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 853 |
Liability derivatives: Fair Value | 468 | 466 |
Derivatives Designated As Hedging Instruments [Member] | Aluminum Futures Contracts | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 2,413 | 1,560 |
Liability derivatives: Fair Value | $ 0 | $ (22) |
Derivative Financial Instrume_5
Derivative 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 | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Foreign Currency Forwards And Options [Member] | Cost Of Sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of pretax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (effective portion) | $ 17 | $ 15 |
Foreign Currency Forwards And Options [Member] | Selling, General and Administrative Expenses [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of pretax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (effective portion) | (2) | (794) |
Cash Flow Derivative Hedges | Aluminum Futures Contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of pretax gain (loss) recognized in other comprehensive income (loss) | 1,515 | (1,594) |
Cash Flow Derivative Hedges | Aluminum Futures Contracts | Cost Of Sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of pretax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (effective portion) | 640 | (640) |
Cash Flow Derivative Hedges | Foreign Currency Forwards And Options | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of pretax gain (loss) recognized in other comprehensive income (loss) | 0 | 0 |
Cash Flow Derivative Hedges | Foreign Currency Forwards And Options | Selling, General and Administrative Expenses [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of pretax gain (loss) recognized in other comprehensive income (loss) | $ (1,283) | $ (4,824) |
Derivative Financial Instrume_6
Derivative Financial Instruments Terphane Future Cash Flow Hedges (Details) - Terphane Ltda [Member] R$ in Thousands, $ in Thousands | Mar. 31, 2021USD ($) | Mar. 31, 2021BRL (R$) |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 12,465 | R$ 68543 |
Percentage of Coverage Using Cash Flow Hedges | 77.00% | 77.00% |
Foreign Currency Exchange Rate, Translation | 5.4988 | 5.4988 |
Apr-21 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 1,320 | R$ 7229 |
Percentage of Coverage Using Cash Flow Hedges | 73.00% | 73.00% |
Foreign Currency Exchange Rate, Translation | 5.4765 | 5.4765 |
May-21 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 1,285 | R$ 7039 |
Percentage of Coverage Using Cash Flow Hedges | 71.00% | 71.00% |
Foreign Currency Exchange Rate, Translation | 5.4778 | 5.4778 |
Jun-21 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 1,395 | R$ 7656 |
Percentage of Coverage Using Cash Flow Hedges | 77.00% | 77.00% |
Foreign Currency Exchange Rate, Translation | 5.4882 | 5.4882 |
Jul-21 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 1,450 | R$ 7967 |
Percentage of Coverage Using Cash Flow Hedges | 80.00% | 80.00% |
Foreign Currency Exchange Rate, Translation | 5.4945 | 5.4945 |
Aug-21 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 1,430 | R$ 7864 |
Percentage of Coverage Using Cash Flow Hedges | 79.00% | 79.00% |
Foreign Currency Exchange Rate, Translation | 5.4993 | 5.4993 |
Sep-21 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 1,520 | R$ 8376 |
Percentage of Coverage Using Cash Flow Hedges | 84.00% | 84.00% |
Foreign Currency Exchange Rate, Translation | 5.5105 | 5.5105 |
Oct-21 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 1,400 | R$ 7714 |
Percentage of Coverage Using Cash Flow Hedges | 78.00% | 78.00% |
Foreign Currency Exchange Rate, Translation | 5.5100 | 5.5100 |
Nov-21 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 1,495 | R$ 8256 |
Percentage of Coverage Using Cash Flow Hedges | 83.00% | 83.00% |
Foreign Currency Exchange Rate, Translation | 5.5224 | 5.5224 |
Dec-21 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 1,170 | R$ 6442 |
Percentage of Coverage Using Cash Flow Hedges | 65.00% | 65.00% |
Foreign Currency Exchange Rate, Translation | 5.5060 | 5.5060 |
Pension And Other Post-Retire_3
Pension And Other Post-Retirement Benefits (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $ (106.7) | $ (111.3) |
Other Post-Retirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Contribution to pension plans for continuing operations | 0.5 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected required contributions | 11.7 | |
Accrued Expenses [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Liability, Defined Benefit Plan, Current | $ 0.7 |
Pension And Other Post-Retire_4
Pension And Other Post-Retirement Benefits (Schedule Of Components Of Net Periodic Benefit Cost For Pension And Other Post-Retirement Benefit Programs) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 2,102 | 2,535 |
Expected return on plan assets | (2,862) | (2,804) |
Amortization of prior service costs, (gains) losses and net transition asset | 4,265 | 3,814 |
Net periodic benefit cost | 3,505 | 3,545 |
Other Post-Retirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 9 | 9 |
Interest cost | 50 | 60 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service costs, (gains) losses and net transition asset | (24) | (47) |
Net periodic benefit cost | $ 35 | $ 22 |
Other Income (Expense), Net (De
Other Income (Expense), Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Income and Expenses [Abstract] | ||
Other income (expense), net | $ 760 | $ (26,130) |
Other Nonoperating Income (Expense), Net - Other | (243) | $ (30) |
Investment Income, Dividend | $ 300 |
Other Income (Expense), Net O_2
Other Income (Expense), Net Other Income (Expense), Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Nonoperating Income (Expense), Net - Total | $ 760 | $ (26,130) |
Investment Income, Dividend | 300 | |
Other Nonrecurring Expense | 304 | 0 |
Other Nonoperating Income (Expense), Net - Other | (243) | (30) |
Other Nonoperating Expense | 19 | 0 |
kaleo [Member] | ||
Unrealized Gain (Loss) on Investments - kaleo | $ 718 | $ (26,100) |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Segment Reporting Information By Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Total net sales | $ 178,599 | $ 185,261 |
Gross Sales | 184,822 | 192,136 |
Goodwill, Impairment Loss | 0 | (13,696) |
Amortization of identifiable intangibles | 723 | 758 |
Goodwill, Impairment Loss, Net of Tax | 10,500 | |
Total Segment Income (Loss) | 24,143 | 10,196 |
Interest income | 7 | 27 |
Interest expense | 822 | 555 |
Gain (loss) on investment in kaléo accounted for under fair value method | 400 | (26,100) |
Stock option-based compensation costs | 468 | 566 |
Corporate expenses, net | 10,863 | 9,891 |
Income from continuing operations before income taxes | 12,715 | (26,889) |
Income taxes from continuing operations | 3,097 | (6,226) |
Income from continuing operations | 9,618 | (20,663) |
Net Income (Loss) Attributable to Parent | 9,031 | (22,321) |
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | (587) | (1,658) |
kaleo | ||
Segment Reporting Information [Line Items] | ||
Gain (loss) on investment in kaléo accounted for under fair value method | 718 | (26,100) |
PE Films | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 27,953 | 36,800 |
EBITDA | (124) | (28) |
Earnings before interest, taxes, depreciation and amortization (EBITDA) | 7,213 | 12,413 |
Depreciation, Depletion and Amortization | (1,420) | (1,494) |
Earnings before interest and taxes (EBIT) | 5,793 | 10,919 |
Flexible Packaging Films [Member] [Domain] | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 32,521 | 30,574 |
EBITDA | (38) | 0 |
Aluminum Extrusions [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 118,125 | 117,887 |
EBITDA | 183 | (688) |
Goodwill, Impairment Loss | 0 | 13,696 |
Amortization of identifiable intangibles | (13,696) | |
Earnings before interest, taxes, depreciation and amortization (EBITDA) | 13,302 | 11,677 |
Depreciation, Depletion and Amortization | (4,130) | (4,113) |
Earnings before interest and taxes (EBIT) | 9,172 | 7,564 |
Flexible Packaging Films [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before interest, taxes, depreciation and amortization (EBITDA) | 9,623 | 6,553 |
Depreciation, Depletion and Amortization | (466) | (428) |
Earnings before interest and taxes (EBIT) | 9,157 | 6,125 |
Shipping and Handling [Member] | ||
Segment Reporting Information [Line Items] | ||
Cost of goods sold | 6,223 | 6,875 |
Personal Care Materials [Member] | PE Films | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 7,352 | 6,769 |
Surface Protection Films [Member] | PE Films | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 20,601 | 28,353 |
Films For Other Markets [Member] | PE Films | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 0 | 1,678 |
Film Products Subtotal [Member] | PE Films | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 27,953 | 36,800 |
Nonresidential Building And Construction [Member] | Aluminum Extrusions [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 57,229 | 63,139 |
Consumer Durables [Member] | Aluminum Extrusions [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 13,152 | 12,549 |
Distribution [Member] | Aluminum Extrusions [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 7,516 | 7,738 |
Automotive [Member] | Aluminum Extrusions [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 11,415 | 9,471 |
Residential Building And Construction [Member] | Aluminum Extrusions [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 12,708 | 9,815 |
Machinery and Equipment BNL [Domain] | Aluminum Extrusions [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 8,925 | 7,936 |
Electrical [Member] | Aluminum Extrusions [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 7,180 | 7,239 |
Aluminum Extrusions Subtotal [Member] | Aluminum Extrusions [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 118,125 | 117,887 |
Product [Member] | ||
Segment Reporting Information [Line Items] | ||
Cost of goods sold | $ 141,285 | $ 145,169 |
Segment Reporting (Schedule O_2
Segment Reporting (Schedule Of Identifiable Assets By Segment) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Subtotal | $ 432,632 | $ 430,026 | ||
General corporate | 64,577 | 71,508 | ||
Cash, cash equivalents, and restricted cash at beginning of period | 21,859 | 11,846 | $ 35,059 | $ 31,422 |
Disposal Group, Including Discontinued Operation, Assets | 3,436 | 1,490 | ||
Total assets | 522,504 | 514,870 | ||
PE Films | ||||
Total assets | 118,755 | 119,013 | ||
Flexible Packaging Films [Member] [Domain] | ||||
Total assets | 59,680 | 66,453 | ||
Aluminum Extrusions [Member] | ||||
Total assets | $ 254,197 | $ 244,560 |
Segment Reporting Schedule of R
Segment Reporting Schedule of Revenue by Geographic Location (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Sales | $ 178,599 | $ 185,261 |
UNITED STATES | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 132,897 | 134,985 |
PE Films | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 27,953 | 36,800 |
PE Films | Personal Care Materials [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 7,352 | 6,769 |
PE Films | Surface Protection Films [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 20,601 | 28,353 |
PE Films | Films For Other Markets [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0 | 1,678 |
PE Films | Film Products Subtotal [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 27,953 | 36,800 |
Flexible Packaging Films [Member] [Domain] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 32,521 | 30,574 |
Aluminum Extrusions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 118,125 | 117,887 |
Aluminum Extrusions [Member] | Nonresidential Building And Construction [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 57,229 | 63,139 |
Aluminum Extrusions [Member] | Consumer Durables [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 13,152 | 12,549 |
Aluminum Extrusions [Member] | Distribution [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 7,516 | 7,738 |
Aluminum Extrusions [Member] | Automotive [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 11,415 | 9,471 |
Aluminum Extrusions [Member] | Residential Building And Construction [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 12,708 | 9,815 |
Aluminum Extrusions [Member] | Aluminum Extrusions Subtotal [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 118,125 | 117,887 |
Aluminum Extrusions [Member] | Machinery and Equipment BNL [Domain] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 8,925 | 7,936 |
Aluminum Extrusions [Member] | Electrical [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 7,180 | 7,239 |
Exports From United States [Member] | Asia [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 13,362 | 22,064 |
Revenues | 6,900 | 9,300 |
Exports From United States [Member] | CANADA | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 5,434 | 4,629 |
Exports From United States [Member] | Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 955 | 1,317 |
Exports From United States [Member] | Latin America [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 1,102 | 986 |
Operations Outside United States [Member] | BRAZIL | ||
Disaggregation of Revenue [Line Items] | ||
Sales | $ 24,849 | $ 21,280 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 156 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 30, 2027 | |
Income Taxes [Line Items] | |||
Effective Income Tax Rate Reconciliation - U.S. Tax on Foreign Branch Income | $ 508 | $ 702 | |
Effective Income Tax Rate Reconciliation - U.S. Tax on Foreign Branch Income - Percentage | 4.00% | (2.60%) | |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | $ (182) | $ (205) | |
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 2,670 | $ (5,647) | |
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Percent | (11.50%) | 6.20% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | $ 982 | $ 1,027 | |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | $ (1,468) | $ (1,676) | |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 7.70% | (3.80%) | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | $ 239 | $ (307) | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 1.90% | 1.10% | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Amount | $ 191 | $ 251 | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Percent | 1.50% | (0.90%) | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | $ 155 | $ 190 | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | 1.20% | (0.70%) | |
Effective Income Tax Rate Reconciliation Capital Loss Carryforwards Valuation Allowance, Amount | $ 35 | $ 40 | |
Effective Income Tax Rate Reconciliation Capital Loss Carryforwards Valuation Allowance | 0.30% | (0.10%) | |
Effective Income Tax Rate Reconciliation, Deduction, Amount | $ (3,097) | $ (6,226) | |
Goodwill, Impairment Loss | $ 0 | $ 13,696 | |
Effective Income Tax Rate Reconciliation, Percent | 24.40% | 23.20% | |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | $ 12,715 | $ (26,889) | |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | 0 | (601) | |
Income Tax Expense (Benefit) | 3,097 | (6,226) | |
Current Income Tax Expense (Benefit) | $ 3,100 | ||
Brazilian [Member] | |||
Income Taxes [Line Items] | |||
Effective income tax rate reconciliation social contribution on income | 9.00% | ||
Effective Income Tax Rate Reconciliation Federal Statutory Tax Rate Excluding Social Contribution On Income | 25.00% | ||
Effective Income Tax Rate Reconciliation Federal Statutory Tax Rate Including Social Contribution On Income | 34.00% | ||
Flexible Packaging Films [Member] | |||
Income Taxes [Line Items] | |||
Foreign Tax Credit - Brazil | $ 1,500 | $ 1,700 | |
Terphane Ltda [Member] | |||
Income Taxes [Line Items] | |||
Current Effective Tax Rate Including Social Contribution On Income | 15.25% | ||
LengthBrazilianTaxIncentive | 13 years |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Income Tax Rate For Continuing Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 2,670 | $ (5,647) |
Income tax expense at federal statutory rate | 21.00% | 21.00% |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | $ 982 | $ 1,027 |
State taxes, net of federal income tax benefit | 1.90% | 1.10% |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | $ 0 | $ (601) |
Effective Income Tax Rate Reconciliation Capital Loss Carryforwards Valuation Allowance, Amount | 35 | 40 |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | $ (182) | $ (205) |
Changes in estimates related to prior year tax provision | 0.00% | 2.20% |
Non-deductible expenses | 1.20% | (0.70%) |
Research and development tax credit | (1.40%) | 0.80% |
Foreign rate differences | 7.70% | (3.80%) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | $ 239 | $ (307) |
Foreign tax incentives | (11.50%) | 6.20% |
Effective Income Tax Rate Reconciliation, Deduction, Dividends, Amount | $ 33 | $ 0 |
Effective Income Tax Rate Reconciliation, Deduction, Dividend, Percent | (0.30%) | 0.00% |
Valuation allowance for capital loss carry-forwards | 0.30% | (0.10%) |
Effective Income Tax Rate Reconciliation, Deduction, Amount | $ 3,097 | $ 6,226 |
Effective income tax rate for income from continuing operations | (24.40%) | (23.20%) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Amount | $ 191 | $ 251 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Percent | 1.50% | (0.90%) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | $ 155 | $ 190 |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | (1,468) | (1,676) |
Effective Income Tax Rate Reconciliation - U.S. Tax on Foreign Branch Income | $ 508 | $ 702 |
Effective Income Tax Rate Reconciliation - U.S. Tax on Foreign Branch Income - Percentage | 4.00% | (2.60%) |
Income Taxes [Line Items] | ||
Effective Income Tax Rate Reconciliation, Deduction, Amount | $ 3,097 | $ 6,226 |
Effective Income Tax Rate Reconciliation, Deduction, Percent | 24.40% | 23.20% |
Receivables, Loans, Notes Recei
Receivables, Loans, Notes Receivable, and Others (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable, before Allowance for Credit Loss | $ 90,454 | $ 89,124 |
Accounts Receivable, before Allowance for Credit Loss, Current | 88,280 | 85,274 |
Accounts Receivable, after Allowance for Credit Loss | $ 87,648 | $ 86,327 |